Friesland Campina to set up solar park on 15 acres of land

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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Oman Warns Of $200 Oil In Dig At IEA Climate Advice

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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Transition To A Lower Carbon Economy Offers Huge Economic Opportunity: ADNOC CEO

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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Khusro reviews generation capacity of KE’s Bin Qasim Power Station 3

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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IMF for more cautious approach to structural reforms

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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Vast majority of fossil fuels ‘must stay in ground’ to stem climate crisis

Many publications report on a new scientific study showing that most fossil fuel reserves owned today by countries and companies must not be extracted if the world is to achieve its climate targets. According to the Guardian, 90% of coal and 60% of oil and gas reserves should remain in the ground if there is to be “even a 50% chance of keeping global heating below 1.5C”, the stretch goal of the Paris Agreement. The newspaper notes that this is a poor outlook for the fossil fuel industry, as it…

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Problems with energy policy

The Indicative Generation Capacity Expansion Plan 2021-30, approved by the Council of Common Interests (CCI), has already run into troubles with Sindh considering raising it at the next joint session of parliament and, if needed, going to court about it. But that much was expected when the government pressed for giving hydel projects the lead in the country’s energy mix over the next 10 years. That rubs not just the Sindh government the wrong way, which was counting on wind and solar energy projects based in its province to get…

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Minister for gas supply to fertiliser plants

Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar on Wednesday told officials of the Petroleum Division to ensure supply of re-gasified liquefied natural gas (RLNG)/ locally produced gas to fertiliser plants to enable them to meet the urea production target. “This will ensure timely availability of fertilisers to farmers and enhance the agricultural output to meet the requirement of food crops in the country,” the minister said while chairing a meeting to discuss the demand for urea during the upcoming Rabi sowing season. Representatives of the fertiliser industry and…

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Addition of 900MW a gift for Karachiites: Khusro

Industries and Production Minister Makhdum Khusro Bakhtiar has said that addition of 900MW in power generation capacity for Karachi is a gift for people and the industries. He said Prime Minister Imran Khan will inaugurate K-Electric’s Bin Qasim Power Station III project as soon as it’s completed. Mr Bakhtiar on Thursday met members of the KE’s senior management at the company’s Bin Qasim Power Complex to review the progress on K-Electric’s mega-project Bin Qasim Power Station 3 (BQPS-III), which will add 900MW to K-Electric’s generation capacity and bolster the future…

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OMCs say unending audits harm investments

The Oil Marketing Companies (OMCs) have decried their ‘unending audits’ ordered by the government as anti-investment and demanded improved security and better vigilance to check the menace of oil smuggling reportedly causing over Rs250 billion per annum revenue loss. Reacting to a letter from the Ministry of Energy Petroleum Division to 25 OMCs, including refineries, for audit of their 2020-21 accounts, the Oil Marketing Association of Pakistan (OMAP) said the unending audits were sending the wrong signals to potential investors and had already harmed Pakistan’s image. “This must stop forthwith,”…

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