Day: January 11, 2024

EU Ambassador Dr Riina KionkaVisits FPCCIGSP+ Status Enabled 108% Export Growth in a Decade

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President-FPCCI

Karachi Atif Ikram Sheikh, President FPCCI, has stressed that the 27-country economic alliance of European Union – with a cumulative GDP of almost $20 trillion – can help Pakistan steer out of the chronically dilapidated state of the economy of Pakistan; and, enhancing our exports to the EU nations should be the cornerstone of broader economic relations. Pakistan has achieved an encouraging 108 percent growth in exports to EU over a period of 10 years; however, in order to retain our GSP Plus status, we must not be complacent and…

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Mari Petroleum discovers gas reserves in North Waziristan

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Mari-Petroleum

Mari Petroleum Company Limited (MARI), one of the largest producers of natural gas in the country, has discovered gas reserves at Shewa-2 well, located in North Waziristan district Khyber Pakhtunkhwa. The development was shared by the company in its notice to the Pakistan Stock Exchange (PSX) on Thursday. “We are pleased to inform that Mari Petroleum Company Limited (MARI) has made a gas discovery at Shewa-2 appraisal-cum-exploratory well (in Waziristan block), located in North Waziristan district, Khyber Pakhtunkhwa Province,” read a notice. MARI is the operator of Waziristan Block with…

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PSO wins govt approval to import HSD on behalf of all OMCs

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oil-and-gas

KARACHI: Pakistan State Oil (PSO), the country’s largest oil marketing company, has received approval from the government to exclusively import high speed diesel (HSD) to meet the domestic demand, an official document showed. The Petroleum Division of the Ministry of Energy has agreed to PSO’s proposal, made in September last year, to import HSD on behalf of all oil marketing companies (OMCs) in the country. The Oil and Gas Regulatory Authority (OGRA) has been asked to consult with the oil industry and finalize a framework for the arrangement, which is…

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969MW NJ project closed till first week of March

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Neelum-Jhelum

ISLAMABAD: The 969 MW Neelum-Jhelum Hydropower project (NJHPP) was closed down on Wednesday night till the first week of March 2024 for inspection of its 3.5-km Tail Race Tunnel and maintenance of turbines. This will aggravate the ongoing electricity load-shedding. However, the period of closure will be revisited after the inspection of the tunnel, a senior official of Wapda told The News. “The closure of the project till the first week of March 2024 will not only cause more reliance on thermal power generation, which is costlier if compared with…

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Renewable Energy Capacity Must Triple Before the End of the Decade

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Renewable-Energy

Renewable energy output needs to increase three-fold by 2030 to help prevent global warming exceeding 1.5°C, with governments being urged to step up rapid action. The United Arab Emirates’ COP28 presidency, along with two renewable energy organisations, the International Renewable Energy Agency (IRENA) and the Global Renewables Alliance, have released a joint report which revealed capacity for renewable energy has to “reach more than 11,000 GW” by 2030. The report has been released ahead of the COP28 climate summit, to be held at the end of November, which strives for global transformative climate action. Countries…

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