Day: June 4, 2024

Sindh Investment Dept, Swiss Business Council agree to promote trade, facilitate Swiss investment in Sindh

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KARACHI: Sindh Investment Department (SID) and Swiss Business Council (SBC) have signed an MoU to promote trade and investment in the province. SID, Government of Sindh’s primary investment has been active in facilitating investments and this partnership with Swiss Business Council aims to create the requisite nexuses crucial to further tap the trade and investment opportunities in Pakistan and Switzerland whilst encouraging links and cooperation in economic, cultural, and educational fields.Talking on the occasion, Georg Steiner, Ambassador of Switzerland to Pakistan, emphasized the importance of a collaborative approach in fostering…

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Chinese IPPs Intensify Pressure for Payment of Dues Ahead of PM Shehbaz Sharif’s China Visit

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Power-control

ISLAMABAD: As Prime Minister Shehbaz Sharif embarks on a four-day official visit to China, Chinese power generation and transmission companies are intensifying their demands for the payment of overdue amounts. The Central Power Purchasing Agency–Guaranteed (CPPA-G) recently paid Rs 70 billion to Chinese Independent Power Producers (IPPs) and plans another installment soon, aiming to clear substantial dues before June 30, 2024. The outstanding dues for CPEC power projects total approximately Rs 550 billion. This issue was a focal point during recent visits to Beijing by Deputy Prime Minister Ishaq Dar…

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OPEC+ Extends Deep Oil Cuts into 2025 Amid Market Concerns

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OPEC-Project

LONDON/DUBAI: In a move to stabilize the oil market, OPEC+ has decided to extend its substantial oil output cuts well into 2025. This decision, announced on Sunday, comes amid concerns over sluggish demand growth, particularly from top oil importer China, high interest rates, and increasing competition from U.S. production. Recently, Brent crude oil prices have hovered around $80 per barrel, a figure lower than many OPEC+ members require to balance their budgets. Factors contributing to this price include slow demand growth in China and rising oil stocks in developed economies.…

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World’s Largest Solar Farm Goes Online in China’s Xinjiang

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solar-panel

BEIJING: The world’s biggest solar plant, a 5-gigawatt (GW) facility spanning 200,000 acres in northwestern Xinjiang, has been successfully connected to the grid. This monumental project, located in the desert area of Urumqi, the capital of Xinjiang, was developed by the Power Construction Corp of China and was announced operational on Monday by the Chinese state asset regulator. This vast solar farm is set to generate approximately 6.09 billion kilowatt hours (kWh) of electricity annually, enough to power Papua New Guinea for an entire year. Previously, the largest operational solar…

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Methane Gas Kills 11 in Balochistan Coal Mine Tragedy

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coal

QUETTA: Tragedy struck in the Sanjdi area, about 50 km from Quetta, as at least 11 individuals died from methane gas inhalation inside a coal mine on Monday. The victims included nine coal miners, a coal company manager, and a contractor. The incident occurred approximately 1,500 feet deep inside the mine when methane gas erupted and rapidly spread, rendering all the workers unconscious. Abdul Ghani Shahwani, Chief Inspector of Mines in Balochistan, reported that the workers, along with a contractor and manager, entered the mine at around 5 PM. After…

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