Day: September 1, 2022

Dr Shamshad Akhtar, Former Finance Minister, criticized insufficient financial cooperation extended by leading greenhouse gas emitters to climate change vulnerable countries and said “climate change mitigation and adaptation annually requires 7-14 Billion which is well beyond Pakistan’s financial constraints”. She was speaking at the first “Annual State of Renewables Conference 2022” organized by Sustainable Development Policy Institute (SDPI) in collaboration with Unilever here on Thursday. She stressed on need to decarbonize energy generation and reforming policies to address high import dependence, removing low tariff and subsidies on energy supply to…

Prime Minister Muhammad Shehbaz Sharif on Thursday green-lighted the construction of solar plants having a combined capacity of 10,000 MW, as the government strives to save valuable foreign exchange that is being used to import fuel. “Instead of generating electricity by importing expensive oil from abroad, electricity should be generated from solar energy,” said the PM during a meeting, according to a statement released by the Prime Minister’s Office (PMO). Import of petroleum products: PSO receives Rs62bn for confirmation of LCs PM Shehbaz directed concerned agencies to start work on…

Cnergyico Pk Limited (formerly Byco Petroleum), Pakistan’s largest vertically integrated oil refining company, is supporting relief efforts to assist the people who have been affected by the catastrophic floods in Balochistan. The recent spell of torrential rains has taken a heavy toll on the country, particularly on parts of Balochistan where thousands of precious lives have been lost while people’s homes, businesses, and public infrastructure have been badly damaged. “Cnergyico is guided by its long-standing principle of supporting humanitarian efforts and uplifting communities during times of crisis,” Cnergyico’s Vice President…

The Oil and Gas Development Company Limited (OGDCL) has sent 180 food packages to flood affectees of Ghotki and Sanghar districts of Sindh, it said on Wednesday. In the wake of massive flash floods that wreak havoc in various parts of the country, OGDCL has continued its flood relief activities under its corporate social responsibility, the company said. The recent floods and torrential rains had wreaked devastation in different parts of the country. Responding to the calamity, OGDCL immediately mobilised its resources in the flood affected areas to provide all…

The National Electric Power Regulatory Authority (NEPRA) on Wednesday hinted at increasing electricity rates by Rs4.34 per unit for the consumers of all distribution companies (DISCOs) except for K-Electric even with the Lahore High Court’s Rawalpindi bench barring the authorities concerned a day earlier from collecting the fuel price adjustment (FPA) charges. In another application, NEPRA has also indicated to reduce power tariff by Rs4.10 per unit on account of FPA for the consumers of the K-Electric. The power regulator held a public hearing at its headquarters on FPA for…

Oil and gas exploration firms, on Wednesday, announced the discovery of gas reserves at 2.25 million standard cubic feet per day (mmscfd) at Tolanj’s West-2 development, located in Kohat, Khyber Pakhtunkhwa (KP). In a notification to the Pakistan Stock Exchange (PSX), Oil and Gas Development Company Limited (OGDCL) said the discovery had de-risked an exploration play in the deeper reservoirs over Tolanj West D&PL and in TAL Block, leading to new upside opportunities. “This discovery will also help and contribute towards improving the energy security of the country from indigenous…