Month: September 2022

DHA penalises residents for installing rooftop solar panels

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While the federal government is encouraging people to generate power through alternative energy sources to cut dependence on costly fuel, the Defence Housing Authority (DHA) has sent notices and imposed financial penalties on many of its residents for “violation” of its building control regulations by installing solar panels on their rooftops to generate electricity, it emerged on Friday. Earlier this month, Prime Minister Shehbaz Sharif had okayed a 10,000 MW solar energy project to reduce reliance on costly imported diesel, furnace oil and LNG for power generation. The PM had…

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Riyadh overtakes Moscow to be India’s No 2 oil supplier

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Saudi Arabia emerged as the second-biggest oil supplier to India after a three-month gap, overtaking Russia by a thin margin, while Iraq retained the top spot in August, data from industry and trade sources showed. India, the world’s third largest oil importer and consumer, shipped in 863,950 barrels per day (bpd) of crude from Saudi Arabia, up 4.8% from the previous month, while purchases from Russia fell 2.4% to 855,950 bpd, the data showed. Despite Saudi’s gain, the share of oil from Organisation of the Petroleum Exporting Countries in India…

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The Oil Market Isn’t Broken, It’s Just Responding To A Supply Surplus

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As oil prices continue to plunge, with the latest selloff triggered by a surprise crude build and another release from the Strategic Petroleum Reserve, commodity analysts at Standard Chartered say the oil market is not fundamentally broken but is rather merely responding to a surplus.  In its latest commodities market update on Thursday, StanChart says that the global oil market is currently in excess supply, with the U.S. transferring an average 0.83 million barrels per day (mb/d) into commercial inventories in the third quarter.  StanChart analysts estimate the Q3 surplus…

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WAPDA chairman visits Dasu plant

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Pakistan Water and Power Development Authority (Wapda) Chairman Lt Gen (Retd) Sajjad Ghani on Wednesday visited the Dasu Hydropower Project, being constructed on the river Indus, upstream of Dasu town in Upper Kohistan district of Khyber Pakhtunkhwa. The chairman, accompanied by member (Water) Wapda and Commissioner Hazara division, witnessed construction activities on various sites of the project, including inlet areas of the diversion tunnels, main access tunnel, power house cavern, right bank access road, Wapda colony and the contractor’s camp. The Dasu project management and representatives of the consultants and…

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Lucky Cement to install 25.3MW solar plant

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Lucky Cement plans to install a 25.3MW captive solar power project in Karachi at an estimated cost of Rs3 billion. “In continuation of our earlier disclosure on June 13, 2022, regarding feasibility study for a renewable energy project, we are pleased to inform that the company has entered into an arrangement with Orient Energy Systems Private Limited for the supply and installation of a 25.3 MW captive solar power project at our Karachi plant,” the company announced in a notice to Pakistan Stock Exchange (PSX). “The project will take around…

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