Rs610bn requests under Temporary Economic Refinance Facility received

ISLAMABAD: The State Bank of Pakistan (SBP) has received requests for Rs610.2 billion until Jan 7 under the Temporary Economic Refinance Facility (TERF) for setting up of new industrial units in order to support sustainable economic growth. Of the requested amount, the approved financing has reached Rs293.5bn under TERF during the end-April to June 7, 2021 period, Commerce Adviser Razak Dawood said in a tweet on Wednesday. The scheme, which was launched in March 2020, will come to an end on March 31, 2021. TERF provides long-term concessionary refinance at…

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Study confirms potential of floating wind/wave power for oil and gas

Floating Power Plant has completed a project with Lundin Energy Norway, NOV-APL, Semco Maritime, Cefront Technologies and Aalborg University, concerning use of floating wind and wave power to support an offshore oil and gas facility.Jan 20th, 2021 BANDHOLM, Denmark – Floating Power Plant (FPP) has completed a project with Lundin Energy Norway, NOV-APL, Semco Maritime, Cefront Technologies and Aalborg University, concerning use of floating wind and wave power to support an offshore oil and gas facility. The project developed three different designs to determine whether the partners’ concepts were viable in terms of engineering and…

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BQPS-III first turbine commissioning on fast track

K-Electric’s flagship 900 MW power plant, BQPS-III is progressing on fast track and the Gas Turbine, Generator and Heat Recovery Boiler for the first unit of 450 MW have arrived at the power utility’s Bin Qasim Power Complex. Steam Turbine and Transformers for the first unit are on the way to the site. All relevant civil works are progressing swiftly for the installation with the target of ensuring that the first unit is ready to be commissioned by the summer of 2021, and the second unit of 450 MW by…

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China to ‘gift’ 0.5m doses of Covid-19 vaccine to Pakistan by Jan 31: Qureshi

Foreign Minister Shah Mehmood Qureshi on Thursday announced that China has promised to provide 500,000 doses of a coronavirus vaccine to Pakistan by January 31. In a video message after a phone call with his Chinese counterpart Wang Yi, Qureshi said China offered Islamabad to send an airplane and airlift the vaccines. The minister said he held a detailed conversation with the Chinese foreign minister in which he “discussed Pakistan’s requirements”, after Prime Minister Imran Khan had directed him to increase interaction with Beijing “considering the sensitivity of the situation”.…

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RLNG-based power plant will go a long way in meeting Karachi’s power demands

KARACHI: K-Electric’s flagship 900-MW power plant, BQPS-III is progressing on fast track and the gas turbine, generator and heat recovery boiler for the first unit of 450-MW has arrived at the power utility’s Bin Qasim Power Complex, said KE’s CEO Moonis Alvi here at a press briefing. Steam Turbine and Transformers for the first unit are on the way to the site. All relevant civil works are progressing swiftly for the installation with the target of ensuring that the first unit is ready to be commissioned by the summer of…

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GENCOs, SNGPL, PIA have to pay Rs259 bn to PSO

ISLAMABAD: The state-owned electric generation companies (GENCOs) have defaulted on payment of Pakistan State Oil (PSO) by Rs131.581 billion with Sui Northern Gas Pipelines Limited (SNGPL) also failing to clear the LNG payments of Rs107.093 billion. Pakistan International Airlines (PIA) is not behind in the race as it has so far defaulted on payment of Rs20.802 billion, unfolds the financial daily position of the Pakistan State Oil as of January 19, 2021 available with The News. Moreover, HUBCO and KAPCO owe PSO Rs65 billion. The data about the daily financial…

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Govt in a fix on pricier LNG bids for March

ISLAMABAD: The government is currently in a fix on LNG bids it received for the month of March and is making its mind either to stick with the bids which are at higher side or go for retendering as the LNG availability in the international market has started improving. The LNG value has tumbled by $2 per MMBTU in recent days. Top sources in the Petroleum Division told The News that authorities concerned are thinking as to whether they should go for retendering or not. They said that although the…

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Govt to publish inquiry report on power breakdown

ISLAMABAD: The government on Wednesday said it would publish the inquiry report on the recent countrywide power breakdown within a few days, insisting that no favour had been given to independent power producers (IPPs) in recent negotiations. “No NRO has been given to the IPPs; it’s all a misconception. We have to look into ways to rationalise the pacts signed under power policies of 1994, 2002 and 2006,” Minster for Energy Omar Ayub Khan told the National Assembly’s Standing Committee on Power. He was responding to the comments by members…

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Industrialists decry ban on gas supply

Industrialists have expressed grave concern over the decision taken by the government to cut gas supply to all industrial units from February 2021, terming it a counterproductive move. In a statement, North Karachi Association of Trade and Industry (NKATI) President Faisal Moiz Khan, while opposing the decision taken by the Power Division, urged the federal government and Minister for Planning, Development and Special Initiatives Asad Umar to immediately withdraw the decision. Labelling it as unwise and anti-industry move, he requested the government not to make decisions that would hamper production…

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