Month: July 2023

PRL eyes $5 billion investment after refineries upgrade

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PRL-eyes

KARACHI: Pakistan Refinery Limited (PRL) is eyeing $5 billion investment after an upgrade at all its existing refineries, which will result in 5 deep conversion refineries collectively capable of refining around 350,000 barrels per day (bpd) of crude oil, Tariq Kirmani, chairman of the board of directors at PRL, said in a statement. The company is making strides towards enhancing and modernising its refining capabilities through a Refinery Expansion and Upgrade Project (REUP). The transformative endeavor aims to propel PRL into a sustainable future, producing cleaner and environmentally friendly fuels,…

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IMF board to meet today to decide on $3bn loan agreement

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IMF-board

The International Monetary Fund’s (IMF) executive board will meet today (Wednesday) to review the $3 billion stand-by agreement for Pakistan, which was finalised at the end of June. Pakistan expects the board to also release the first tranche of $1.1bn as part of the loan programme. The initial disbursement is contingent upon the board’s approval. Pakistan was absent from an earlier schedule released in June, igniting speculation that the IMF was not going to release funds from the previous programme that expired on June 30. On June 29, the IMF and Pakistan…

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Ecnec clears health, energy projects worth over Rs1tr

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energy-projects

Ecnec clears health, energy projects worth over Rs1tr July 12, 2023 ISLAMABAD: The Executive Committee of the Economic Council (Ecnec) on Tuesday approved six projects with an estimated cost of Rs1.077 trillion including two mega country-wide projects in health and energy sectors. Federal Minister for Finance and Revenue Ishaq Dar presided over the meeting also attended by Commerce Minister Syed Naveed Qamar, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Senator Nisar Ahmad Khuhro from Sindh and Himayatullah Khan Advisor Finance Khyber Pakhtu­nkhwa government besides federal secretaries…

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$5bn Chashma-5 N-plant to produce power at Rs20 per unit: Country has swallowed a bitter pill?

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Chashma-nuclear

ISLAMABAD: The dollar-deficient Pakistan is said to have accepted a bitter pill of $ 5 billion Chashma-5 (C-5) nuclear power plant at electricity price of about Rs20 per unit, substantially higher than Thar coal projects besides shelving renewable energy projects, well-informed sources told Business Recorder. Last month, China and Pakistan signed a Memorandum of Understanding (MoU) for a 1,200 MW Chashma-5 (C-5) nuclear power project worth $ 3.48 billion with earliest availability in 2029. The estimated capital cost of the project under IGCEP 2018-40 was calculated at $ 4.777 billion, IGCEP…

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Multi Award Winner Solis Cements its Position as 3rd Largest Global Inverter Manufacturer

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Inverter-Manufacturer

independent industry tracker ranks Solis as world number 3, by shipped MW, for second year running 6th July, 2023, Ningbo, China: Ginlong(Solis) Technologies (the company), one of the most experienced inverter producers in the world, has been ranked the world’s 3rd largest inverter manufacturer for the second consecutive year. This latest success builds on a string of awards and accolades for Solis over the last 18 months. Only last week the company was presented the “top inverter brand 2023” seal for Belgium by respected global market research organisation, EUPD; having…

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