Month: August 2023

HASCOL’s losses keep mounting

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Hascol-Petroleum

2021 was a better year for Hascol Petroleum Limited (PSX: HASCOL) as the company had witnessed slowdown in losses. However, 2022 has been lethal for the oil marketing company, as its losses increased staggeringly. With 90 percent year-on-year rise, the company incurred over Rs14 billion unconsolidated loss after tax in CY22, though the losses in 2022 were less than the all-time high loss for HASCOL in 2020 of Rs23 billion. The oil marketing industry faces an extremely challenging time amid steep devaluation of the currency and diminishing reserves, curtailment of…

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Oil-rich Gulf bets on ‘green’ hydrogen

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Oil-rich

DUBAI: After riding a fossil-fuel boom for decades, Gulf Arab states are eyeing “green” hydrogen as they try to transition their economies and ease the climate crisis at a stroke. Oil producers Saudi Arabia, the United Arab Emirates and Oman are investing heavily in the climate-friendly fuel in a search for alternative revenues to crude and gas. Green hydrogen, which is the hydrogen created when renewable energy electrolyses water, appears to solve many problems: it is low-polluting and has widespread potential uses, which could make it lucrative and planet-saving at…

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Govt caps incentives for refinery upgrade projects

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PRL-eyes

ISLAMABAD: The federal government has revised incentives in the recently approved brownfield refining policy, capping the utilisation of funds to be collected from tariff protection at 22 per cent for the import of used refining equipment and 25pc for new equipment to upgrade infrastructure. The outgoing government approved the new policy earlier this month under which existing refineries will be provided benefits for the duty-free import of machinery that can help boost production of more environment-friendly Euro-5 grade fuels — a move that is expected to help cut fuel imports. According to…

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LONGi Receives Science Based Target initiative (SBTi) Approval for Emission Reduction Targets

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Longi-1

Xi’an, China, August 11, 2023 – LONGi, the world leading solar technology company, announced that its emission reduction targets were approved by the independent Science Based Targets initiative (SBTi). With the approval, LONGi has become one of more than 4600 companies worldwide that have joined the SBTi and set science-based targets. Among them, LONGi is the first Chinese solar photovoltaic company that has obtained the official validation.    The SBTi is a partnership between CDP, the United Nations Global Compact (UNGC), World Resources Institute (WRI) and the World Wide Fund…

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The 10-member Sindh interim cabinet sworn in today after interim Chief Minister Justice (retd) Maqbool Baqar assumed office

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chief-minister

Sindh Governor Kamran Tessori administered the oath during a ceremony held at Governor House in Karachi.The members of the caretaker cabinet who took the oath include:Brigadier (retd) Haris Nawaz,M. Younus Dagha,Mubeen Jumani,Ishwar Lal,Arshad Wali Muhammad,Dr Junaid Shah,Omar Soomro,Dr Saad Khalid Niaz,Khuda Bux Marri,and Mrs Rana Hussain. Caretaker Chief Minister of Sindh, Justice (retd) Maqbool Baqar was in attendance. Also present were Chief Secretary, Acting Inspector General (IG), Provincial Secretaries, and family members of the caretaker ministers.

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