Author: Admin

KCCI, NUTECH ink MoU to agree upon principles for establishing NUTECH Karachi Campus

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KCCI-MOU

KARACHI: The Karachi Chamber of Commerce & Industry (KCCI) and National University of Technology (NUTECH) inked a Memorandum of Understanding (MoU) wherein both institutions have mutually agreed upon principles for establishment of NUTECH Karachi Campus (NKC) to be constructed on a 50-acres land provided by the Airport Security Force (ASF) at M-9 Superhighway.According to the MoU signed by President KCCI Iftikhar Ahmed Sheikh and Rector NUTECH Islamabad Lt. Gen. (Retd.) Moazzam Ejaz, NUTECH and KCCI will also jointly develop NKC academics, research & skills system based on exports-supported strategies. Moreover,…

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Circular debt grows despite tariff hikes

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Circular-debt

ISLAMABAD: Power sector circular debt continues to grow despite all the repeated tariff increases on a monthly, quarterly and annual basis as the government takes a strategic move towards billing in the consumer tariffs capacity charges payable to power producers. This came to light when the National Electric Power Regulatory Authority (Nepra) on Monday notified a flat Rs3.2814 per unit additional quarterly tariff adjustment (QTA) in electricity bills of all consumer categories (except lifeline consumers) and companies including (K-Electric) for the next six months — October to March 2024. The overall revenue…

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Pakistan looks to sell its Reko Diq shares to Saudi investors

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Pakistan-Reko-Diq-mine

ISLAMABAD: The federal government is considering selling the shares it holds in the Reko Diq project to Saudi Arabia to attract investment from the gulf state which is keen to become part of this copper-gold project, The News has learnt reliably and confirmed from the relevant officials. Under the revised agreement, 50 percent of shares are held by Canadian company Barrick Gold Corporation whereas Antofagasta of Chile has exited the project in return for $900m deposited by three entities of the federal government – Oil & Gas Development Company Limited,…

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Govt in a fix over gas supply to domestic users in winter

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gas-loadshading

ISLAMABAD: Amid increasing gas demand in winter season, the caretaker regime finds itself on a tightrope as to whether it should inject or divert costly RLNG into domestic sector during winters. A senior official at Energy Ministry told The News that the RLNG injection would increase circular debt by Rs200 billion. “Though Pakistan LNG Limited (PLL) has sought bids for two spot LNG cargoes to be delivered on 7-8 and 13-14 December, the purchase depends on bids’ price. The bids would be opened on October 4. The PLL may also…

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Pakistan to Establish a Carbon Fund to Curb Emissions: Energy Minister says

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Energy-Minister-1

Abu Dhabi October 3 2023: Pakistan has a strong presence at ADIPEC this year, with around 10 companies from the exploration, oil marketing, and related sectors. “Indeed, it’s a promising start, and on the very first day, we have seen a remarkable response. All our companies are actively engaged, and there’s substantial interest in their offerings. The presence here is off to an excellent beginning,” the country’s Minister of Energy, Power and Petroleum stated. Muhammad Ali laid emphasis on decarbonisation and electrification, saying that they are critical components of Pakistan’s…

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