Year: 2023

Govt wins legal fight against Tuwairqi Steel

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saudi-project

ISLAMABAD: Pakistan has won the arbitration initiated by Tuwairqi Steel against the federation at the Per­m­anent Court of Arbitration in The Hague, Netherlands, the government said in a statement on Tuesday. The claim was brought by the Saudi investors, namely Dr Hilal Hussain Al Tuwairqi and Al Ittefaq Steel Products Company Ltd, under the Organisation of Islamic Cooperation (OIC) investment agreement. Pakistan was represented in the proceedings by Law Minister Ahmad Irfan Aslam, who was the head of the international disputes unit at the time. Tuwairqi Steel was represented by…

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Discos seek Rs4.66/unit hike for November

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free-power

ISLAMABAD: Despite a record 83 per cent power generation from che­aper domestic fuels, the Central Pow­er Purchasing Agency (CPPA) on Tuesday sought a massive Rs4.66 per unit additional fuel cost adjustment (FCA) for ex-Wapda distribution com­panies (Discos) — almost 100pc higher than target — to generate ano­ther Rs34 billion in January 2024. This increase in FCA is on top of about 26pc increase in annual base tariff and another 18pc hike under the quarterly tariff adjustment currently in place. As a result, the consumers would be unable to contain their…

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‘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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