Day: June 20, 2023

PM terms Chashma nuclear power plant MoU between China, Pakistan ‘great step’

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nuclear-power-plant

ISLAMABAD – Prime Minister Shehbaz Sharif said the signing of Memorandum of Understanding (MoU) for 1200 Megawatt Chashma-V Nuclear Power Plant was a great step forward of economic cooperation between Pakistan and China.Addressing the MoU signing ceremony in the federal capital, he said the project would be started without any further delay.He said under difficult economic situation, Pakistan was up again for an investment of $4.8 billion from China in this project, which has sent message that Pakistan is a place where Chinese companies and investors continue to show their…

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Neelum Jhelum Hydel Power Station Generation to resume by end July as hectic efforts underway

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power-station

June 19, 2023: Neelum Jhelum Hydel Power Station is likely to resume electricity generation by the end of next month as hectic efforts are underway to complete the remedial works being carried out in tail race tunnel of the project. This was crux of the briefing given to Chairman WAPDA Engr Lt Gen Sajjad Ghani (Retd) by the management during his visit to the project today. The Chairman had a detailed visit of the 3.5-Km long tail race tunnel, the affected stretch in particular. The consultants, dilating upon the progress of…

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OPEC Fund Partners with IRENA to Accelerate Energy Transition Financing

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OPEC

Vienna, Austria, 19 June 2023 – The OPEC Fund for International Development (the OPEC Fund) today signed an agreement with the International Renewable Energy Agency (IRENA) to join the Energy Transition Accelerator Financing (ETAF) platform, a global initiative that seeks to mobilise funds for renewable energy investments. The OPEC Fund plans to support the platform with up to USD 250 million financing until 2030 to finance renewable energy solutions in its partner countries.  IRENA Director-General Francesco La Camera and OPEC Fund Director-General Abdulhamid Alkhalifa signed the agreement in Vienna during the OPEC Fund…

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CPEC turns 10; commemorations next month

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CPEC-Project

ISLAMABAD: The government has decided to commemorate decade of China Pakistan Economic Corridor (CPEC) early next month both in Pakistan and Beijing, well-informed sources told Business Recorder. China has invested billions of dollars in the CPEC projects in first phase across the country, especially in power sector and infrastructure. The Ministry of Planning, Development and Special Initiatives (PD&SI) has prepared a number of functions to celebrate the event to be attended by key personalities of both countries. The sources said, Ministry of Foreign Affairs, Pakistan Embassy Beijing, CEPC Secretariat have been…

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Lesco tops the list: Zorlu eyes stakes in Discos

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Lahore-Electric

ISLAMABAD: Turkish firm M/s Zorlu has shown interest in acquiring stakes in power Distribution Companies (Discos) especially in Lahore Electric Power Company (Lesco), well-informed sources told Business Recorder. The federal government is already developing bidding documents of Discos, aimed at handing over to the respective provinces which have already conveyed their intentions to take them over with come conditions. Privatisation Commission has nominated its senior Consultant (Energy) Salman Amin to facilitate Power Division as part of the team to develop bidding documents for engagements of transaction advisor for acquisition of Discos…

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