ISLAMABAD: Oil and Gas Development Company Limited (OGDCL) on Friday entered into a collaboration with Islamabad Policy Research Institute (IPRI) for an Endowment of Economic Security Chair.The kick-off ceremony was graced by the Chairman Board of OGDCL and CEO of Bank of Punjab, Zafar Masood; MD/CEO of OGDCL, Ahmed Hayat Lak, and senior officials of the industry.The Endowment of Economic…
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Islamabad, May 24, 2024: The Oil and Gas Regulatory Authority (OGRA), in accordance with the Policy Guidelines of the Federal Government, has determined the Re- gasified Liquefied Natural Gas (RLNG) prices effective May 01, 2024, as under 2. The RLNG price Notification for the month of May 2024 is readily available at OGRA website www.ogra.org.pk. 3. The increase in RLNG…
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As Part of a Historic Investment Towards Growth and Advancement KARACHI: Saudi Group announced the largest aircraft deal in Saudi aviation history with Airbus during the first day of the Future Aviation Forum 2024 held at the King Abdulaziz International Conference Center in Riyadh under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al…
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May 23, 2024: A delegation of Asian Development Bank (ADB) Alternate Executive Directors visited WAPDA House the other day and discussed financing opportunities in WAPDA projects. The meeting was attended by Chiarman WAPDA Engr Lt Gen Sajjad Ghani (Retd), Member (Finance), GM (Projects) South and PDs of various WAPDA projects. GM (C&M) Water, GM Finance (Water/Power), Advisor (Hydro Resource Management)…
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On May 23, the globally renowned energy research institution — Bloomberg New Energy Finance (BloombergNEF, abbreviated as BNEF) announced the list of photovoltaic inverter manufacturers that meet the BNEF Tier 1 standards as of the second quarter of 2024. The list indicates that only seven companies worldwide have successfully made it to the first echelon (Tier 1), with Hopewind being…
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ISLAMABAD: Pakistan’s electricity consumers face a daunting challenge as capacity payments to independent power producers (IPPs) are set to increase significantly, impacting electricity bills. In the fiscal year 2023/24, capacity payments accounted for 71% of the power purchase price, with energy costs making up the remaining 29%. The burden on consumers was evident, with capacity charges reaching Rs 16.22 per…
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ISLAMABAD: In a significant development, Pakistan has agreed to sell a 15% stake in the multibillion-dollar Reko Diq project to a Saudi investor after Barrick Gold Corporation refused to sell its shares. This move will reduce Pakistan’s overall shares in the project from 50% to 35%. Out of the remaining 35%, the Balochistan government’s share will stay at 25%, while…
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ISLAMABAD: On Thursday, the government approved a major reallocation of funds, diverting Rs70.5 billion from the discretionary budgets of Prime Minister Shehbaz Sharif and parliamentarians towards three key hydroelectric power projects. This decision was made by the Economic Coordination Committee (ECC) of the cabinet, which also approved a supplementary budget of Rs89 billion. A significant portion of this budget, Rs70.5…
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ISLAMABAD: United Arab Emirates President Sheikh Mohamed Bin Zayed Al-Nahyan committed to investing $10 billion in various sectors of the Pakistani economy during a meeting with Prime Minister Shehbaz Sharif in Abu Dhabi on Thursday. The announcement came during PM Shehbaz’s day-long visit to the UAE, according to a statement by Pakistan Television on social media. Sheikh Mohamed assured unwavering…
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ISLAMABAD: Facing requests for a 25% annual tariff increase, the government on Thursday signaled plans to introduce an incentive package for the industrial sector as part of broader power sector reforms aimed at reviving electricity demand and fostering economic growth. This development emerged during a public hearing led by National Electric Power Regulatory Authority (Nepra) Chairman Waseem Mukhtar. Representatives from…
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