Day: December 7, 2021

The International Finance Corporation (IFC) is partnering with Engro Corporation to help reduce plastic waste, promote recycling and boost the company’s energy efficiency, a statement said on Monday. The project is part of the IFC’s Pakistan Resource Efficiency Programme, which aims at improving the efficiency, cost-competitiveness, reliability, and productivity in the manufacturing sector, particularly in energy-intensive industries. The IFC’s climate advisory project will help Engro Corporation assess the opportunities for moving towards a circular plastics economy, as it develops a $1.8 billion petrochemical project to produce polypropylene. The circular system…

Read More

The Independent Evaluation Department (IED) of the Asian Development Bank (ADB) has rated the “Economic Stabilization Programme” of worth $1 billion for Pakistan as successful. The IED in its validation report stated that the special policy-based loan (SPBL) of one billion dollar was aimed to address Pakistan’s severe macroeconomic crisis faced in 2019. To support the reform programme’s implementation, the ADB Board of Directors approved the SPBL on December 6, 2019. The loan agreement became effective on December 9, 2019 and was closed on schedule on 30th June 2020. The…

Read More

Industrial and CNG (Compressed Natural Gas) sector on Monday rejected Sui Southern Gas Company’s (SSGC) demand to raise tariff by Rs58.42/mmBtu at an Oil and Gas Regulatory Authority (OGRA) public hearing, a statement said. Public hearing, presided over by Chairman OGRA Masroor Khan, was attended by high officials of SSGC as well as representatives of trade bodies, which not only vehemently opposed SSGC’s demand, but also came down hard on it for resorting to loadshedding and showing discrimination towards industries in Karachi and elsewhere in Sindh and Balochistan. SSGC sought…

Read More

The National Electric Power Regulatory Authority (Nepra) has allowed an increase of Rs3.75 per unit in power tariff for residents of Karachi (K-Electric consumers), stated a notification issued by the authority on Tuesday. According to the authority, the increase in electricity prices is in line with the September monthly fuel adjustment. The increase will not apply to lifeline users. The adjustments will be collected in December bills, the notification added. “While effecting the Fuel Adjustment Charges, K-Electric shall keep in view and strictly comply with the orders of the courts…

Read More