Day: September 27, 2021

Pakistan government has launched a multi-billion dollar project in the coastal city of Karachi under the China-Pakistan Economic Corridor (CPEC). Karachi Coastal Comprehensive Development Zone (KCCDZ) was described as a game-changer for Pakistan. The direct Chinese investment is expected to be around US$3.5 billion. It is an initiative of the Ministry of Maritime Affairs. Spread over 640 hectares or 1,581 acres on the western backwaters marshland of the Karachi Port Trust (KPT), the project aims to transform Karachi into a modern port city. The environment-friendly project envisages four new berths…

Read More

The rise of gas prices could act as a catalyst for oil demand and thus more cargoes for oil tankers, should more countries opt for oil-based supplies for their winter needs. A cold winter could also play its part. In its latest weekly report, shipbroker Gibson said that “the current strength in gas prices is having major ramifications for global energy markets. Record prices in Europe and Asia are forcing utility firms to look for alternative energy sources and have pushed some companies into bankruptcy. Many have been forced to…

Read More

According to media reports, the sixth review talks with the International Monetary Fund (IMF) have been scheduled for 4 October. If successful, subsequent to approval by the Fund’s Board, 750 million SDRs would be disbursed which are at present regarded as critical to generating the 14.7 billion dollar external funding required at considerably more favourable terms and conditions to meet the budgetary requirements for the current year estimated at 2.7 trillion rupees (an estimate that requires a recalculation as it was based on the rupee-dollar parity of 153 while at…

Read More

The pledge by China’s president, Xi Jinping, on Tuesday to cease building new coal-fired power projects outside the country will be welcome news to environmentalists around the world. It came on the anniversary of Xi’s unilateral pledge for China to reach carbon neutrality by 2060. Last year Xi also promised that Chinese emissions would peak by 2030. “China will step up support for other developing countries in developing green and low-carbon energy, and will not build new coal-fired power projects abroad,” Xi said in a pre-recorded video address at the annual UN general…

Read More

The Asian Development Bank’s (ADB) Independent Evaluation Department (IED) has concluded that Investments in Renewable Energy Development Sector has remained less effective and less successful primarily because of design faults, and financial and operational issues of the overall power sector. IED of Asian Development Bank issued a Validation report where it was highlighted that Multiple facilities to the tune of $2.2 billion was arranged where ADB participated with 23%, Private Sector 41%, 18% from other lenders and ~17.7% from the Government. The Validation report highlighted that design deficiencies remain in…

Read More