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…
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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…
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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…
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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…
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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…
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Auditor General of Pakistan (AGP) has unearthed 282 cases of misappropriation, irregularities in contracts/ procurement, internal rules, violations of regulatory laws and financial mismanagement, etc., worth Rs 3.27 trillion in water and power sectors, during audit year 2021-22. According to audit report on the accounts of Power Division and its attached entities, the AGP has detected 66 cases of procurement/…
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The sale of a large part of the controlling stake in Karachi Electric (KE) held by KES Power outside Pakistan appears to be in advanced stages, awaiting approval from a Cayman Islands court, but the government of Pakistan is not aware of the deal as it kept completely secret, according to trusted inside information. The sale of these interests, which control KE,…
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In the backdrop of the US sanctions against Tehran, Pakistan has renewed its commitment to execute the much-awaited Iran-Pakistan (IP) gas pipeline project. Prime Minister Shehbaz Sharif reinforced his commitment to execute the IP gas pipeline project during his meeting with the Iranian head-of-state on the side lines of the Shanghai Cooperation Organisation (SCO) meeting in Samarkand. This was his…
Read MoreBangladesh, Pakistan and India have been significantly affected by the changes to the LNG market in 2022. “Europe is trying to grab every molecule of gas wherever it is available,” he said. “They are purchasing everything from current to future gas. And their purchasing power is much higher than that of developing countries. So obviously, countries like Bangladesh, India, and…
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To alleviate the tragic impact of recent floods across Pakistan, Associated Group though its companies including Pakistan GasPort Limited and PGPCL (PGPL and PGPCL own Pakistan’s largest LNG regasification and storage terminal) has donated Rs. 10,000,000 (Ten Million Rupees) to the Pakistan ‘Army Relief Fund for Flood Affectees.’ The monies will be spent on relief work and supply of provisions…
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