Day: June 25, 2024

Chinese solar cell maker to build 10 GW factory in Oman

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solar-cell

Chinese solar cell maker Hainan Drinda New Energy Technology plans to build a 10 GW factory in Oman to produce tunnel oxide passivated contact (TOPCon) solar cells. Shenzhen-listed Chinese solar cell manufacturer Hainan Drinda New Energy Technology said it has signed an agreement with the Oman Investment Authority (OIA) to build a 10 GW cell manufacturing facility in Oman. The total investment for the project is approximately CNY 5.078 billion ($699.4 million). Drinda’s wholly-owned subsidiary, JTPV – a major independent cell supplier listed on the Shenzhen Stock Exchange – will build the…

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PKR. 4.7 Billion Annual Revenue Loss to the Country

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PTA-GST

Pakistan Tea Association (PTA) Rejects Discriminatory Taxation in the Federal Budget 2024 – 25 Pakistan Tea Association (PTA) has expressed his profound concerns and apprehensions vis-a-vis proposed budget’s continuation of sales tax and income tax exemptions for the erstwhile FATA/PATA region. Pakistan Tea Association elaborated that, while these exemptions may have been introduced with sincere intentions, but they have been misused for a long period. Pakistan Tea Association apprised that the erstwhile FATA / PATA region, with a population of approximately 6.5 million, should logically import around 1 million kilograms…

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Gas Tariff to Rise for Captive Power Plants from July 1

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OGRA

ISLAMABAD: The government has decided against reducing gas prices from July 1, 2024, despite the Oil and Gas Regulatory Authority’s (OGRA) recommendation to lower them by 10% for the next fiscal year. Instead, gas prices for captive power plants (CPPs) will increase by Rs250 per mmBtu to Rs3000 per mmBtu from the current Rs2750 per mmBtu, aligning with International Monetary Fund (IMF) directives. “For all other categories, the government has opted to maintain current gas prices,” said senior Energy Ministry officials. This decision is expected to generate Rs110-115 billion in…

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Calls for Hesco Privatization Amid Outages and Corruption

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power-subsidy

KARACHI: Hyderabad business leaders are demanding the outsourcing of the Hyderabad Electric Supply Company (Hesco) due to persistent electricity outages, corruption, and rising tariffs. They cite the company’s inability to provide reliable electricity to commercial and domestic consumers, causing significant disruptions and economic strain. Consumers are facing eight to ten hours of load shedding, frequent faults, and poor infrastructure, leading to low and high voltage issues, burning of transformers, and extended outages disguised as maintenance. Pseudo-detection bills to cover power theft by Hesco staff have also been reported. Muhammad Farooq…

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PSO to Fund $2 Billion Investment with Foreign Debt

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pso

KARACHI: Pakistan State Oil (PSO) has announced plans to secure foreign debt to finance a significant portion of its planned $1.5-2 billion investment in Pakistan Refinery Limited (PRL). The state-owned oil marketing company’s receivables have surged to Rs810 billion, primarily due to circular debt and late payment surcharges. During an analyst briefing on the financial accounts for the first nine months of FY24, PSO officials outlined the company’s strategy to diversify its business by establishing electric charging stations and venturing into financial and renewable energy sectors. These initiatives aim to…

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