Day: May 31, 2024

FPCCI urges govt to take full advantage of 12 wind power plants to ensure uninterrupted electricity at cheapest rates

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fpcci-afghanistan

Karachi The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has called upon the government to immediately take full advantage of 12 operational clean energy projects in the Jhimpir-Gharo wind corridor in Sindh so that end-consumers of electricity get uninterrupted power supply at the cheapest rates in peak summer.In a statement issued to the media, FPCCI President Atif Ikram Sheikh said that maximising electricity output from these 12 wind power plants, capable of producing electricity at a cheaper rate of just Rs 14.5 per unit, would also encourage more…

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Aramco completes acquisition of 40% stake in Gas & Oil Pakistan

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aramco

• Investment signals further progress in Aramco’s global retail expansion• Strategic partnership aims to unlock new opportunities for value creation and growth DHAHRAN|MAY 31, 2024 Aramco, one of the world’s leading integrated energy and chemicals companies, has made further progress in its global retail expansion by completing the acquisition of a 40% equity stake in Gas & Oil Pakistan Ltd. (“GO”).GO is a diversified downstream fuels, lubricants and retail store operator in Pakistan with a network of more than 1,200 retail fuel stations. The acquisition, first announced in December 2023,…

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Govt May Maintain Gas Sale Prices from July 1

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Gas-supply

ISLAMABAD: The government is considering maintaining the natural gas sale price from July 1, 2024, contrary to the 10% reduction in system gas prices recommended by the Oil and Gas Regulatory Authority (OGRA). This move aims to reduce the prior years’ shortfall, which has reached Rs1,500 billion, by Rs100 billion in a staggered manner. Maintaining the gas prices is also intended to facilitate the IMF’s $6-8 billion loan program. The government is likely to keep gas prices unchanged for the fertilizer sector but will increase the gas price for captive…

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Poor Rating Mars $3.5B Debt Plan for Basha Dam

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Mangla-Dam

ISLAMABAD: Pakistan’s junk credit rating has become a major obstacle in securing $3.5 billion in debt for the Diamer Basha dam project. In response, the government is simultaneously trying to sell its stake in another power project and persuade Beijing to include the Diamer Basha dam in the China-Pakistan Economic Corridor (CPEC). The Water and Power Development Authority (WAPDA), the sponsor of the Diamer Basha dam project, has urged Islamabad to present the project as a “big-ticket item” to Beijing during Prime Minister Shehbaz Sharif’s upcoming visit, according to government…

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