Month: June 2023

Panel formed to discuss Pak-UAE draft deal for running container terminal

Admin
Pak-UAE

ISLAMABAD: The government has constituted a committee to negotiate the draft Framework Agreement between UAE and Pakistan under Inter-Governmental Commercial Transaction Act 2022 for operating Pakistan International Container Terminal (PICT). The Cabinet Committee on Inter-Governmental Commercial Transactions (CCOIGUI ) also considered the summary of the Ministry of Maritime Affairs about the management of operations of the PICT and was informed that Abu Dhabi Ports (ADP) owned by the Government of the UAE has shown interest in operating the container terminal. The CCoIGT decided to constitute a committee to negotiate the…

Read More

IRSA negligence reduces chances of Mangla Dam reaching optimum level

Admin
Mangla-Dam

LAHORE: The chances of Mangla Dam filling up to its optimum level have diminished following the Indus River System Authority’s (IRSA) inaction, an official said on Monday. Punjab’s reliance on Mangla Dam for meeting its irrigation requirements have resulted in lesser water storage in the dam. Referring to an assessment made by the Punjab Irrigation Department, the official said that usually Jhelum River flow started increasing in mid-April, but abnormally cool weather in early to mid-summer months this year led to moderately low inflows. Referring to the statistics till June…

Read More

Tax Incentives To Supercharge U.S. Clean Energy Transition

Admin
Clean-Energy

The U.S. Department of the Treasury and the IRS have released guidance on tax credits as part of the Inflation Reduction Act (IRA), which allows tax-exempt entities to engage directly in clean energy projects. The new guidance allows businesses without sufficient tax liability to sell their clean energy credits to a third party, thereby simplifying the financing for clean energy projects. According to John Podesta, Senior Advisor to the President for Clean Energy Innovation and Implementation, the new provision in the IRA provides a decade of policy certainty for the…

Read More

13 energy projects cleared amid poor bidding response

Admin
power-sector

ISLAMABAD: The federal government has cleared for implementation 13 old renewable energy (RE) projects of about 700 megawatts — commonly called Category-III projects — and has referred the matter to the Council of Common Interests (CCI) for formal approval as bidding for a lot of 600MW solar project at Muzaffargarh recei­ved poor investor response. Informed sources said a special cabinet committee led by Defence Minister Khawaja Asif recommended that the sponsors of 13 proposed RE plants in solar and wind technologies in Cat-III whose tariffs had been approved by the…

Read More

No ‘special discount’ on fuel purchase, says Russian minister

Admin
musadik-malik

ISLAMABAD: Petroleum Minister Musadik Malik has said that despite the increased yield of furnace oil during the refining as well as high operational costs of the import, the Russian fuel would be significantly beneficial for Pakistan, even as a Russian minister ruled out any sort of exclusive discount for Islamabad on the purchase of ‘Urals’ crude from Moscow. “Oil deliveries to Pakistan have begun. There is no special discount; for Pakistan, it is the same as for other buyers,” Energy Minister Nikolai Shulginov told the Russian state media on Friday…

Read More