Month: April 2024

NPGCL inks $200m FDI MoU with Chinese firm NGLE

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Power-generation

ISLAMABAD: In a significant stride towards sustainable energy production, Northern Power Generation Company Limited (NPGCL) GENCO-III, Muzaffargarh, in collaboration with Ningbo Green Light Energy (NGLE) (Private) Limited, China, has formalised a memorandum of understanding (MoU) worth $200 million in foreign direct investment (FDI). Facilitated by the Special Investment Facilitation Council (SIFC), this MoU aims to convert an existing thermal power plant into a state-of-the-art 300-MW Solar Power facility. According to the details, it is expected to yield 400 million units of cost-effective electricity using solar energy. This transformative project would…

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Country does need new IMF programme: PM

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pak-imf

ISLAMABAD: The federal cabinet has abolished the National Commission for Child Welfare and Development (NCCWD), the National Child Protection Centre (NCPC) and the implementation of the National Line of Action and decided to include employees of these departments in the surplus pool. While speaking to the participants of the meeting, Prime Minister Shehbaz Sharif also highlighted the importance of a new International Monetary Fund (IMF) programme for the revival of the economy. The finance minister is leaving for Washington to attend the World Bank and the IMF spring meetings where…

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Azerbaijan seeks to resume LNG supply

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Azer-baijan

Pakistan has already inked deal for buying one LNG cargo per month ISLAMABAD: Azerbaijan has emphasised that Pakistan should resume imports of liquefied natural gas (LNG) from the Central Asian nation to meet its growing domestic consumption needs. Earlier, during the tenure of the Pakistan Democratic Movement (PDM) government, the two sides signed an agreement for import of at least one LNG cargo per month. It was not based on the controversial “take-or-pay” clause rather it was a commercial deal that could better suit Pakistan. However, Islamabad imported only a…

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Refineries demand full recovery of forex losses

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oil-refining

Draw govt’s attention towards forex burden, LC confirmation costs ISLAMABAD: Oil refineries have called on the government to make full recovery of the actual currency exchange losses and the confirmation cost of Letters of Credit (LCs). Pakistan’s oil refineries are currently grappling with substantial currency exchange losses in the import of crude oil, compounded by a significant financial burden from the LC confirmation charges. They have requested the government to ensure the full recovery of actual exchange losses and LC confirmation costs. In a letter sent to the Ministry of…

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Fines imposed on five power firms for ‘illegal loadshedding’

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power-breakdowns

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Thursday imposed a fine of Rs50 million each on five power distribution companies including K-Electric for carrying out commercial-based excessive loadshedding in violation of laws penalising honest consumers. It is for the first time the regulator has moved from issuing warnings against collective punishments in the power sector which started more than a decade ago in Karachi and was adopted by public sector companies with the tacit approval of the federal government and penalised power companies for revenue-based loadshedding. In its…

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