Author: Admin

Pakistan loses nearly 1pc of GDP annually to climate impacts, reveals OICCI’s 4th Pakistan Climate Conference

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OICCI’s 4th Pakistan Climate Conference

KARACHI, FEB 9: Pakistan is losing close to one per cent of its GDP each year to climate-related damages, speakers revealed on Monday at the 4th Pakistan Climate Conference, as government leaders, development partners and business executives urged an accelerated shift from policy frameworks to bankable climate action. Organised by the Overseas Investors Chamber of Commerce & Industry (OICCI), the Conference brought together federal and provincial policymakers, international institutions, climate experts, journalists, and corporate leaders to address Pakistan’s mounting exposure to floods, heatwaves and economic disruption despite contributing less than…

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Power minister defends move to abolish net metering as in line with law amid Senate fury

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Power minister

ISLAMABAD: Power Minister Awais Leghari on Tuesday defended the power regulator’s changes on rooftop solar and net metering during a furious Senate session that criticised the decision, saying the new regulations were aimed at protecting poorer consumers. The government is currently facing political backlash as the National Electric Power Regulatory Authority (NEPRA) abolished exchange of electricity units in solar net metering. At present, the buyback rate for solar net generation is Rs25.9 per unit which may be reduced to Rs11 per unit. The contract period has been reduced from seven to five years. The burden…

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Wafi Energy Pakistan to establish subsidiary in UAE

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wafi energy

Wafi Energy Pakistan Limited (formerly Shell Pakistan Limited), a leading Saudi-based energy company, has approved the establishment of a wholly owned subsidiary in Dubai as part of its strategy to expand business and commercial operations beyond Pakistan. The listed company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday. It said that the new company will be established in the Dubai Free Zone of Dubai Multi Commodities Centre (DMСС) and will be will be 100% owned by Wafi. “The Board of Directors of the company…

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Oil prices higher

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Oil price

NEW YORK: Oil prices rose more than 1percent on Monday after the US Department of Transpor-tation issued an advisory to US-flagged vessels to stay as far as possible from Iranian territory while voyaging through the Strait of Hormuz and Gulf of Oman. Brent crude oil futures were up 89 cents, or 1.3percent, at USD68.94 a barrel by 11:24 a.m. EST (1624 GMT). US West Texas Intermediate crude rose 83 cents, or 1.3percent, to USD64.38. The US DOT’s Maritime Administration agency noted that vessels going through the Strait of Hormuz and…

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Oil prices steady as Iran-US tensions and US data eyed

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Oil prices

NEW YORK: Oil prices were little changed on Tuesday as the market waited for direction from news on Iran and Russia and data on the U.S. economy and U.S. oil inventories. Brent futures rose 27 cents, or 0.4%, to $69.31 a barrel at 9:58 a.m. EST (1458 GMT), while U.S. West Texas Intermediate (WTI) crude rose 12 cents, or 0.2%, to $64.48. “The market is still focused on the tensions between Iran and the U.S.,” said Tamas Varga, oil analyst at brokerage PVM. “But unless there are concrete signs of…

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