Month: November 2024

120MW solar project: KE receives lowest bid from KAPCO

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soalr energy

Power utility K-Electric (KE) received the lowest tariff bid from Kot Addu Power Company Limited (KAPCO) for its 120-megawatt (MW) solar project in Karachi. KAPCO shared the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday. “We are pleased to inform you that the company’s bid for the proposed K-Electric solar project to be set-up at Deh Halkani, District West, Karachi, for 120MW is the lowest bid at the proposed bid tariff of 9.8319 PKR/kWh (3.4061 cents/kWh at the reference exchange rate for USD/PKR 288.65),” read the…

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Oil prices rise as investors weigh OPEC+ discussions, Trump tariffs

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oil price

HOUSTON: Oil prices rose on Tuesday as investors eyed OPEC+ discussions on output and weighed the potential impact of U.S. President-elect Donald Trump’s planned trade tariffs on Mexico and Canada. Brent crude futures were up 66 cents, or 0.9%, at $73.67 a barrel as of 10:35 a.m. ET (1535 GMT). U.S. West Texas Intermediate crude futures were at $69.60 a barrel, up 66 cents, or 0.96%. Both benchmarks briefly jumped more than $1 per barrel during the session. “We popped and dropped around the time news came out of the…

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CM Murad Secures Rs. 8bn for K-IV Project, Demands 50 MGD More Water for Karachi

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CM-Murad

KARACHI (Nov 26) – Sindh Chief Minister Syed Murad Ali Shah, in a high-level meeting with WAPDA Chairman Lt Gen (R) Sajjad Ghani at the CM House, stressed the urgent need to allocate an additional 50 MGD of water from the Hub Dam to address Karachi’s growing demand. The meeting, attended by Local Government Minister Saeed Ghani, Irrigation Minister Jam Khan Shoro, Mayor Karachi Murtaza Wahab, and senior officials, also reviewed progress on critical projects, including the K-IV Greater Karachi Bulk Water Supply Scheme and the Right Bank Outfall Drain…

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Pakistan Forms Negotiation Body for Reko Diq Stake Sale to Saudi Arabia

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Reko-Diq

ISLAMABAD: Pakistan has established a negotiation committee to finalize the sale of a 15% stake in the Reko Diq copper and gold mining project to Saudi Arabia’s Public Investment Fund (PIF). The committee will review the price discovery mechanism prepared by international advisors, assess the Saudi offer, and draft a commercial agreement. The Cabinet Committee on International Governmental Commercial Transactions approved the panel’s formation, granting it authority to negotiate cash offers and reimbursement of cash calls made by Pakistan Minerals Private Limited (PMPL). Additionally, Saudi Arabia has pledged a $150…

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Oil Prices Slide $2 Amid Reports of Mideast Ceasefire

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Oil-Price

HOUSTON: Oil prices fell sharply on Monday, with Brent crude dropping $2.02 (2.69%) to $73.15 per barrel and US West Texas Intermediate (WTI) declining $2.08 (2.92%) to $69.16, following reports of a potential ceasefire deal between Israel and Lebanon. Unnamed US officials indicated progress in ending the Israel-Hezbollah conflict, though Israeli and Lebanese leaders expressed cautious optimism, citing unresolved issues and mutual distrust. Market analysts attributed the price decline to reduced geopolitical risk. UBS’s Giovanni Staunovo noted that no oil supply disruptions had occurred, and the conflict carried minimal risk…

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