Day: February 1, 2021

Feat of engineering achieved at Jagran-II HPP

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KARACHI: A landmark achievement has been accomplished at Jagran – II HPP where FWO devised a strategy to excavate the upstream with downstream portions of the Main Headrace Tunnel by carrying out excavation from both ends in opposite directions and meeting in the middle. This happened on 27 January 2021 when the milestone of meeting the two tunnels with a tolerance of less than 10 centimetres, was achieved successfully – this has never been done before in Pakistan. FWO, while maintaining its professional integrity and credibility, has excavated 1.88 kilometres…

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Nigeria’s mining authorities to revoke 3,000 mineral titles

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Federal mining licensors at Nigeria’s Mining Cadastre Office (MCO) are looking to February 12 to commence the revocation of some 2,763 mineral titles whose holders have failed to pay outstanding yearly service fees in a new aggressive revenue drive designed to swell government’s coffers in 2021. The titles at risk of federal axe represent 25 per cent of the total 10,959 mining operators registered in Nigeria, according to data from the Ministry of Mines and Solid Minerals Development as of December 31, 2020. An MCO report spelling out this plan, issued from…

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Islamabad, February 01, 2021: Mr. Lesslie C. Viguerie, Deputy Assistant Secretary of State for Pakistan Affairs called on Federal Minister for Energy, Mr Omar Ayub Khan at the Ministry of Energy this afternoon.

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Islamabad, February 01, 2021: Mr. Lesslie C. Viguerie, Deputy Assistant Secretary of State for Pakistan Affairs called on Federal Minister for Energy, Mr Omar Ayub Khan at the Ministry of Energy this afternoon. Mr. Omar Ayub gave an overview of Pakistan’s Energy Sector and the present Government’s earnest endeavours in reforming the energy sector of the country. The Minister said that the incumbent government had finalized Indicative Generation Capacity Expansion Plan (IGCEP) 2047 which emphasised on increasing the share of indigenous sources while reducing the reliance on imported fuel. He…

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GM To Make Only Electric Vehicles By 2035, Be Carbon Neutral By 2040

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General Motors is joining a move by global automakers to shift away from fossil fuel-powered vehicles, with plans to sell only zero-emission cars and trucks by 2035 and be fully carbon neutral by 2040. The auto giant, which has an even more aggressive timetable than rivals Ford and Volkswagen, makes the shift as the Biden Administration prioritizes dramatic cuts in U.S. carbon emssions–especially from transportation. The commitment to the independent Science Based Targets Initiative (SBTi) is an important component of this effort. SBTi is a coalition between CDP, the United…

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The Expensive Club That Could Stop Global Warming

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Ever heard of the Climate Club? It has extremely expensive dues, but you might find it worthwhile to pay them, because the cost of not joining is even higher. Nations that belong to the club welcome all comers (the carrot) and punish those that don’t join (the stick). The Climate Club has one mission: to save the planet by driving emissions of greenhouse gases to zero. If you haven’t heard of the Climate Club yet, don’t feel bad—it does not, as of now, exist. It’s the hobbyhorse of William Nordhaus,…

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MPCL enters into JV Agreement for Potential Mining Projects in Balochistan

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As part of its long term growth strategy, MPCL is evaluating multiple opportunities in nearcore and non-core sectors to diversify its business including mineral exploration in the prospective areas of the country,” it added The Mari Petroleum Company Limited (MPCL) has entered into a joint venture arrangement with a number of companies to undertake potential mining projects in the Province of Balochistan. As per the company, MPCL has entered into an agreement with Y.B. Pakistan Limited, Arif Habib Equity (Private) Limited, Liberty Mills Limited, and Reliance Commodities (Private) Limited pertaining…

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POL- from slow to slower

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Where many sectors may witness recovery in profits in 2QFY21 (Oct-Dec 2020) as the economic activity rebounded and they came out of the COVID-19 restrictions, the oil and gas exploration and production sector will be under duress due to the continuing weak crude oil prices, subdued hydrocarbon exploration and production activity, and also currency appreciation in the quarter. Pakistan Oilfields Limited (PSX: POL) announced its 2QFY21 financial performance yesterday depicting just that. While the company announced an interim cash dividend of Rs20 per share, revenues and earnings slithered. The E&P…

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Issue of Rs53 bn excess profits made by six IPPs: Govt may now form local arbitration court to solve row with IPPs

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ISLAMABAD: The government is currently weighing option to form local arbitration court, based on three local judges of the Supreme Court to resolve the issue of excess profits of Rs53 billion, allegedly minted by 6 important IPPs and the Attorney General of Pakistan (AGP) will update the Federal Cabinet to this effect. ‘And if the Federal Cabinet, that meets tomorrow (Tuesday), gives go-ahead, then the process to constitute the local arbitration court will be expedited,’ a senior official privy to the development told The News. “In addition, Power Division will…

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41 out of 47 IPPs initial master agreements

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ISLAMABAD: In a positive development, 41 out of 47 IPPs that signed MoUs with the government in August 2020 have so far initialed master agreements, paving the way for their discounted tariff of Rs 836 billion in next 10-12 years. Six IPPs are still away in the wake of a dispute over resolution of excess profits of Rs53 billion from initialing the master agreements legally binding contracts. Under the MoUs, the government is bound to finalize the timeframe before February 12 with IPPs for clearance of their dues amounting to…

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Inflation eases to over two-year low

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Amazingly, the pace of inflation slowed down to 5.7% in January, which was the lowest rate in over two years, due to smooth supplies of perishable food items and abnormally high inflation rate in the same month a year ago. It was the consecutive fourth month that the inflation pace was on a downward trajectory. “Inflation continues to decline. January inflation (CPI) is down to 5.7%”, tweeted Asad Umar, the federal minister for planning and development on Sunday -a day before the Pakistan Bureau of Statistics was set to officially…

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