Day: August 17, 2024

PPIB Set to Extend LoIs for Three Solar PV Projects by 12 Months

Admin
solar-panel

ISLAMABAD: The Private Power and Infrastructure Board (PPIB) is preparing to extend Letters of Intent (LoIs) for 12 months for three category-III solar PV projects. The decision was made during a recent Projects Committee meeting, chaired by the Additional Secretary of the Planning Division. The LoIs, initially issued to RE Solar I (Pvt) Limited, RE Solar II (Pvt) Limited, and Siddiquesons Solar Limited, are set to be extended due to the ongoing competitive bidding process required for these projects. Despite not being included in the draft IGCEP 2024, the extensions…

Read More

Experts Urge Immediate Action to Protect Mangroves, Vital for Marine Life and Carbon Sequestration

Admin
Protect-Mangroves

KARACHI: Environmentalists are calling for urgent measures to safeguard mangrove forests, emphasizing their essential role in supporting marine life and sequestering carbon. These unique ecosystems, found in coastal regions such as Karachi, Keti Bandar, Thatta, Sujawal, and parts of Balochistan, are critical nurseries for fish, crabs, and shrimp, and can capture up to four times more carbon than other coastal plants. Mangroves also serve as natural defenses against storms, floods, and tsunamis, while playing a vital role in the fishing industry by sustaining diverse marine species. One of the notable…

Read More

MOL Discovers Hydrocarbons in Kohat

Admin
oil and gas

ISLAMABAD: Hungarian oil and gas company MOL has announced a significant hydrocarbon discovery at an exploratory well in the Kohat district of Khyber Pakhtunkhwa. The discovery was made in the Razgir-1 Exploratory well, part of the TAL Joint Venture, which MOL operates. The joint venture includes MOL Pakistan Oil & Gas Co. B.V. as the operator, alongside its partners, Oil & Gas Development Company Ltd, Pakistan Petroleum Ltd, Pakistan Oilfields Ltd (POL), and Government Holdings Private Ltd. The Razgir-1 well, spudded on January 9, 2024, was drilled to a depth…

Read More

MNCs Consider Relocation Amid Internet Disruptions: Pakistan Business Council

Admin
Inter-net

KARACHI: The Pakistan Business Council (PBC) has raised alarms about an increasing trend of multinational companies (MNCs) planning to relocate their back offices from Pakistan, with several already having done so recently. This shift is largely attributed to widespread internet disruptions caused by the reported imposition of a firewall, severely impacting business operations. The warning coincides with a report from the Dubai Chamber of Commerce, which revealed that 3,968 Pakistani companies registered in Dubai during the first half of 2024, marking a 17% increase from the same period in 2023.…

Read More

Power Users Set to Receive Rs 4.5 Billion Refund in September Bills

Admin
Your-Bill

ISLAMABAD: In a positive development for consumers, government-owned power distribution companies (Discos) are seeking a refund of Rs 4.5 billion to be reflected in September bills. This comes as the Central Power Purchasing Agency (CPPA) has requested a 31 paise per unit reduction in the fuel cost adjustment (FCA) for electricity consumed in July. The CPPA’s petition to the National Electric Power Regulatory Authority (Nepra) seeks to adjust the FCA from the previously charged Rs 9.352 per unit to Rs 9.038 per unit, citing lower-than-expected fuel costs due to a…

Read More