Author: Admin

Govt fails to woo a single investor for solar project

Admin
solar-panel

ISLAMABAD: In a major setback, no bid was received for setting up a 600-megawatt solar power project at Muzaffargarh despite multiple revisions in incentives and extensions in deadlines given by the Private Power & Infrastructure Board (PPIB) — a one-window power sector entity of the federal government. This was the first pilot project for the acquisition of renewable energy through international competitive bidding (ICB) in line with the projections under the long-term Indicative Generation Capacity Expansion Plan (IGCEP). Multiple rounds of bidding were held and revisions in incentives were made…

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IMF board nod allows disbursement of $700m

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IMF-board

WASHINGTON: In a significant development, the Executive Board of the International Monetary Fund (IMF) announced on Thursday that it had successfully concluded the first review of Pakistan’s economic reform programme, backed by the Stand-By Arrangement (SBA), paving the way for an immediate disbursement of SDR 528 million, equivalent to approximately $700m. This latest disbursement brings the cumulative total under the arrangement to an impressive SDR 1.422 billion, roughly $1.9bn. The financial support provided by the IMF underscores the global confidence in Pakistan’s commitment to implementing essential economic reforms. The successful review signifies…

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EU Ambassador Dr Riina KionkaVisits FPCCIGSP+ Status Enabled 108% Export Growth in a Decade

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President-FPCCI

Karachi Atif Ikram Sheikh, President FPCCI, has stressed that the 27-country economic alliance of European Union – with a cumulative GDP of almost $20 trillion – can help Pakistan steer out of the chronically dilapidated state of the economy of Pakistan; and, enhancing our exports to the EU nations should be the cornerstone of broader economic relations. Pakistan has achieved an encouraging 108 percent growth in exports to EU over a period of 10 years; however, in order to retain our GSP Plus status, we must not be complacent and…

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Mari Petroleum discovers gas reserves in North Waziristan

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Mari-Petroleum

Mari Petroleum Company Limited (MARI), one of the largest producers of natural gas in the country, has discovered gas reserves at Shewa-2 well, located in North Waziristan district Khyber Pakhtunkhwa. The development was shared by the company in its notice to the Pakistan Stock Exchange (PSX) on Thursday. “We are pleased to inform that Mari Petroleum Company Limited (MARI) has made a gas discovery at Shewa-2 appraisal-cum-exploratory well (in Waziristan block), located in North Waziristan district, Khyber Pakhtunkhwa Province,” read a notice. MARI is the operator of Waziristan Block with…

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PSO wins govt approval to import HSD on behalf of all OMCs

Admin
oil-and-gas

KARACHI: Pakistan State Oil (PSO), the country’s largest oil marketing company, has received approval from the government to exclusively import high speed diesel (HSD) to meet the domestic demand, an official document showed. The Petroleum Division of the Ministry of Energy has agreed to PSO’s proposal, made in September last year, to import HSD on behalf of all oil marketing companies (OMCs) in the country. The Oil and Gas Regulatory Authority (OGRA) has been asked to consult with the oil industry and finalize a framework for the arrangement, which is…

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