Author: Admin

KARACHI: In a bid to counter the impact of rising fuel and energy costs, Artistic Denim Mills Limited (ADML) — one of Pakistan’s leading textile manufacturers — has accelerated its shift toward renewable energy. The company has successfully commissioned a 2.32-megawatt (MW) solar power plant and begun installation work on an additional 2.57MW project, scheduled for completion in the first quarter of FY2025-26, according to its annual report submitted to the Pakistan Stock Exchange (PSX). The initiative comes as Pakistan’s textile sector, a major contributor to exports, GDP, and employment,…

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ISLAMABAD: The Hub Power Company Limited (Hubco) has urged the Power Division to expedite the issuance of an official gazette notification in accordance with the amended agreement for Narowal Energy Limited (NEL), as the Central Power Purchasing Agency (Guarantee) Limited (CPPA-G) has reportedly stopped accepting NEL’s invoices. In a letter addressed to the Power Division—also copied to the National Electricity Task Force, Army Air Defence Command Westridge-III, Rawalpindi, and CPPA-G’s Chief Executive Officer, Rihan Akhtar—Hubco’s Chief Financial Officer, Muhammad Saqib, referenced the company’s earlier correspondence dated April 4, 2024. Hubco…

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ISLAMABAD: The Sindh government has decided to appoint a Transaction Advisor to oversee the transfer of ownership of two Sindh-based power distribution companies — Hyderabad Electric Supply Company (HESCO) and Sukkur Electric Power Company (SEPCO) — to the provincial government under a long-term concession model, following comprehensive due diligence, official sources told Business Recorder. The decision was formally conveyed to the Power Division in response to a letter from Secretary Power Division, Dr. Fakhre Alam Irfan. In January 2025, Prime Minister Shehbaz Sharif had directed the Power Division to pursue…

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 Budapest, 3 October 2025 – The European Institute of Innovation and Technology (EIT) has announced that its Governing Board has approved an allocation of €978 million to boost innovation, entrepreneurship, and skills development across Europe for the period 2026–2028. The EIT’s largest-ever funding round secures fresh resources for six Knowledge and Innovation Communities (KICs), and joint activities such as the EIT Higher Education Initiative – reinforcing the EIT’s position as Europe’s largest innovation ecosystem. The decision reflects both the performance of the KICs and their alignment with EU policy priorities such as the…

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KARACHI: Three Pakistani refineries will export a combined 130,000 tonnes of furnace oil in October, following approval from the Oil and Gas Regulatory Authority (Ogra). According to Ogra’s approval letter, Cnergyico Pakistan Limited (CPL) will ship 55,000 tonnes, Pak-Arab Refinery Limited (Parco) 50,000 tonnes, and Pakistan Refinery Limited (PRL) 25,000 tonnes. The move underscores a steep decline in domestic demand, with industry officials reporting that nearly 95% of furnace oil output is now exported. Average daily production stands at around 6,400 tonnes, translating to nearly 200,000 tonnes per month. Officials…

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