Month: September 2020

Setting up of 2 new LNG terminals: PN reluctant to issue NOC due to security concerns

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ISLAMABAD: Pakistan Navy (PN) is reportedly reluctant to issue No Objection Certificate (NOC) for establishment of two new LNG terminals due to security concerns, well-informed sources in the Ministry of Maritime Affairs told Business Recorder. Sources said the ECC of the Cabinet’s decision of March 5, 2019 duly ratified by the Cabinet on March 19, 2019 and July 9, 2019 decided that, all five companies be allowed to participate in the bidding process for the establishment of new LNG terminals, at Port Qasim. Therefore, PQA issued Letter of Interest (LoI)…

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Work on 10,870MW hydel projects underway in Punjab: minister

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Chauhan further said that the PML-N had abused the country by banning renewable energy during the last two years of its tenure and doled out billions of rupees in the form of commissions for expensive power projects running on imported fuel.  He said that the current government, under the wise leadership of Prime Minister Imran Khan, has thus far started work on 10870 MW hydel power projects while work on Naya Pakistan Solarization Program is underway on war footings. He said that 15,000 primary schools and 2,400 primary health centres…

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Pakistan’s K2 nuclear reactor using Chinese technology completes thermal testing

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China National Nuclear Corporation (CNNC) said that the K2 unit at the Karachi Nuclear Power Plant in Pakistan has successfully completed Hot Functional Tests (HFT). The power plant is the first overseas unit using China’s homegrown Hualong One technology. The tests have laid a solid foundation for subsequent major processes, including nuclear fuel loading and grid-connected power generation, China Global Television Network (CGTN) reported on Sunday quoting a CNNC official. HFT plays a significant role in the construction of the nuclear power project, simulating the actual operating conditions of the…

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Hafeez lauds energy sukuk issue at lower rates

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KARACHI: Finance Adviser Dr Abdul Hafeez Shaikh struck a gong at the stock exchange on Monday to mark the listing of the Pakistan Energy Sukuk II (PES-II) worth Rs200 billion. The government issued the 10-year Islamic bond back in June through its wholly owned company, Pakistan Holding Ltd, to generate cash for overdue payments in the power sector. Its listing on the stock exchange means investors can buy and sell the Shariah-compliant instrument having a face value of Rs5,000 in the secondary market. “Raising Rs200bn through competitive bidding is a…

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Govt move to replace under-fire KE boss

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ISLAMABAD: The government has constituted a special committee to act as one-window operation for K-Electric and sought removal of the top leadership of the power utility over its alleged inability to ensure uninterrupted power supply and address disruptions within reasonable time after recent rains. Highly placed sources said the government members on the K-Electric board of directors had pushed for the replacement of Chief Executive Officer Moonis Alvi and head of the distribution department with highly motivated professionals who could respond to difficult situations and ensure efficient service delivery. “The…

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