Day: December 19, 2023

‘Energy Hub’: KPT levels accusation against SSGCL

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KPT

ISLAMABAD: Karachi Port Trust (KPT) has accused Sui Southern Gas Company Limited (SSGCL) of impeding ‘Energy Hub’ process as the gas utility company is not cooperating on the intake pipeline, well-informed sources told Business Recorder. Sources said the Special Investment Facilitation Council (SIFC) shared an MoU signed between Ministry of Investment of the United Arab Emirates (UAE) and the Ministry of Maritime Affairs on Investment Cooperation in the port operations projects. The said MoU was signed on November 27, 2023. The Investment opportunities are being explored for initiating different port projects…

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Solar power initiative: PD asked to coordinate with SkyPower

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Renewable-energy

ISLAMABAD: Caretaker Prime Minister Anwar-ul-Haq Kakar has directed the Power Division to coordinate with SkyPower Global Group which has shown an interest in direct investment of $ 800 million in Pakistan’s 1000 MW solar power initiative, well informed sources told Business Recorder. M/s SkyPower was established in 2003 in Toronto – Canada and has +18 years of operation experience. The company is an independent power producer that develops, finances, builds, owns and operates utility scale renewable power projects across the globe. M/s SkyPower has established more than 30 utility scale solar…

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CSAIL outlines its contribution to national grid under CPEC

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CPEC-likely

ISLAMABAD: The China Three Gorges South Asia Investment Ltd (CSAIL) launched its “ESG Performance Report 2023” outlining its contribution to Pakistan’s national grid from hydel, solar and wind power projects under the China-Pakistan Economic Corridor (CPEC), a flagship project of Belt and Road Initiative (BRI). The launching ceremony was held at a seminar titled, “Development Experience of Hyrdo, Wind Farm and Solar Power Projects”, organised by the Pakistan-China Institute with speakers included Mustafa Haider Syed, executive director of the institute, Wang Minsheng, CEO CSAIL, Senator Mushahid Hussain Syed, Shah Jahan…

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SSGC seeks hike amid Rs47b shortfall

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SSGC

Additional increase draws criticism from industries KARACHI: In a bid to offset a staggering shortfall of Rs47.77 billion in its revenue from the sale of indigenous gas during the current fiscal year 2023-24, Sui Southern Gas Company Limited (SSGC) has approached the Oil and Gas Regulatory Authority (Ogra), seeking approval for an additional increase of Rs266.18 per mmbtu in end-consumer tariffs, slated to take effect from July 1, 2023. At a public hearing on Monday, SSGC appealed to Ogra, asking for approval for this supplementary tariff increase, in addition to…

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Millat Group keen on acquiring Hascol

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Hascol-Petroleum

KARACHI: Troubled oil marketing company Hascol Petroleum Ltd said on Monday that Millat Energy Group is interested in buying 76 per cent of its “fully diluted share capital” through a subscription of new shares. Fully diluted share capital reflects the total number of sha­res a company would have if all outstanding options and other rights to subscribe for — or conv­ert into — shares were exercised. The latest disclosure by Hascol Petroleum follows its longstanding search for a potential investor that can inject fresh cash as part of a larger…

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