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…
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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…
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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…
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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…
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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…
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Singapore, while not a domestic oil producer, has high stakes in this sector. The country is a global oil trading hub and a major global refining and petrochemicals center, accounting for 1.5 million barrels a day or 1.5 per cent of the global refining volume, and 25 million tonnes per annum or 1.2 per cent of the global petrochemicals capacity.…
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At least 30 times as much lithium, nickel and other key minerals may be required by the electric car industry by 2040 to meet global climate targets, according to the International Energy Agency (IEA). These metals are among a handful that are considered vital in the manufacture of solar panels, wind turbines and other clean energy technologies. Overall, the Paris-based organisation says…
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The local liquefied petroleum gas (LPG) industry has called for formation of an inquiry commission to probe the windfall gains reaped by LPG importers, which have caused losses worth billions of rupees to the local industry and the national exchequer due to disparity in taxes. The industry has also urged the prime minister to take notice of the situation and…
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Stocks on Wednesday barreled ahead for second day on reports that renegotiation of IMF program and release of private power producers’ dues were in the offing, dealers said. Pakistan Stock Exchange’s (PSX) KSE-100 Shares Index gained 0.85 percent or 380.02 points to close at 44,943.61 points. Participation improved to 259.86 million shares from 221.50 million on Tuesday. Amreen Soorani at…
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The Economic Coordination Committee (ECC) here on Wednesday made the government intention clear of taking over K-Electric if the utility company continues to avoid signing power purchase agreement (PPA). Regarding the power purchase agreement with K-Electric, the cabinet member said that after repeated failure of Power Division to sign agreement with the power utility, the ECC constituted a four member…
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