KEEN to build on the last year’s growth rate of 3.9 per cent to hit the targeted 4.8pc this year, Pakistan is set to leverage the second phase of the China-Pakistan Economic Corridor (CPEC) at a time when the future outlook of the economy is somewhat clouded by the changing geopolitical dynamics and the evolving realignments of contending regional and…
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Liquefied natural gas (LNG) tankers are burning dirtier fuel oil than normal to try to conserve as much of their LNG cargo as possible after the price of the super-chilled fuel soared above oil, trade and shipping sources have told Reuters. LNG tankers often use some of their natural gas cargo – stored in liquid form at minus 163 degrees…
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THE government seems to have finally recognised the importance of seasonal energy pricing for domestic and commercial consumers as it struggles to improve electricity sales and discourage consumption of gas for space heating. Well, better late than never. The energy ministry is pitching a proposal for implementing new seasonal energy pricing for both domestic and commercial consumers to motivate people…
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Since joe biden became America’s president in January, few senior American officials have visited China. But as The Economist went to press, Mr Biden’s special envoy for climate change, John Kerry, was in the middle of his second trip this year. With relations so rancorous in almost every other domain, the two countries appear to welcome the chance to talk…
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Renewable energy could power the world within the next 30 years, and wind power is one of the cheapest, most efficient ways to get there. Except 80% of the world’s offshore wind blows in deep waters, where it’s difficult to build wind farms. A new design for a radically different kind of wind turbine could begin to change that. Norwegian…
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The Competition Commission of Pakistan (CCP) is said to have initiated a probe into the shadowy affairs of M/s Hascol as the company allegedly presented tailored accounts for acquisition of M/s Vitol Dubai Limited, well-informed sources told Business Recorder. “CCP has the power to scrap or change the merger’s approvals of M/s Hascol Petroleum Limited and M/s Vitol Dubai Limited…
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The Council of Common Interests (CCI) has approved the IGCEP (Indicated Generation Capacity Expansion Plan) model, which will allow efficient usage of electricity, said Minister for Energy Hammad Azhar on Monday. Azhar, in a series of tweets, said that the model, which was pending since 2005, would only allow power generation to be added when it is needed i.e. based…
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The economy is treading its path in the recovery phase. It has started to experience challenges on the external front. Although there is a slight uptick in the statistics of exports, imports have outpaced exports by a great margin. Provisional statistics of August 2021 shows that trade deficit has crossed the $4 billion mark, which is quite unprecedented. Remittances have…
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At the moment, Pakistan gas supply risk is increasing due to depletion of domestic gas resources and increasing reliance on imported liquefied natural gas (LNG). It is expected that reliance on LNG will increase with the continuous depletion of local fields and increasing demand. Several times, reportedly, the line pack pressure has increased beyond safe levels, risking the system. Pakistan…
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Expressing concern over long delays, the National Electric Power Regulatory Authority (Nepra) has directed the power sector entities concerned to immediately include hydroelectric power in the definition and scope of renewable energy and submit a compliance report at the earliest. In a letter to managing director of the National Transmission & Despatch Company (NTDC), managing director of the Private Power…
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