Day: October 12, 2022

Oil falls on fears of global recession

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Oil falls on fe Oil prices fell about 2% on Tuesday, extending the previous session’s almost 2% decline, as recession fears and a flare-up in Covid-19 cases in China raised concerns over global demand. World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said inflation remained a continuing problem. Brent crude was down $1.62, or 1.7%, to $94.57 a barrel by 1614 GMT. US West Texas Intermediate crude dropped $1.72, or 1.9%, to $89.41. “There…

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Govt’s noble fast-track solarization initiative

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Our government has recently announced that it intends to install 10,000 MW of photovoltaic (PV) systems in the country on a fast-track basis. According to media reports, these installations will include rooftop PV systems in residential, commercial, and government buildings, agricultural tube-wells, and on a couple of thousand 11 kV distribution feeders. The motivation behind this initiative is the government’s desire to reduce the country’s present dependence on imported fuels whose prices have sky-rocketed in the aftermath of Russia’s invasion of Ukraine and threaten the economic stability and security of the country.…

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Ministerial committee to prepare energy conservation measures

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The federal cabinet on Tuesday decided to form a committee for preparing long-, medium- and short-term strategies for energy conservation in the country.https://5ce35a8fb791039a2c509244b4f2ad52.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html The committee, headed by Minister for Defence Khawaja Asif, will review the energy efficiency and conservation measures implementation roadmap prepared by the Ministry of Power. The committee would also include federal ministers Syed Naveed Qamar, Syed Murtaza Mahmood, Khawaja Saad Rafique, Ahsan Iqbal, Azam Nazir Tarar, Marriyum Aurengzeb, Sherry Rehman and Chaudhry Salik Husain. Chairing the cabinet meeting, Prime Minister Shehbaz Sharif advised the Power Ministry to give a detailed…

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SSGC quashes fake news on 18-hour gas loadshedding

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Sui Southern Gas Company (SSGC) on Tuesday denied reports regarding plans to increase the duration of gas loadshedding to 18 hours from October 15. SSGC termed a schedule floating on social media as “fake news” and shared that the company had devised a gas management plan, which has been postponed. Speaking to Geo News, the State Minister for Petroleum Musadik Malik clarified that no plan has been announced yet; however, relevant authorities have been directed to formulate a strategy ensuring at any cost”. He said that planning is in progress by the…

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NESPAK: PM okays BoD reconstitution

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Prime Minister Shehbaz Sharif has approved reconstitution of Board of Directors (BoD) of National Engineering Services Pakistan (NESPAK) with the direction to Power Division to place the summary before the Federal Cabinet for approval, well informed sources told Business Recorder. The composition of reconstituted BoD of NESPAK will be as follows: (i) Secretary, Power Division/ Chairman/ Member (ex-officio ); (ii) Chairman National Highways Authority (NHA) Member (ex-officio); (iii) Additional Secretary, Ministry for Finance/ Member (ex-officio); (iv) Additional Secretary, Power Division/ Member (ex-officio); (v) Chairman, Planning & Development Board, Punjab/ Member (ex-officio);…

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