Year: 2023

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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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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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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