Day: October 2, 2024

Gas suspension to CPPs under IMF’s agreement to trigger widespread closure of industries, warns Bilwani

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Gas-tariff

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Muhammad Jawed Bilwani, while expressing sheer dismay over the government’s decision to suspend gas supply to Captive Power Plants (CPPs) by 2025, warned that this decision taken under IMF’s agreement would lead to widespread closure of medium and large-scale industries as significant investments made in these plants would go down the drain which cannot be borne by any industry whereas the industries cannot rely on unstable electricity supply of power distribution companies.“Shutting down captive power plants is, undoubtedly, a wrong move,…

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PPIB Approves Three-Year Extension for Kohala Hydropower Project’s Financial Close

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Hydropower

ISLAMABAD: The Board of the Private Power and Infrastructure Board (PPIB) has granted a three-year extension to the financial closing deadline for the 1,124 MW Kohala Hydropower Project, a key China-Pakistan Economic Corridor (CPEC) initiative. The extension, which spans from October 1, 2024, to September 30, 2027, comes without an extension fee, recognizing the project’s strategic importance and significant foreign direct investment. During a recent board meeting chaired by Secretary Power Division, Dr. Fakhar Alam Irfan, it was acknowledged that several factors beyond the developer’s control had delayed progress. These…

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Denmark to Support Pakistan’s Green Energy Transition: Envoy Discusses Tech Transfer and Sustainability

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climate

ISLAMABAD: Denmark’s Ambassador Jakob Linulf met with Coordinator to the Prime Minister on Climate Change, Romina Khurshid Alam, on Tuesday to discuss support for Pakistan’s transition to green energy, climate resilience, and environmental sustainability. Ambassador Linulf emphasized Denmark’s expertise in renewable energy, offering knowledge-sharing and technology transfer to assist Pakistan’s sustainability goals. He also highlighted ongoing and future collaborations to combat climate challenges. Romina Khurshid reaffirmed Pakistan’s commitment to global climate action, particularly in marine protection, biodiversity, and sustainable resource management, noting the country’s success in increasing mangrove cover by…

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Massive Fire Engulfs Solar Panel and Cosmetics Warehouses in Karachi

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solar-panel

KARACHI: A massive fire broke out in two warehouses storing solar panels and cosmetics in Karachi’s Hawkesbay area on Tuesday. Officials reported that the blaze at the solar panel warehouse was controlled after 12 hours, but efforts continued late into the night to extinguish the fire at the cosmetics warehouse. DIG-South Syed Asad Raza stated that the cause of the fire is still under investigation. Rescue efforts were initiated promptly, with police evacuating workers and fire tenders from the Pakistan Navy and Air Force joining the operation. Rescue teams cited…

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Oil Prices Surge 4% Amid Escalating Middle East Tensions

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oil and gas

LONDON: Oil prices surged by about 4% on Tuesday following reports that Iran was preparing a missile attack on Israel, heightening concerns of broader conflict in the Middle East. Brent crude rose by $2.50, or 3.5%, to $74.20 a barrel, while US West Texas Intermediate (WTI) crude increased by $2.54, or 3.7%, to $70.71. The rise came as Israel launched limited ground raids into Lebanon, and Hezbollah fired missiles at Tel Aviv. The US warned of possible Iranian involvement. Analysts warned that Iranian oil facilities could be targeted, potentially disrupting…

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