Day: January 24, 2022

Over 95% civil and electromechanical works of 720 megawatts Karot hydropower plant have been done and the project has entered into commissioning phase, two senior officials of Private Power and Infrastructure Board (PPIB) told Gwadar Pro. Karot HPP is among the early-harvest high-priority projects under the China-Pakistan Economic Corridor (CPEC) initiative. The run-of-river project has iconic importance being a source of sustainable, low-cost, clean and green energy. China Three Gorges Corp. (CTG) is developing the $2 billion project as an independent power producer (IPP). In the coming months, each of…

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More than a dozen oil marketing companies (OMCs) recorded a surge in profit from the tax-free import of petrol from China in the last two years under the China-Pakistan Free Trade Agreement (CPFTA).Advertisement According to the documents available with ProPakistani, 15 OMCs availed the duty-free oil import facility under the CPFTA from 1 January 2020 to 1 January 2022. They imported more than 2.4 billion liters of petrol from China and made over Rs. 20 billion. They only paid Rs. 1.447 billion in additional customs duty (ACD) which is just…

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The Federal Investigation Agency (FIA) on Sunday arrested Mumtaz Hasan, founder of the Hascol Petroleum Limited (HPL), in a Rs54 billion scam. Director of the agency’s Sindh Zone Amir Farooqi said a total of 30 suspects — including present and former top officials of the National Bank of Pakistan (NBP), HPL and other organisations — had been booked in the case and that efforts were under way to arrest the remaining suspects. The FIA Sindh’s chief described the scam as the “country’s biggest financial fraud” that was committed by the…

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Power production in Pakistan rose to a historic high at 136,572 gigawatt-hours (GWh) in 2021, apparently helping the authorities to reduce burden of capacity payments to electricity producers. Consumers, however, paid a price for the growth in power production as the cost of energy spiked 72.4% to Rs8.24 per unit (kilowatt-hour) in the winter month of December. Energy production increased 10.6% to a record high of 136,572 GWh in the year ended December 2021 compared to 123,447 GWh in the preceding year, a research house reported on Friday, citing National Electric Power…

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A top Chinese liquefied natural gas importer is offering to sell dozens of spot cargoes this year, indicating the world’s biggest buyer is well-stocked. The trading arm of Sinopec issued a sales tender offering up to 45 cargoes for delivery between February and October to ports in North Asia, according to traders with knowledge of the matter. This is the first time the oil major — traditionally a buyer — has issued such a large sales tender, the traders added.

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