Year: 2023

CPEC projects worth $25bn completed: PM

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CPEC-Project

ISLAMABAD: Caretaker Prime Minister Anwaar-ul-Haq Kakar said on Wednesday that his country has completed more than 50 projects worth $25 billion under the China-Pakistan Economic Corridor (CPEC). Kakar was speaking at the Belt and Road Forum in Beijing. The CPEC is a flagship project under China’s Belt and Road Initiative, with more than $65 billion pledged for road, rail and other infrastructure developments in the South Asian nation of 241 million people. “We have completed over 50 projects worth $25 billion under the CPEC,” Kakar said, adding that a very…

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Pakistan, China commit to broaden CPEC horizons

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PAK-CHINA

• Crucial agreement signed to cut cost of cross-country Main Line-1 rail link• Pakistan Refinery inks $1.5bn deal to boost petrol, diesel production• PM Kakar looks to Beijing for help to diversify export basket, expand industrial base ISLAMABAD: Pakistan and China on Wednesday agreed to expand the scope of the multibillion-dollar CPEC infrastructure project, which will now diversify to areas like industrial development, ICT, livelihood projects, mining and mineral exploration, and agriculture. Presently, the corridor is confined to road and rail connectivity and economic zones. Both countries also signed an…

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Let there be crude; Pakistan, China ink petroleum sector agreement

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Oil price

The agreement is set to increase PRL’s refining capacity from 50,000 bpd to 100,000 bpd A memorandum of understanding (MoU) has been signed by Pakistan Refinery Limited (PRL) and the United Energy Group of China (UEG). This agreement is set to escalate PRL’s refining capacity from 50,000 barrels per day (bpd) to 100,000 bpd. The MoU was inked at the Third Belt and Road Forum in Beijing. “Under the MoU, both parties have expressed their mutual desire to establish a strategic cooperation relationship,” states Zahid Mir, Managing Director & CEO…

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Phasing down coal: UN report details challenges, opportunities

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CPEC-Project

ISLAMABAD: Pakistan is facing the critical task of phasing down its coal power plants, necessitating a careful examination of various factors like energy security, environmental impacts, socio-economic impacts of just transition, and feasibility of power generation alternatives, says a new United Nations report. One of the main challenges of phasing out coal in Pakistan is the existing coal capacity and long-term agreements associated with coal projects, such as those under the China-Pakistan Economic Corridor (CPEC). The government faces difficulties in shutting down these plants immediately due to capacity payments and…

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Pakistan seeks investment in solar parks to cut energy bill

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Pak-China

ISLAMABAD: In order to meet energy requirement of the country, Caretaker Prime Minister Anwaarul Haq Kakar on Tuesday invited China to invest in solar parks to help reduce Pakistan’s energy import bill and support the country’s fight against climate change. “Investments in solar parks would benefit two-fold. On one hand, they will support Pakistan’s endeavours for climate action and also help reduce energy import bill,” the PM said while addressing 3rd Belt and Road Forum (BRF) for International Cooperation conference in China. According to the Prime Minister’s Office (PMO), on…

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