Day: May 6, 2021

DUBAI, (UrduPoint / Pakistan Point News / WAM – 05th May, 2021) Renewable & Clean Energy will debut as the theme for middle East Energy’s inaugural virtual focus week on 17 May 2021, as research from Informa Markets revealed 83 GW of renewable and clean energy capacity, mainly solar and wind power, is planned across the Middle East and North Africa (MENA) region within the next 20 years, and more than AED55 billion of solar power projects are expected to become operational by 2026. The figures were highlighted as the…

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The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved payment of Rs90 billion to 35 independent power producers (IPPs) in addition to  giving K-Electric (KE) a last chance to settle Rs212bn payments and ink an agreement for additional power intake from the national grid on timely payments. The ECC meeting, presided over by Minister for Finance and Revenue Shaukat Tarin, also approved lowering taxes on Chinese investors of hydropower projects in Azad Jammu & Kashmir (AJK), exempting the import of oxygen and related equipment from duties and taxes…

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Finance Minister Shaukat Tarin on Wednesday said Pakistan will not be exiting the International Monetary Fund’s (IMF) programme, whose “strict conditions” also come with a “political cost”. Addressing a news conference here, Tarin said while the country would not leave the programme, the government would seek “space” from the international financial institution given the current situation of Covid-19, state-run Radio Pakistan reported. He said: “We have already held some good talks with the IMF and the World Bank.” He also discussed the way forward to take the economy towards growth.…

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The last year wasn’t an easy year for anyone. Lockdowns dampened economic activity to the point that GDP fell nearly everywhere. Major markets in the Middle East and other places where energy is a crucial contributor to the economy faced an additional challenge in the significant decline in the price of oil. That might have wrought a great deal of damage to Islamic financial institutions (IFIs). Yet banks and other financial entities that operate according to Shariah law performed well overall, according to data from S&P Global. Net profits for…

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U.S. oil major Chevron (NYSE: CVX) last month signed a liquefied natural gas (LNG) supply and purchase agreement with Hokkaido Gas for a half million tons of LNG from its global portfolio spread over a period of five years, starting from April 2022. Chevron said its new partnership will broaden its customer base in Japan, a market that is foundational to its overall LNG business. The new deal typifies how LNG markets in the Asia-Pacific region, home to around two-thirds of global LNG demand, are still undergoing systematic changes amid a prolonged…

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