World Bank forecasts 3.4% growth for Pakistan in FY22

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The World Bank has kept Pakistan’s economic growth forecast for the fiscal year 2021-22 unchanged at 3.4%. The Washington-based lender on Tuesday released its Global Economic Prospects report 2022, which projected that both the advanced and developing economies would further slow down after showing recoveries last year. “Growth in Pakistan surprised on the upside, supported by improving domestic demand, record-high…

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Saudi mining investment set to jump 150% in a decade as foreign joint ventures grow

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With an estimated potential value of $1.3 trillion, Saudi Arabia’s mining sector is set for significant foreign direct investment over the next decade, Arab News reported on Wednesday. A total of 48 minerals have so far been identified in the Kingdom. Gold, copper and phosphate are currently mined in large quantities, while other deposits include zinc, nickel and rare earth…

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Natural Gas Prices Soar on Strong Demand Outlook

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atural gas futures are finally breaking out to the upside of its month-long support base early Wednesday. As we mentioned previously, the chart pattern was bullish and that speculators were just waiting for weather-related news to drive prices through the resistance. Helping to generate today’s breakout move is robust liquefied natural gas (LNG) demand, forecasts calling for lingering cold weather…

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Global Oil And Gas Investments To Reach $628B In 2022

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An analysis by Rystad Energy projects overall oil and gas investments will rise 4 percent to $628 billion this year from $602 billion in 2021. A significant factor behind the increase is a 14 percent increase in upstream gas and LNG investments. These segments will be the fastest-growing this year, with a jump in investments from $131 billion in 2021…

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QTA for 1Q 2021-22: Nepra defers hearing due to ‘inexact’ figures of Discos

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National Electric Power Regulatory Authority (Nepra) on Wednesday deferred a public hearing regarding Quarterly Tariff Adjustment (QTA) for first quarter (July-September) 2021-22 due to “inexact” figures of power Distribution Companies (Discos). Presided over by Nepra Chairman Tauseef H Farooqi, the Authority received a briefing from Nepra’s own team and a couple of Discos. However, when CPPA-G representative Naveed noted that…

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Door-to-door garbage collection commences in West and Keamari districts

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An inauguration ceremony was held in this regard, in which Sindh Local Government Minister Syed Nasir Hussain Shah was the chief guest. Karachi Metropolitan Corporation (KMC) Administrator Murtaza Wahab, SSWMB Managing Director Zubair Channa and Sindh Local Government Secretary Syed Najam Ahmed Shah were also present at the ceremony. Addressing the event, Shah said that as per the new local…

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Nepra allows cheaper rate of Rs12.96 per unit for KE users

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The National Electric Power Regulatory Authority (Nepra) on Wednesday allowed applicability of cheaper fixed electricity rate of Rs12.96 per unit on incremental consumption to domestic, commercial and general services in current winter months to K-Electric and until Oct 31, 2023 to all industrial consumers of the utility while missing out industrial (B1) consumers of other distribution companies (Discos). It may…

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Privatization can resolve power woes

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Experts have agreed that privatisation of distribution companies is the only way forward for the energy sector of Pakistan. They held the view that failure to privatise the firms would enhance the problem of excess capacity and inflate circular debt. At a dialogue titled ‘Fixing Pakistan’s Power Sector – The Way Forward’ on Wednesday, K-Electric CEO Moonis Alvi said that…

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People migrating from coastal areas due to water scarcity, says Rahu

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Sindh Minister for Environment, Climate Change and Coastal Development Ismail Rahu on Wednesday said that people living on the coastal areas, including Badin, had started migrating due to acute shortage of water in the province. “The water shortage has aggravated the problems of Badin and other coastal areas where livestock, fisheries and agriculture have been destroyed,” he said while addressing…

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