Day: June 11, 2024

Solis Unveils Pioneering Inverter Solutions at SNEC and Intersolar Europe

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Ginlong (Solis) Technologies, the world’s third largest PV inverter manufacturer, is showcasing its cutting-edge storage and inverter solutions at SNEC and Intersolar Europe this month – two of the world’s leading exhibitions for the solar industry. SNEC, scheduled June 13 – 15, and Intersolar, June 19 – 21, will provide Solis with a global platform to unveil their premium, all-scenario solutions catering to residential, commercial, industrial (C&I), and utility-scale solar applications. The Solis team can be found at booth 5.1H – E680 at SNEC, and B3.430 at Intersolar. Seamless Integration,…

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Incentives Likely for Solar Panel Manufacturing, Net-Metering Boost

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KARACHI: The government is expected to introduce incentives to encourage the local assembly of solar panels in the budget for 2024-25. Pakistan Solar Association (PSA) Senior Vice-President Mohammad Zakir Ali, who was part of Prime Minister Shehbaz Sharif’s recent delegation to China, remarked, “I do not think the government will impose any new taxes or duties on solar panels, which already have zero per cent general sales tax. Only inverters carry an 18% GST.” Ali highlighted the government’s efforts to attract Chinese manufacturers to relocate their units to Pakistan, especially…

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Government Prepares for Heavy Taxation Budget Amid Tough IMF Conditions

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The government is set to present its first budget since its inauguration in March, facing stringent conditions imposed by the International Monetary Fund (IMF). Local economists predict the budget will result in heavy taxation and increased inflation. Negotiations between the finance ministry and the IMF are ongoing as the government grapples with the loaning agency’s tough demands. These include increasing the tax revenue target, withdrawing subsidies, taxing the agriculture sector, raising levies and taxes on power, gas, and oil sectors, privatizing struggling government organizations, and improving administrative efficiency. Last fiscal…

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Parco to Invest $1.3 Billion in Hydrocracker Unit for Sustainable Fuel Supply

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ISLAMABAD: Pak Arab Refinery Limited (Parco), a leading oil refiner, has announced a long-term investment of up to $1.3 billion to establish a hydrocracker unit aimed at converting furnace oil into petrol and diesel. This project is designed to ensure a sustainable oil supply and enhance energy security in Pakistan. The investment follows the government’s approval of new refinery policy incentives, encouraging upgrades to produce environmentally friendly Euro-5 fuels. Parco initially requires $500 million for plant upgrades, but its shareholders prefer a comprehensive long-term investment strategy. The shift to liquefied…

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World Bank Approves $1 Billion Loan for Pakistan’s Dassu Hydropower Project

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ISLAMABAD: The World Bank has sanctioned a $1 billion loan for Pakistan to support the first phase of the Dassu Hydropower Project, aimed at enhancing and expanding the country’s electricity supply. This funding is directed towards improving electricity provision and expanding access to socio-economic facilities. The Dassu Hydropower Project is poised to be a major development, significantly contributing to the production of affordable electricity in Pakistan. Upon completion, the project will increase power generation capacity from 4,320 megawatts to 5,400 megawatts, with the first phase alone expected to produce 2,160…

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