Day: February 7, 2024

Germany provides EUR 45 million support to Pakistan

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Germany

ISLAMABAD, FEB 7 (DNA) – Dr. Kazim Niaz, Secretary for Economic Affairs Pakistan, and Mr. Alfred Grannas, German Ambassador to the Islamic Republic of Pakistan, witnessed the ceremony for signing of Euro 45 million agreements on Technical Development Cooperation for starting new bilateral cooperation projects. These new agreements are the result of a longstanding and trustful partnership between the two countries. Technical Cooperation Agreement The newly commissioned projects align with the German development cooperation thematic areas of Climate and energy, just transition; Sustainable economic development, training and employment; Health, social protection and population policy.…

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Overall Generation Cost Of Fossil Fuel-Based Independent Power Plants FY 2022-23

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Fossil Fuel-Based Independent Power Plants (IPPs) are integral to ensuring consistent power supply to the populace, particularly in light of the intermittent nature of renewable energy sources. These IPPs mitigate the variability inherent in renewable power generation, thereby enhancing the reliability of the national grid. Notably, in the Fiscal Year 2022-23, Lal Pir Power Plant emerged as the most costly among fossil fuel-based IPPs, while Engro Powergen Thar remained the most economical. Addressing the challenges of power affordability, Thar coal emerges as a promising solution within the fossil fuel domain.

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Attock Refinery Limited (ATRL) has posted a substantial increase in its earnings for the first half of fiscal year 2024 (1HFY24), reporting a profit after tax of Rs17.56 billion [EPS: Rs164.7].

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New-ARL

This compares to a profit of Rs15.91 billion [EPS: Rs149.21] in the same period last year. The Board of Directors (BoD) has also declared an interim cash dividend of Rs2.50 per share (25%) for the review period. The company’s top line witnessed an 18.12% YoY surge to Rs270.29 billion compared to Rs228.83 billion in the same period last year. Despite a significant increase in taxes, duties, levies, and price differentials towards sales, the net revenue reached Rs205.96 billion, reflecting growth from the Rs189.03 billion recorded in 1HFY23. The gross profit…

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Mari acquires working interest in Zarghun South and Nareli Block

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Mari-Petroleum

Mari Petroleum Company Limited (MARI), one of Pakistan’s largest E&P companies, has acquired a working interest from Spud Energy Pty Ltd (SEPL) in Zarghun South and Nareli Block. Mari shared the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday. “Mari and SEPL have signed agreements today (February 07, 2024) for the acquisition of 40% working interest in Zarghun South D&PL and 27.55% working interest in Nareli Block by Mari from SEPL,” read the notice. Mari shared the said acquisitions are subject to requisite regulatory approvals and…

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China Was Responsible for 96% of Coal Plants Constructed in 2023

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Coal-Russia

China was single-handedly responsible for 96% of global coal power capacity construction last year, cementing its position as the biggest coal builder in the world. Per data, released by Global Energy Monitor and reported by Bloomberg, China last year also accounted for 68% of new coal generation capacity that came online last year and 81% of newly planned coal generation projects. China’s attitude to coal has been hard to swallow for Europe and other transition advocates but Beijing has made a point of explaining that on its list of priorities, energy security…

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