Month: June 2024

CPEC’s Second Phase to Prioritize ML-1, Industrial Cooperation, Agriculture, and Energy

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CPEC-Project

ISLAMABAD: The government has approved the annual plan for the budget 2024-25, marking the commencement of the second phase of the China-Pakistan Economic Corridor (CPEC). This phase will emphasize industrial cooperation, agricultural modernization, socioeconomic development, and scientific collaboration, alongside ongoing infrastructure and energy projects. Key initiatives in infrastructure include the strategic Mainline-1 (ML-1) railway project, which is set to achieve significant milestones in 2024-25, promising to enhance the country’s logistics performance. Additionally, future projects in the mining sector are on the agenda. For Industrial Cooperation, four special economic zones (SEZs)—Rashakai,…

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Pakistan Unlikely to Purchase Spot LNG Until Winter, Says Petroleum Minister

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LNG

KARACHI: Pakistan is unlikely to purchase liquefied natural gas (LNG) cargoes on the spot market until at least the beginning of winter in November due to an oversupply and high prices, according to the country’s petroleum minister. Extreme temperatures across Asia have driven countries to seek more LNG cargoes to meet higher power demand, pushing spot prices to their highest since mid-December. Asia spot LNG recently traded at $12.00 per million British thermal units (mmBtu). Despite heatwaves baking Pakistan’s 300 million people with near-record temperatures, the country’s LNG demand remains…

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World Bank Threatens to Cancel $450m Loan Over KP Hydropower Project Dispute

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Karot-Hydropower

PESHAWAR: The dispute between the Khyber Pakhtunkhwa government and the World Bank regarding the Gabral Kalam hydropower project has escalated. The PTI government has decided to cancel the bidding process for the 88 MW project and initiate re-bidding. In response, the World Bank has warned that ignoring the lowest bidder could result in misprocurement, leading to the potential cancellation of a $450 million loan. The World Bank has also indicated it may downgrade the project rating from moderately satisfactory to moderately unsatisfactory. Additional Chief Secretary Imtiaz Hussain Shah explained that…

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Concessions on Solar Panel Import and Manufacturing Welcomed by Industry

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solar-energy

LAHORE: Renewable energy stakeholders have applauded the federal budget’s concessions on the import and local manufacturing of solar panels, urging the government to promptly release detailed information on these incentives. “Perhaps the government has recognized that renewable energy sources like solar and wind are the only sustainable solutions to mitigate the high costs associated with traditional energy sources like thermal and coal,” stated Mustafa Amjad, Programme Director of the Renewable First, an Islamabad-based energy think tank. In an interview with Dawn, Mr. Amjad commended the government for offering incentives to…

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Budget 2024-25: Business and Industry Deem It ‘More IMF-Friendly’

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Budget-2024-25

KARACHI/ISLAMABAD/LAHORE: Businessmen and industrialists expressed dissatisfaction on Wednesday with the budgetary measures proposed for 2024-25, criticizing it as anti-industry and overly aligned with IMF directives. Trade and industry leaders have labeled the budget a burden on existing taxpayers, with no substantial efforts made to broaden the tax base or promote industrial production and commerce. During a press conference at the Chamber House, Islamabad Chamber of Commerce and Industry President Ahsan Zafar Bakhtawari highlighted that the government’s ambitious tax target of Rs12.97 trillion would increase the burden on existing taxpayers instead…

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