Month: April 2021

Power generation rises 30% in March

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Power generation soared by a record 30% to 8,965 gigawatt hours (GWh) in March partly due to industries shifting from own power generators to the national grid in the wake of growing domestic gas crisis. Simultaneously, the cost of fuel component in the overall electricity production climbed almost 14% to Rs5.55 per unit due to power producers’ increased reliance on expensive imported fuels like RLNG and coal amid low supplies of the locally produced gas to power producers. “The government’s decision to halt gas supply to captive power plants (at…

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Pakistan will shift to 60pc clean energy by 2030, world assured

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WASHINGTON: Pakistan assured the international community on Thursday that it would shift to 60 per cent clean energy and 30pc electric vehicle use by 2030. Addressing the US-initiated Leaders Summit in Washington, Special Assistant to the Prime Minister on Climate Change Malik Amin Aslam also urged developed nations to fulfil their commitment to help others make this transition from carbon-based to clean energy. “We have committed ourselves to 60pc clean energy and 30pc electric vehicle transition by 2030. So, Pakistan is clearly doing more than its share for the climate…

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Climate Summit: Pakistan vows to produce 60% ‘clean energy’ by 2030

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ISLAMABAD: Special Assistant to the Prime Minister on Climate Change Amin Aslam on Thursday asserted that 60 percent of all energy produced in Pakistan will be clean or renewable by 2030 while 30 percent of all vehicles would be transferred to electricity. “The world has to do more, and fast-track efforts to confront the climate change,” Prime Minister Imran Khan’s aide stressed while addressing the virtual US-led Leaders Summit on Climate hosted by the US government in Washington on April 22, also the World Earth Day. He said while being…

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Petrol smuggling costing national exchequer Rs240bn loss annually

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Pakistan is bearing an annual loss of Rs240 billion due to the smuggling of Petroleum products, according to the Petroleum Commission’s report which was made public on Tuesday after the federal cabinet’s approval.  Petroleum products, especially motor spirit (MS) and high speed diesel (HSD), are smuggled into Pakistan from the western border of Taftan, Iran. The tax department during the year 2019-20 seized 27,911,746 litre petrol and 997,037,434 litres smuggled diesel. The report states that the net loss of revenue on the seized product is around Rs48bn in one year…

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Weak economy + Covid: a double whammy for FDI

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While the situation at external front has been improving, the foreign direct investment climate is dreary as usual. Where COIVD-19 pandemic has adversely affected FDI flows across the globe including Pakistan, the situation at home has been worrisome much before the pandemic hit. The continuous decline in FDI since after FY17 is the evidence. Central bank’s latest data shows that net flows in March 2021 was down again year-on-year – though it was able to break the continuous month-on-month decline streak of the previous four months. At $253 million, net…

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