Year: 2024

Power Division Seeks ECC Approval for Riali-II Hydropower Project Security Package

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Hydropower

ISLAMABAD: The Power Division is set to present a summary to the Economic Coordination Committee (ECC) for approval of the security package documents for the 7.08 MW Riali-II Hydropower Project under the Power Generation Policy, 2015. The Finance Division advised that the Power Division should ensure the documents align with the policy, without imposing additional obligations or guarantees. The 7.08 MW run-of-river project, located on Ghori Nullah in Azad Jammu & Kashmir (AJ&K), recently received an 18-month extension in its Financial Closing Date, extending it to October 12, 2025. The…

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Nepra to Sue DISCOs Over Rs276bn Circular Debt Due to T&D Losses

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NEPRA-Office

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has announced plans to take legal action against Distribution Companies (DISCOs) for contributing Rs276 billion to the circular debt through increased Transmission and Distribution (T&D) losses in FY 2023-24. This move follows a Circular Debt report for June 2024, reviewed by Nepra. The report reveals that DISCOs’ T&D losses rose to 18.31% in FY 2023-24, up from 16.84% the previous year, surpassing Nepra’s target of 11.77% by 6.54%. Despite an allocated investment of Rs163.1 billion to improve infrastructure, DISCOs’ efficiency remains low,…

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POL Sales See 2% Rise; Exports to Europe Up by 16%

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oil and gas

Pakistan’s petroleum product sales and daily oil and gas production recorded a 2% increase during the first four months of the current fiscal year, with POL sales reaching 5.18 million tons from July to October. Data from Petroleum Information Services indicated that the average daily crude oil production for the week ending October 31 stood at 65,582 barrels, up from 64,467 barrels the previous week. Daily gas production also rose, averaging 2,737 MMCFD, an increase from 2,694 MMCFD. Additionally, the State Bank reported a 16.23% increase in exports to Western…

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US Climate Commitment Stands Beyond Elections, COP29 Told

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Cop-29

BAKU: As COP29 commenced on Monday, U.S. climate envoy John Podesta reassured global leaders that efforts to address climate change would persist despite Donald Trump’s re-election. The summit, held from November 11-22, faces heightened uncertainty following Trump’s victory, with the incoming administration expected to reconsider the Paris climate agreement. Podesta emphasized that even if federal action slows, U.S. states, cities, and citizens remain committed to the climate fight. “The work to contain climate change is bigger than one election or political cycle,” he stated. Opening the conference, UN climate chief…

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Govt Proposes NEV Policy 2025-30 to Boost Eco-Friendly Transport with Tax Breaks

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Eco-Friendly

ISLAMABAD: The government has initiated consultations on the New Energy Vehicle (NEV) Policy 2025-30, designed to transform Pakistan’s transportation sector and reduce carbon emissions. The Ministry of Industries held a meeting on Monday with automakers to discuss the policy’s framework, which aims to promote local NEV production, decrease reliance on fossil fuels, and lower emissions. The proposed policy includes incentives such as tax breaks, reduced import duties on NEV components, and green financing options to encourage investments in sustainable technologies. However, some industry representatives expressed concerns that the high costs…

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