Month: June 2024

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

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Parco-board

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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Dasu-Dam

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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Government to Remove Duties on Solar PV Manufacturing Equipment

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solar-panel

ISLAMABAD: The government is likely to eliminate duties on the import of plant, machinery, equipment, and raw materials used in the manufacturing of solar PV panels in the 2024-25 budget, according to well-informed sources from Business Recorder. The Managing Director of the Private Power Infrastructure Board (PPIB) highlighted that while the Fifth Schedule of the Customs Act, 1969 exempts customs duty on solar PV systems (including PV modules, charge controllers, inverters, and batteries), industrial entities importing machinery and equipment for local solar PV panel manufacturing face varying customs duties, supplementary…

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KE Warns Sindh Government of Imminent Power Outages Over Unpaid Dues

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NEPRA-KE

ISLAMABAD: Karachi Electric (KE) has issued a stern warning to the federal and Sindh governments regarding potential widespread power outages and disconnections in Karachi if the provincial government fails to settle Rs 9 billion in reconciled bills. These funds are crucial for system improvements, according to well-informed sources. This urgent message was communicated to top political and public office holders in Islamabad and Karachi just days before the National Electric Power Regulatory Authority (Nepra) issued a notification concerning KE’s request for provisional monthly Fuel Charges Adjustments (FCA) from July 2023…

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Government Faces Dilemma Over Massive Solar System Installations

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solar-panel

ISLAMABAD: The federal government is caught in a quandary regarding the widespread installation of solar systems nationwide. Bureaucracy warns that solarisation could be disastrous for the existing power sector, while politicians in high offices are skeptical of this view. Interactions with bureaucrats and officials close to politicians reveal that net metering, or solarisation, has become a contentious issue in Islamabad. Bureaucrats are advocating for the ‘Australian Mode’ of net metering and proposing measures to curb its growth, such as reducing buyback rates. A proposal being considered by Prime Minister Shehbaz…

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