Year: 2024

CCP Approves Gunvor Group’s Acquisition of 50% Stake in Total Parco Pakistan

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Total-PARCO

ISLAMABAD: The Competition Commission of Pakistan (CCP) has granted approval for the acquisition of a 50% shareholding in Total Parco Pakistan Ltd (TPPL) by Aquashore SA, a subsidiary of Switzerland-based Gunvor Group. The stake will be transferred from TotalEnergies Marketing Services under the terms of the sale and purchase agreement. This strategic move is the latest in a series of high-profile transactions in Pakistan’s petroleum sector, recently greenlit by the CCP. Gunvor Group, a leading global commodities trading firm, aims to leverage its extensive expertise in trading and logistics to…

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China Activates World’s Second-Largest Solar Power Plant

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soalr energy

BEIJING: CHN Energy has successfully connected the 3 GW Mengxi Lanhai Solar Plant to the grid, making it the largest single-site solar facility in China and the second-largest worldwide. Located in Ordos, Inner Mongolia, the $1.6 billion project was completed in just 14 months and is a cornerstone of China’s “West-to-East Power Transmission” strategy. Spanning 70 square kilometers, the plant features over 5.9 million solar panels and is equipped with advanced infrastructure, including two 500 kV gathering stations and eight 220 kV substations. It will transmit power to coastal regions…

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KCCI Demands Winter Package Exclude K-Electric, Citing Consumer Dues

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KCCI-Import

ISLAMABAD: The Karachi Chamber of Commerce and Industry (KCCI) has urged the federal government to directly distribute the upcoming Winter Support Package to Karachi consumers, bypassing K-Electric (KE). The power utility currently owes approximately Rs 100 billion to its customers, according to KCCI President Jawed Bilwani. In a letter addressed to Federal Minister for Power Sardar Awais Khan Leghari, Bilwani highlighted unresolved grievances, including KE’s failure to pass on benefits from previous relief measures such as the incremental electricity consumption package introduced during the COVID-19 pandemic. Of the Rs 42…

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Government Accelerates Privatisation of DISCOs and HBFC

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Power-sector

ISLAMABAD: The federal government has ramped up efforts to privatize power distribution companies (DISCOs) and the House Building Finance Corporation (HBFC) as part of its economic reforms. The Privatisation Commission, led by Federal Minister for Privatisation and Investment Aleem Khan, recently reviewed progress on entities listed for privatisation. During the meeting, it was decided to expedite the selection of financial advisers for DISCOs while seeking International Finance Corporation (IFC) approval to advance the HBFC privatisation. Sources indicated that HBFC is ready for immediate privatisation, requiring only the IFC Board’s nod…

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Costly Palm Trees Fail to Thrive in Khyber-Pakhtunkhwa, Sparking Environmental Concerns

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Costly-Palm

PESHAWAR: The Peshawar Development Authority’s (PDA) recent decision to plant costly palm trees across Khyber-Pakhtunkhwa (K-P) has drawn criticism from environmentalists, citing incompatibility with the region’s biodiversity and ecological needs. Imported from Lahore and Dubai at costs ranging from Rs8,000 to Rs15,000 each, the palm trees have shown signs of devariegation due to water scarcity. Experts argue the drought-tolerant species still require significant amounts of water, making them unsuitable for Peshawar’s arid conditions. “These trees, native to Gulf countries, are inefficient for carbon absorption and provide minimal resources for local…

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