IMF asks govt to reopen CPEC deals

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The International Monetary Fund (IMF) has asked Pakistan’s government to renegotiate the China-Pakistan Economic Corridor (CPEC) energy deals before making payments of around Rs300 billion to the Chinese power plants, putting Islamabad in a tight spot. The global lender has asked the government to treat the Chinese CPEC power plants at par with the power plants established under the 1994…

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Biden’s Trip To Saudi Arabia Won’t Solve The Oil Market’s Problems

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When news broke last week that President Biden was planning a Middle East visit that would include Saudi Arabia, many an industry observer saw in this signs of “thawing” relations between Washington and Riyadh. They also saw the prospect of lower oil prices. It was, after all, to lower prices that Biden was planning this visit. Unfortunately, things are never…

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The Most Exciting Oil Frontier On Earth

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After two years of regular oil discoveries in Guyana, it seems its deep waters may hold even more crude, adding to its reputation as the next big oil-producing state. But the government will have to get its agreements in order if it wants to ensure the future financial security of the country, as major international players swoop in to reap…

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PAC seeks details of power purchase deals with IPPs by ex-govts

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The Public Accounts Committee (PAC) on Wednesday sought power purchase agreements with Independent Power Producers (IPPs) signed by previous governments. Noor Alam Khan chaired the meeting of the committee which examined the Audit Report of the Cabinet Division for the year, 2019-20. The chairman committee said the tariff on electricity came down when demand increased but in Pakistan, the position…

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Local oil, gas output drops in July-May

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The production of oil and gas dropped 2.5 percent and 3.7 percent respectively in the first eleven months of this fiscal year, The News learnt on Wednesday, mainly owing to eroding reserves and suspension of pumping at some fields for yearly overhaul According to the data obtained by The News, indigenous crude oil output fell to average 73,668 barrels per…

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PAC seeks Nepra report on IPP agreements

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The Public Accounts Committee (PAC) on Wednesday sought a report from the National Electric Power Regulatory Authority (Nepra) on agreements signed with independent power producers (IPPs). At a meeting held at the Parliament House, the PAC discussed audit paras related to authorities working under the administrative control of Cabinet Division. Briefing the committee, Nepra chairman Tauseef Farooqi said the country…

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Power-saving requires non-cosmetic measures, say power sector experts

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While welcoming the steps the governm­ent announced on Wed­n­es­day to conserve energy, exp­erts, however, think they are not enough and will only lessen the severity of the crisis, not solve it. They insist the country has perpetually suffered from an energy crisis and has vast experience of dealing with it. “It is time to dust off all those suggestions, implement…

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