Day: July 18, 2022

Gwadar Free Zone: Irked by rupee slide, Chinese for accounts in RMB

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Disturbed with frequent depreciation of the Pak Rupee (PKR), Chinese investors in Gwadar have sought permission to maintain their bank accounts in RMB in Gwadar Free Zone without converting their money into Rupees, well informed sources told Business Recorder. This issue was raised by Chairman, China Port Holding Company Limited (COPHCL) at a meeting of Federal Steering Committee on Gwadar Initiatives held on July 6, 2022 under the chairmanship of Prime Minister Shehbaz Sharif. “Most important issue that deters Chinese investment in Gwadar relates to currency devaluation. Chinese Investors should be allowed to…

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Barrick Gold to convert Reko Diq into ‘World Class Mine’

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Barrick Gold Corporation President Mark Bristow on Monday stated that the first phase of Reko Diq copper-gold project will be completed by 2027-28, and the scheme will convert it into a “world-class mine and transform Balochistan”. An agreement in principle was reached between the government of Pakistan, the provincial government of Balochistan and Barrick earlier this year for the reconstitution and restart of the project, which has been on hold since 2011. It will be operated by Canada’s Barrick and owned 50% by it, 25% by the Balochistan government and…

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PV Industry Professionals Convene In Live Streamed Online Events To Discuss Product Reliability

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China’s first PV power plant was built in Gansu Province in 1983 and has been operating continuously for the past 39 years, way beyond the standard life cycle of 25 years. So, what are the secrets behind the plant’s reliability and operational longevity? Across May and June, industry professionals debated PV product reliability in three consecutive live streamed events, themed ‘PV, to make friends with time.’ The experts involved agreed that, while a PV power plant is an asset capable of generating consistent income, associated risk can only be reduced…

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KE announces revisions in power tariffs and taxes on bills

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In line with the governing laws, rules, and regulations of the Government of Pakistan and NEPRA, various changes have been made to the rates of electricity and tariff structure that will be effective from July and applicable nationwide including on consumers in KE’s service territory. The determination of costs of electricity to be recovered from consumers across Pakistan in their bills comes under jurisdiction of NEPRA and the Government of Pakistan, says a statement. These changes include the non-extension of relief for zero-rated industries as well as the relief on…

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Azad Pattan project to generate 3064 GWh electricity

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Azad Pattan Hydropower Project, having capacity to annually generate 3064 GWh, would be completed by 2026 to generate cheap and environment friendly power. The 700 MW project is located on Jhelum River roughly 7 km upstream of Azad Pattan Bridge in the Sudhanoti District, Azad Jammu and Kashmir, Pakistan and 90 km from Islamabad, the capital city of Pakistan, said official source of Ministry of Water Resources. The project’s $1.5 billion investment agreement was signed between Chinese state-owned China Gezhouba Group and Pakistan in July 2020, in a ceremony attended…

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