Day: September 10, 2021

FrieslandCampina, formerly known as Engro foods, is going to set up a solar park on 15 acres of land with a capacity of producing 2.5mw of electricity as a part of its efforts to put all its operations at Sahiwal plant on clean and green energy. Currently the plant, producing both milk and ice-cream, is generating power through furnace oil/gas and the Company wants to at least achieve 50 percent of its requirements from clean and green energy sources by the year 2025 as part of their commitment to UN…

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Oil producer Oman warned Thursday that crude prices could soar to $200 a barrel as it criticised the International Energy Agency’s ambitions of halting new fossil fuel projects to combat climate change. The IEA called in May on for a halt to new investment in oil, gas and coal extraction in order to boost chances of holding down the dangerous rise in global temperatures. But Oman’s energy minister, Mohammed al-Rumhi, said such “unilateral recommendations” were not helpful. “Recommending that we should not invest in new oil… I think that’s extremely…

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The transition to a lower-carbon economy offers huge economic potential and the middle East and North Africa (MENA) region has the experience and resources to unlock this potential, according to Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC). Speaking at the Ministerial Dialogue on Clean Energy Transitions and Economic Resilience in the MENA region organised by the International Energy Agency (IEA), Dr. Al Jaber explained that this is one of the reasons…

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The Independent Evaluation Office (IEO) of the International Monetary Fund (IMF) stated that case studies highlight the need for more cautious assumptions on feasibility and growth payouts of structural reforms in Pakistan. KARACHI: Minister for Industries and Production Makhdoom Khusro Bakhtiar on Thursday met with the KE’s senior management at the company’s Bin Qasim Power Complex in Karachi to review the progress on its mega project Bin Qasim Power Station 3 (BQPS-III), which will add 900 MW to the K-Electric’s generation capacity and bolster the future of Karachi’s growth. According…

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The IEO has released its report “Growth and adjustment in IMF-supported programmes”, which assesses how well IMF-supported programmes have helped to sustain economic growth, while delivering adjustment needed for external viability. It focuses on the IMF financing arrangements over the period 2008-19, under both the General Resources Account (GRA) and the Poverty Reduction and Growth Trust (PRGT). While the evaluation does not assess the experience during the Covid-19 pandemic, its lessons have become even more relevant as many countries now face strong headwinds to growth as they seek IMF support…

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