Day: June 5, 2024

Leading the Way in Renewable Energy: Mondelez Pakistan 2.2 MW Partnership with Shams Power

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Mondelez-Pakistan

Karachi, 4th June 2024 – Mondelez Pakistan has partnered with Shams Power to solarize its confectionary and powdered beverages plants and to take the installed capacity to around 2.2 MW of Solar on both sites. This initiative aims to enhance sustainability and reduce carbon emissions. Shams Power will install the equipment, manage the operation and maintenance of the solar systems throughout the agreement, and transfer the equipment to Mondelez Pakistan upon the term’s completion. This project is expected to contribute approximately 3.3 million units of clean energy annually to Mondelez’s…

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Petroleum Levy Collection Surpasses Target, Hits Rs907 Billion

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Petroleum-prices

KARACHI: The government has exceeded its annual petroleum development levy (PDL) collection target, amassing Rs907 billion in the first 11 months of the current fiscal year, against a target of Rs869 billion. This surge comes as demand for petroleum products peaked to a nine-month high of 1.4 million tons in May 2024 due to a price reduction, bringing total consumption to 13.8 million tons from July to May 2023-24, according to Topline Research. Topline Research analyst Myesha Sohail noted that the monthly average tax collection of Rs80-85 billion could push…

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PRL and Saudi ED Investment Group to Establish Joint Venture

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PRL-Project

ISLAMABAD: Pakistan Refinery Limited (PRL) and Saudi Arabia’s ED Investment Group are in advanced discussions to establish a joint project, according to sources informed by Business Recorder. This development follows the Prime Minister’s visit to Saudi Arabia in April 2024. At a recent meeting chaired by Federal Minister for Petroleum Dr. Musadik Masood Malik, updates on the progress of the visit were reviewed. Attendees included representatives from various divisions such as Petroleum, Power, Resources, Railways, SIFC, PPIB, PSO, PRL, WAPDA, and the Pakistan Embassy. Zahid Mir of PRL reported ongoing…

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World Bank to Extend Closing Date of $390m IBRD Loan for T4HP and T5HP

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New-AJK

ISLAMABAD: The World Bank is set to restructure the Tarbela Fourth Extension Hydropower Project (T4HP) to extend the closing date of the $390 million International Bank for Reconstruction and Development (IBRD) loan to September 30, 2027. This loan is also financing the Tarbela Fifth Extension Hydropower Project (T5HP). According to official documents, the results framework has been updated to incorporate indicators from the World Bank Group’s Corporate Scorecard approach. The project includes: IBRD Loan-81440 ($400 million, fully disbursed and closed) and IDA Credit-50790 (SDR 179 million, fully disbursed and closed),…

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Pakistan Among Most Vulnerable to Climate Change: President Zardari

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Asif-Zardari

ISLAMABAD: President Asif Ali Zardari emphasized that Pakistan is one of the countries most severely impacted by climate change. In his message on World Environment Day, Zardari highlighted the country’s exposure to various climate phenomena such as floods, droughts, heatwaves, and forest fires. “Today, we commemorate World Environment Day to raise awareness about land degradation, desertification, and droughts,” said Zardari. He noted Pakistan’s commitment to addressing environmental challenges through initiatives like the Green Pakistan Programme, which has achieved significant progress in afforestation and ecosystem restoration. Zardari also mentioned the National…

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