Month: April 2021

The federal government has allowed the incumbent chief executive officer (CEO) of GENCO Holding Company Limited (GHCL), Muhammad Imran, to continue working on his post for a period of twelve months based on this satisfactory performance. Moreover, the managing director of the Private Power and Infrastructure Board (PPIB), Shah Jahan Mirza, has been allowed to continue working as CEO of the Alternative Energy Development Board (AEDB) till the appointment of a regular head.  Sources privy to the development informed Profit that the government, on the basis of stellar performance, has extended the…

Read More

ISLAMABAD: The budget-making process for 2021-22 has kick-started as the Ministry of Finance has shared Indicative Budget Ceiling (IBC) with the Ministry of Planning for allocation of Rs800 billion for Public Sector Development Programme (PSDP) in the next budget 2021-22. “Yes, the Ministry of Finance has shared the IBC for allocation of development funds under the PSDP to the tune of Rs800 billion for the upcoming budget,” the official communication sent by the Finance Division to Ministry of Planning reads out here on Wednesday. The utilisation of development funds both…

Read More

Japan has publicly pledged its support for overseas LNG project finance as it sees LNG as a transitional energy source that can supplement renewables and help replace coal in its efforts towards 2050 carbon neutrality goals, just days ahead of the climate change summit to be hosted by US President Joe Biden. State-owned Japan Oil, Gas and Metals National Corporation said April 20 that it will step up financial support for LNG projects and enhance its market information as part of efforts to ensure Japan’s LNG supply security. Jogmec said…

Read More

The Irving oil major warned, however, that developing a so-called Houston CCS Innovation Zone — billed as the biggest carbon sequestration project in the world — would require a public-private partnership and government funding. “We believe the time is right for a large-scale collaboration in the United States between government at every level, private industry, academia and local communities to create an “Innovation Zone” approach to dramatically accelerate Carbon Capture and Storage progress,” Joe Blommaert, president of Exxon’s new low-carbon business, said in a blog post Monday evening. “And we…

Read More