Year: 2022

Rs100bn cost overrun likely to hit Dasu hydropower project

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Rs100bn cost overrun likely to hit Dasu hydropower project In a shocking development, the country’s most important project — Dasu hydropower project’s stage -1 with the capacity to generate 2160 MW hydel electricity — has got delayed by three years, and the cost overrun cost is feared to have gone up by Rs100 billion. The project earlier scheduled to come on stream in 2023-24 is now to be completed and commissioned in 2026-27, a top Wapda official told The News. “The failure in land acquisition, Covid pandemic, and the terrorist…

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Pakistan seeks six-year LNG contract amid severe shortage in int’l market

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Amid severe LNG shortfall in the international market, Pakistan has issued a two-part tender seeking bid prices from well-reputed international LNG trading companies for a six-year agreement. Since the five-year LNG term agreement with GUNVOR expired in July 2022, the country’s fully-owned company Pakistan LNG Limited (PLL) has now released the tender for a term agreement for six years. Bids are invited from reputed international LNG suppliers for term cargoes on a delivered ex-ship (DES) basis at Port Qasim, Karachi. In case Pakistan gets the best price bid, it will…

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UAE PLANS TO INVEST $1 BILLION IN PAKISTAN’S VARIOUS SECTORS

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The United Arab Emirates (UAE) is planning to invest one billion dollars in Pakistan’s economic and investment sectors, quoting an official source in Abu Dhabi the state news agency has reported. The move aims at exploring new investment opportunities, expanding bilateral economic relations and to enhance mutual cooperation in projects covering various sectors of the economy. The UAE investment will likely be channeled to key sectors including gas, energy infrastructure, renewable energy, healthcare, biotechnology, agriculture technology, logistics, digital communications, e-commerce and financial services. The UAE is Pakistan’s largest trading partner…

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Europe has ramped up imports of Russian diesel as the EU struggles to wean off the country’s energy supplies

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Europe’s imports of Russian-sourced diesel spiked 13% last month as the continent struggled to wean itself off Moscow’s fuel in response to the war in Ukraine. Russian-sourced diesel to Europe outpaced non-Russian-sourced diesel by nearly 200,000 barrels a day, according to a report published Tuesday from Vortexa, which tracks energy commodities. Overall, Europe’s imports of Russian diesel increased a staggering 23% from July 2021. The uptick in Europe’s appetite for Russian diesel underscores the complexity of choking Moscow’s energy flows as its war in Ukraine rages on. The European Union…

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COAS reaches out to UAE, Saudi Arabia for bailout package

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ISPR confirms Gen Bajwa received a telephone call from UAE President Sheikh Mohamed bin Zayed al-Nahyan Days after speaking to the US deputy secretary of state, army chief General Qamar Javed Bajwa has now reached out to Saudi Arabia and the United Arab Emirates (UAE) as part of efforts to ensure financial assistance for Pakistan. As the Executive Board of the International Monetary Fund (IMF) is set to meet later this month to formally approve the next tranche of $1.2 billion instalment, the international lender wants Pakistan to ensure it…

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