Month: January 2023

Oil prices may rebound to $105 on solid demand growth, Goldman Sachs says

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oil

US investment bank Goldman Sachs expects Brent crude to trade at $105 a barrel by the fourth quarter of 2023, driven by a “solid” growth in global oil demand. It expects oil demand to grow by 2.7 million barrels per day this year and said the market would be back in a deficit in the second half of 2023. This should allow the Opec+ alliance to unwind its October production cut in the second half of the year, said Goldman Sachs. However, if the market turns out to be softer, then alliance “could stick…

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Govt Criticized for allowing import of luxury cars

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The value-added textile exporters on Monday slammed the coalition government of Pakistan Democratic Movement (PDM) for permitting the import of “luxury BMW cars” amid economic crisis, saying that the government’s inattention has brought the export sector to a disaster. The incumbent government lacks a clear direction and its “casual” conduct has brought a disaster to the industrial sector and sabotaged exports, value-added textile exporters told a joint press conference held at PHMA House. They said that the financial crisis for the exporters outgrows with foreign buyers showing reluctance to place…

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Prince Mohammad bin Salman has directed to study an investment plan in Pakistan

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pak-saudia

Prince Mohammad bin Salman also direct to increase the deposit in Pakistan central bank Saudi Arabia working on plan to invest $10 billion in Pakistan Prince Salman also asked to increase deposit to $5 billion Already Saudi Arabia has rollover $3 billion for Pakistan till December 2023 Fresh inflows of $2 billion expected from Saudi Development Fund Geneva announcement Yesterday Pledges made by countries and IFIs IDB $4.2 bln (in 3 years)World Bank $2 blnADB $1 blnSaudi Arabia $1 blnAIB $1 blnUSAID $100 millionJapan $77 millionGermany €84 millionEU €500 million

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Centre, provinces on the outs again

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solar

Several reservations were expressed by representatives of the Punjab and Khyber- Pakhtunkhwa (KP) provinces on Monday, over the federal government’s plans to float bids for 6,000MW solar-powered projects. The federal government had recently approved a document to start the bidding process. These objections were raised at a public hearing organised by the National Electric and Power Regulatory Authority (NEPRA) on Monday. The provinces accused the central government of setting aside projects for which Letter of Intents (LoIs) had already been issued to investors. The investors in those projects had been…

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Call for increasing energy efficiency, renewables’ share

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grid based battery storage

Experts at the launch of the Sustainable Development Goal-7 (SDG-7) Roadmap for Pakistan stressed the need for decarbonising the energy sector by reducing emissions, increasing energy efficiency, and also the share of renewable energy possible through vigorous advocacy and awareness campaigns across the country. The launch was jointly organised here by the UN Economic and Social Commission for Asia and the Pacific (ESCAP), Private Power and Infrastructure Board (PPIB), and Sustainable Development Policy Institute (SDPI). Matthew Wittenstein, Section Chief, Energy Division, ESCAP, said that we are off track from managing…

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