Month: March 2022

5th International Wind Energy Summit-2022

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5th International Wind Energy Summit-20222Global body urges Pakistan to exempt energy sector SMEs from competitive bidding system to ensure their survivalKarachiThe World Wind Energy Association (WWEA) has urged Pakistan’s government to preferably exempt the small and medium-sized power companies from the competitive bidding system soon to be introduced in the country for new renewable energy projects.The WWEA put forward this suggestion as its Secretary-General, Stefan Gsänger, appeared via the video-link as the keynote speaker at the 5th International Wind Energy Summit-2022 organised here at a hotel by the Energy Update.The…

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Pakistan’s National Electricity Plan 2022-2026 in perspective

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In order for the economy to emerge stronger out of its current industrialization phase, energy policies must reflect thorough planning for sustainability and effective resource management, along with a formula to reduce the trade deficit and limit borrowing in order to tackle the ballooning circular debt, writes Shahid Sattar, Executive Director & Secretary General of All Pakistan Textile Mills Association (APTMA). Pakistan has historically suffered from some of the highest electricity tariffs in South Asia. These tariffs have not only served as a means to transfer the costs of inefficiency…

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Yuan jumps after report Saudis consider its use in oil deals

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The Chinese yuan reversed earlier declines and jumped toward its highs of the day following a report by Dow Jones that Saudi Arabia is in active talks with Beijing to price some of its oil sales to China in the currency. The offshore yuan climbed as much as 0.1% to 6.3867 per dollar, close to the session peak it reached during Asian trading. The currency had weakened as much as 0.3% in U.S. trading before the report on Saudi Arabia. While the U.S. dollar is the preeminent currency of exchange…

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E&P sector and investment

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The upstream oil and gas sector in Pakistan has been a constant contributor to the total foreign direct investment coming into the country. However, the share of the E&P sector in total FDI has been erratic and declining from an average of 34 percent between FY12-FY15 to 6 percent in FY18 and 13 percent in FY21. While one would like to assume that the country’s reliance on fossil fuels has declined, key factors that have resulted in slowdown in investor interest have been the depleting oil and gas reserves and…

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Japan eyes LNG investments to cut dependence on Russian energy: minister

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Japan aims to reduce its dependency on Russian energy supply by taking steps, including LNG investments outside Russia, as it mulls its response to the Sakhalin and Arctic LNG 2 projects following the recent G7 leaders’ commitment, Minister of Economy, Trade and Industry Koichi Hagiuda said March 15. “We aim to reduce our dependency on Russian energy by securing alternative supply sources outside Russia by LNG investments among other steps,” Hagiuda told a press conference. Japan also intends to work on renewables and nuclear power in a bid to further…

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