Month: December 2020

PSO receivables touch Rs318.9 billion mark

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ISLAMABAD: The circular debt of the Pakistan State Oil (PSO) has hit an alarming level as its receivables touched Rs318.9 billion. According to the PSO, the receivable against power sector is piling up to Rs196 billion. The receivable against the PIA and other government entities also recorded at Rs30 billion. Another Rs92.6 billion is receivable from the Sui Northern Gas Pipelines Limited (SNGPL). In a letter to Asad Hayauddin, secretary petroleum, Ministry of Energy (Petroleum Division), the PSO management said its circular debt touched an alarming level. The PSO has…

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Pakistan to produce 60% clean energy by 2030; run 30% vehicles on electricity: Imran Khan

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Prime Minister Imran Khan Saturday said Pakistan was committed to mitigate impact of climate change and vowed to produce 60 per cent clean energy through renewable resources by the year 2030, scrap its coal based power projects, and run 30 percent of its vehicles on electricity. I assure you that Pakistan will be doing its best to make its contribution to mitigate the effects of climate change,” Prime Minister Imran Khan told the Climate Ambition Summit to mark the fifth anniversary of the signing of the landmark Paris Agreement. The…

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Hubco, DHA plan to develop Sea Water Reverse Osmosis Project

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The Independent Power Producer (IPP), Hub Power Company Limited (Hubco) has entered into a Memorandum of Understanding (MoU) with Pakistan Defence Officers Housing Authority, Karachi (“DHA”) with respect to the revival of DHA Cogen Limited. The revival of DHA Cogen Limited will generate 84 MW of electric power for supplying to K-Electric and provide 3 million gallons per day of potable water for supplying to Cantonment Board Clifton, informed Hubco on Friday. Additionally, Hubco and DHA also plan to develop a five million gallons per day of potable water project…

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Qatari firm participates in LNG tender

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Qatar Petroleum’s newly formed trading unit participated in a buy tender by Pakistan LNG for the supply of liquefied natural gas (LNG) for the first time, industry sources said on Friday. Qatar Petroleum said in November that it had set up a trading unit, Qatar Petroleum Trading Company, which will be headquartered in Doha and aims to build a diversified global portfolio of LNG produced locally and internationally. The parent company typically negotiates the supply of LNG to Pakistan on a government-to-government level, one of the sources familiar with the…

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Remittances remain over $2bn for sixth consecutive month

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KARACHI: Remittances in to the country remained well above the $2 billion mark in November for the sixth consecutive month despite recording a slight increase compared to inflows in October. The data released by the State Bank of Pakistan on Friday show­ed remittances in November clocked in at $2.34bn, up 2.4 per cent month-on-month from October. However, the growth in the first five months of the current fiscal year was 27pc compared to the same period last fiscal year. “During July-Nov FY21, workers’ remittances have reached an unprecedented level of…

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