The federal cabinet has accorded its approval to ink agreements with Russia for the import of crude oil and Liquefied Natural Gas (LNG) and other items. The official sources said the cabinet okayed a summary for the import of two commodities and others from Russia through circulation on Wednesday. The federal cabinet also approved an agreement with Russia on issues…
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To improve the efficiency of Peshawar Electric Supply Company (Pesco) and reduce its losses, the federal government has divided the company into two companies. PESCO shall be divided into two companies i.e. PESCO and new company with the name of Hazara Electric Supply Company (HAZECO), said a notification issued here by the Ministry of Energy (Power Division). In pursuance of…
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The K-Electric has sought the National Electric Power Regulatory Authority (Nepra) nod for refunding Rs10.262 per unit to electricity consumers on account of fuel charges adjustment (FCA) for December 2022. If allowed by NEPRA, the reduction will provide a relief of Rs12.08 billion to KE’s consumers which they will get in the electricity bills of February 2023. In its petition…
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The consumers of K-Electric are set to get a tariff relief of over Rs10 per unit on account of fuel cost adjustment for December 2022. K-Electric has filed a petition requesting the National Electric Power Regulatory Authority (Nepra) to approve a reduction of Rs10.26 per unit in consumer bills under fuel cost adjustment for December. Earlier, Nepra allowed K-Electric to…
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Recently, K-Electric found itself in the middle of another controversy and this time around, it wasn’t regarding its sale or extended hours of load-shedding, but for a rather unique instance, where one of its former directors, Asad Ali Shah, issued an official complaint against the misstatements in the company’s financial statements. Shah, in a letter dated January 10, 2023 to…
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While the European Union’s seaborne imports of Russian crude oil declined by just over 12% last year, Russia still enjoyed status as the top seaborne oil supplier to the bloc, despite sanctions. According to data from maritime sector brokerage firm Banchero Costa, last year saw the EU import 98.8 million tonnes of Russian crude via sea, down from 112.5 million…
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Electric vehicle (EV) makers are facing a conundrum due to the uncertain outlook of the EV market in 2023. On the one hand, governments worldwide are pushing for a transition to green, with plans to roll out bans on the sale of new fossil fuel-powered cars across several cities within the next decade, which is encouraging more consumers to switch…
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On Nov. 29, 2022, SolaX signed a 100MW strategic cooperation agreement with Fronus Solar Energy, a leading renewable energy company in Pakistan, to provide advanced inverter solutions in the Pakistan market in the following year. In addition, SolaX and BTA Technologies inked a partnership agreement, under which BTA Technologies would eventually take over the duties of SolaX’s Pakistani after-sales service…
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Pakistan Muslim League-Nawaz (PML-N) Senator Capt. Shaheen Khalid Butt hoped that Letters of Credit (LCs) for imports will be opened soon, which will help facilitate the solar energy sector in the country. “The clean energy is absolutely vital not just for the environment but because it’s cost effective for the consumers. In this context, I talked to Prime Minister Shehbaz…
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t least half a dozen members of Karachi’s business community severely criticised the role of the State Bank of Pakistan (SBP) in the ongoing crisis with regards to difficulty in opening letters of credit (LCs). “At least tell the banks to open LCs for wheat and pulses so that people have something to eat,” one businessman pleaded to Jameel Ahmad,…
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