Month: May 2024

UAE Introduces 10-Year Blue Visa for Environmental Experts

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Blue-Visa

ABU DHABI: The United Arab Emirates (UAE) has introduced the Blue Visa, a special ten-year residency permit tailored for environmental experts. This initiative, approved by the UAE cabinet, underscores the government’s commitment to environmental conservation. The Blue Visa is aimed at individuals dedicated to environmental improvement through research, advocacy, conservation efforts, and other initiatives. It acknowledges the critical work these professionals do in preserving the natural world. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister, and Ruler of Dubai, announced the Blue Visa on social media, highlighting…

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PPIB Urges SECMC to Supply Thar Coal to LEPCL

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Thar-Coal

ISLAMABAD: The Private Power & Infrastructure Board (PPIB) has called on Sindh Engro Coal Mining Company (SECMC) to provide a detailed schedule for Phase 3 of the Thar coal project, including key milestones such as financial close and Commercial Operation Date (COD). Additionally, PPIB has requested the supply of local coal to Lucky Electric Power Company Ltd (LEPCL) for its 660-MW coal power project, sources informed Business Recorder. LEPCL’s 660-MW coal power project at Port Qasim, commissioned in March 2022, currently supplies reliable electricity to the national grid. Initially designed…

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PM Directs NEPRA, Power Division to Revise Net Metering Rules

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solar-energy

ISLAMABAD: Prime Minister Shehbaz Sharif has directed the National Electric Power Regulatory Authority (NEPRA) and the Power Division to amend net metering regulations to rationalize buyback rates, sources told Business Recorder. The decision came during a recent meeting on the power sector chaired by the Prime Minister, with top officials from relevant authorities in attendance. The increasing adoption of solar energy by affluent residential, industrial, and commercial consumers has significantly impacted the revenues of Power Division and distribution companies (Discos). The trend of net metering, where solar energy users sell…

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KPOGCL Signs PCA with Government for Miran Petroleum Block

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New-KPOGCL

PESHAWAR: Khyber Pakhtunkhwa Oil & Gas Company Limited (KPOGCL) has signed a Petroleum Concession Agreement (PCA) with the Government of Pakistan for the Prospective Miran Petroleum Block, located in North Waziristan and Kurram Districts of Khyber Pakhtunkhwa. In a statement issued on Wednesday, KPOGCL’s Chief Executive Officer, Nasir Khan, hailed the agreement as a significant milestone in KPOGCL’s strategic expansion efforts, reaffirming the company’s commitment to enhancing Pakistan’s energy landscape. He expressed gratitude to the Federal and Provincial Governments, especially the Chief Minister of KP, Chief Secretary, Additional Chief Secretary,…

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Pakistan’s Debt Soars to Record Rs81 Trillion, Exceeds Statutory Limit by 15%

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Pakistan-Debt

ISLAMABAD: Pakistan’s total debt and liabilities have surged to nearly Rs81 trillion, marking a significant increase over the past year as the country struggles with finding new sources of financing due to poor credit ratings. According to the State Bank of Pakistan (SBP), the debt and liabilities grew by Rs8.4 trillion as of the end of March, with Rs4.4 trillion attributed to liabilities. This immense burden now represents three-fourths of the nation’s economy and surpasses the statutory limit set by the Fiscal Responsibility and Debt Limitation Act by approximately 15%…

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