Day: December 14, 2023

Final Year Design Project Financing ceremony held in Faisalabad under aegis of PEC’s Pakistan Development Committee

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Pakistan-Development-Committee

The second phase ceremony of the Final Year Design Project Financing 2023-24 of the Pakistan Engineering Council (PEC) was held at Iqbal Auditorium, University of Agriculture (UAF) Faisalabad, by PEC’s Pakistan Development Committee (PPDC). PEC Chairman Engr. Muhammad Najeeb Haroon was the chief guest at the ceremony. As many as 102 universities participated in the event and 92 universities physically attended whereas 1800 students having 543 projects were awarded with financing. The contesting engineering students are awarded sponsorship at the Final Year Engineering Design Project Financing annual ceremony, to promote…

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Key agreements with KE delayed amidst cabinet objections

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Pakistan, on Wednesday, deferred the approvals of four key agreements between the government and K-Electric, the country’s largest integrated power distribution company. This decision arose due to objections raised by some members of a cabinet body during a meeting of the Economic Coordination Committee of the Cabinet. The drafts under discussion included the Power Purchase Agency Agreement (PPAA), Interconnection Agreement, Tariff Differential Subsidy Agreement, and Mediation Agreement, as per the finance ministry. However, the final approval was postponed due to several observations made by the ECC members, necessitating another huddle.…

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Telenor concludes strategic review in Pakistan with sale of Telenor Pakistan to PTCL

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telenor

Oslo, Islamabad, Singapore, 14 Dec 2023: Telenor Group today announces the sale of its Pakistan telco operations to Pakistan Telecommunications Company Ltd (“PTCL”), which is part of technology and investment group e&. PTCL’s major assets include Ufone, a mobile operator in Pakistan with over 20 million customers.The sale is part of Telenor’s strategy to build scale and market-leading players in Asia, as presented at the 2022 Capital Markets Day. It concludes the strategic review of the telco operations in Pakistan, which was announced in July 2022.The remaining Telenor Asia portfolio…

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Dubai deal at COP28 hailed as ‘beginning of end’ for fossil fuels

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dubai

The world for the first time on Wednesday approved a call to transition away from fossil fuels as UN negotiations in Dubai tackled the top culprit behind climate change, but at-risk countries said far more action was needed. After 13 days of talks and several sleepless nights in a country built on oil wealth, the Emirati president of the COP28 summit quickly banged a gavel to signal consensus among 194 countries and the European Union. “You did step up, you showed flexibility, you put common interest ahead of self-interest,” said COP28 president…

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$2bn Thar power plant achieves financial close

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Thar-coal

ISLAMABAD: The Private Power and Infrastructure Board (PPIB) — a one-window facility of the federal government — on Wednesday announced the $2 billion financial closing of the country’s largest Thar coal-fired power project, currently operational at Thar, by Shanghai Electric Corporation, China. In a statement, the PPIB said the financial close agreement was signed by PPIB Managing Director Shah Jahan Mirza, Chief Executive of the project company Meng Donghai, Chief Executive Officer of Industrial and Commercial Bank of China (ICBC), Karachi Branch Zhou Bo. Having a generation capacity of 1,320MW,…

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