Month: August 2023

PDM govt installed SNGPL board in violation of law

Admin
PDM-SNGPL

Replaced five independent directors of company without holding elections ISLAMABAD: The last Pakistan Democratic Movement (PDM) government illegally replaced five independent directors of Sui Northern Gas Pipelines Limited (SNGPL) towards its fag end without holding their elections, creating a legal challenge for the firm. The matter suddenly got attention this week after the Lahore High Court (LHC) granted an interim injunction a day earlier and the Securities and Exchange Commission of Pakistan (SECP) on Tuesday sought an explanation from the company. The decision to allow nominee directors of SNGPL to…

Read More

Power generation, distribution to provinces: Senate panel seeks briefing from PD

Admin
Power-generation

ISLAMABAD: A meeting of the Senate Standing Committee on Power has decided to take a detailed briefing on the generation and distribution of electricity to provinces after it was informed that significant losses are being faced due to a lack of cooperation by the provinces. The meeting presided over by Senator Saifullah Abro on Tuesday, was informed that the Power Division apprised that a loss of Rs470 billion occurred due to non-cooperation of the provinces in this regard. An official said at the request of the Power Division, the meeting…

Read More

Lucky sets up 2nd solar plant to slash costs

Admin
renewable-energy

Cement-maker expects to save half a billion rupees each year KARACHI: Lucky Cement has kick-started its second captive solar power plant for its own consumption with the aim of reducing costs and continuing to stay in profit under a challenging macroeconomic working environment in the country. The construction material manufacturer said in a notification to the Pakistan Stock Exchange (PSX) “we are pleased to announce the successful completion and commissioning of our 25MW captive solar power plant located at our manufacturing site in Karachi.” “(It)…has commenced operation as of August…

Read More

China LNG buyers expand trading

Admin
LNG

Boost long-term contracts with Qatar, US suppliers by nearly 50% SINGAPORE/LONDON: China’s liquefied natural gas (LNG) importers are starting up or expanding trading desks in London and Singapore to better manage their growing and diversified supply portfolios in an increasingly volatile global market. The beefed-up trading presence of Chinese importers puts them in direct competition with such global heavyweights as Shell, BP, Equinor and TotalEnergies for a market that the International Energy Agency says doubled in value to $450 billion last year. About a dozen of Chinese companies have been…

Read More

‘Pakistan’s economic conditions delay CPEC development’

Admin
China-Pakistan

Gwadar transformed into thriving modern city, says Chinese firm chairman LAHORE: China Overseas Port Holding Company (COPHC) Chairman Yo Bo has emphasised that Pakistan’s economic circumstances were primarily responsible for delay in China-Pakistan Economic Corridor (CPEC)’s development. In a meeting at the Lahore Chamber of Commerce and Industry (LCCI), Yo shed light on the transformative progress of Gwadar under CPEC. He underscored the significance of Gwadar, hailing it as CPEC’s pivotal axis. The first stage of Gwadar’s port and city development, along with the Gwadar Free Zone, has been completed.…

Read More