Author: Admin

Plan to reduce gas circular debt shared with IMF

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Ishaq-Dar

ISLAMABAD: Pakistan has shared with the International Monetary Fund (IMF) a plan for containing gas sector circular debt (CD) estimated to have risen to Rs1.6 trillion. “The proposed plan is a mix of non-cash book adjustments and tariff rationalisation that could be implemented only after the concurrence of the IMF”, said a government official, adding that the plan was subject to change with input from the IMF and the World Bank and its implementation would be gradual over a couple of quarters of the current year. The plan was finalised…

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Waseem Mukhtar new Nepra chairman

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KE’S- 7-YEAR- INVESTMENT-ROADMAP

Waseem Mukhtar has also served as Additional Secretary Power Division ISLAMABAD: Waseem Mukhtar, Special Secretary Cabinet Division, has been selected as the Nepra chairman for four years. Waseem Mukhtar, who also served as Additional Secretary Power Division, played an important role in coping with the power sector challenges, top sources in the PM Secretariat and Cabinet Division told The News. “The selection committee, headed by Federal Minister for Economic Affairs Division Sardar Ayaz Sadiq, finalised three names with Wasim Mukhtar on the top. The prime minister has approved his name…

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IEA raises world oil demand forecast in 2023 towards all-time high

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oil-gas.

Paris: The International Energy Agency said Friday it had revised upwards its forecast for global oil demand growth in 2023 as demand is “scaling record highs”. World oil demand already hit a record 103 million barrels per day in June and August and “could see yet another peak”, the Paris-based IEA said in its monthly report. “For 2023 as a whole, global oil demand is set to expand by 2.2 million barrels per day to 102.2 million barrels per day,” it said. China accounted for 70 percent of growth, the…

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K-Electric plans to boost renewable energy share to 30 percent by 2030

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K-Electric

KARACHI: K-Electric, the sole power distributor in the port city of Karachi, expects to keep electricity tariffs stable for consumers as it plans to increase the share of renewable energy in its generation mix, company officials said on Friday. The company plans to invest Rs484 billion over the next seven years to add 30 percent renewable energy in its overall power generation for the next seven years, according to company officials. The move is part of K-Electric’s strategy to meet the growing demand for electricity in Karachi, which is projected…

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MOU between Pakistan Mineral Development Corporation and Miracle Saltworks Collective Inc. for Export Quality Pink Rock Salt Crushing & Packaging Facility

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Pink-Rock

Islamabad, Pakistan – August 11, 2023: As a part of building mineral driven economy by GoP, Pakistan Mineral Development Corporation (PMDC) under the control of Ministry of Energy (Petroleum Division) and Miracle Saltworks Collective Inc. (MSCI), based in Wisconsin, USA, have embarked partnership with the signing of a Memorandum of Understanding (MoU). This non-binding MOU envisages to establish a state-of-the-art Pink Rock Salt Crushing and Packaging facility for export purposes under theme of “Pink Prosperity”.Engr. Asad Ahmad, Managing Director, PMDC and Mr. Ahmad Nadeem Khan, CEO, MSCI signed MOU on…

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