Pakistan, World Bank sign $1.15bn accords for clean energy projects in KP

ISLAMABAD: Pakistan and the World Bank on Thursday signed two agreements related to renewable energy and hydropower projects, worth $1,150 million, in Khyber Pakhtunkhwa. These include the $450 million ‘KP Hydropower & Renewable Energy Development Project’ and the $700 million Evacuation of Power from DASU Hydropower Project (Phase-I). The first project will support construction of 88MW Gabral-Kalam Hydropower Project and 157MW Madyan Hydropower Project. The initiative would help unlock the vast renewable energy potential of KP and increase the production of renewable energy in the country. Under the second project, the…

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PIA CEO announces reward for air hostess who returned lost cash to passenger

ISLAMABAD: Pakistan International Airlines (PIA) Chief Executive Officer (CEO) Air Marshal Arshad Malik on Tuesday announced an Rs100,000 reward for an air hostess of the national flag carrier, ARY News reported. PIA air hostess has set an example today after she returned lost cash to the vigilance team for return to its owner at Jinnah International Airport, Karachi. As per details, air hostess Bushara Saleem found leftover cash of 21,385 dirhams from the seat of the passenger. The passenger was travelling from Dubai to Karachi on PIA’s flight PK-214 and…

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Two RLNG pipelines from south to north will be built: ISGS MD

ISLAMABAD: In a new development, the government has decided to build with GIDC (Gas Infrastructure Development Cess) funds two RLNG pipelines, each with capacity to transfer 1.6 bcfd (billion cubic feet gas per day), with diameter of 56 inches. The country is going to have more LNG terminals on private-to-private business model in the next three years time, with total capacity to re-gasify three billion cubic feet gas per day. The government will not extend any sovereign guarantee for offtake of gas from the upcoming LNG terminals. So much so,…

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Pakistan’s largest bike-maker goes solar

KARACHI: The largest motorcycle manufacturer in Pakistan, Atlas Honda, has received a nod from the regulator to setup solar power generation arrangements at its manufacturing site in Sheikupura. Atlas Group’s subsidiary Atlas Energy would install solar generation facilities having a cumulative 2.5MW capacity for its motorcycle manufacturing plant in Sheikupura. The installed capacity was proposed after critically analysing the current load and future load projections of the site. A large number of manufacturing and assembling units in the country were opting for renewable energy (captive) generation to secure uninterrupted supply…

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Oil Prices Sink Ahead Of Industry Reports

Major oil benchmarks dipped on Monday ahead of two major oil industry reports that are set to be released on Tuesday of this week. The IEA is set to publish it’s World Outlook 2020 on Tuesday, followed by OPEC’s Monthly Oil Market Report (MOMR). Both are much-anticipated industry reports that are set not only to shed light on oil production around the world, but on the very thing that has plagued prices since the start of the pandemic—oil demand. And no one is expecting promising results on the oil demand…

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Government gives green signal to Gwadar International Airport

ISLAMABAD: The government on Monday approved, in principle, the New Gwadar International Airport project at a cost of Rs55.4 billion, about 147% higher than the first revision, and also sanctioned a reduction in the scope of an important Gwadar road scheme. The decisions were taken by the Central Development Working Party (CDWP) – a body having mandate to scrutinise and approve development schemes and refer the mega ones for final ratification of the Executive Committee of National Economic Council (Ecnec). Planning Commission Deputy Chairman Jehanzeb Khan chaired the CDWP meeting. The…

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Byco partners with HBFC

KARACHI: Byco Petroleum Pakistan Limited entered into an alliance with the House Building Finance Company Limited at a ceremony held at Byco’s head office in Karachi, a statement said on Monday. Azfar Saeed Baig, Byco’s VP, AHR, and Faisal Murad, group head, Business and Operations, HBFC, signed the memorandum of understanding in the presence of senior executives from both the organisations. Saeed said: “Byco’s greatest asset is its employees; their dreams and aspirations are shared by Byco. This partnership will enable Byco’s team to achieve their dream of home ownership.”…

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