Author: Admin

Four IPPs Ink Early Termination Deals, Hubco Likely to Follow

Admin
Power-sector

ISLAMABAD: The federal government’s negotiations with several Independent Power Producers (IPPs) have started to yield results, with four IPPs—Atlas Power, Saba Power, Rousch Power, and Lalpir Power—agreeing to prematurely terminate their Power Purchase Agreements (PPAs). Hubco is expected to finalize a similar deal in the coming days, well-informed sources reported. The government’s Task Force on the Power Sector, consisting of security officers, legal experts, and representatives from SECP, PPIB, CPPA-G, and Nepra, played a pivotal role in persuading IPPs established under pre-1994, 1994, and 2002 policies to renegotiate their agreements.…

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China asks Pakistan to beef up security for Chinese projects in country after Karachi terror attack

Admin
China-Karachi

Karachi The government should extend foolproof protection to the foreign and Pakistani workers working on strategically vital power projects to ensure Pakistan’s energy security.In its latest statement, the Embassy of China in Islamabad called on Pakistan’s government to beef up the security for Chinese nationals, business organisations, and China-backed developed projects in the country.The statement was issued after an attack near Karachi Airport on the convoy transporting the Chinese employees of Port Qasim Electric Power Company. The attack killed two Chinese nationals and injured another Chinese.The Chinese Embassy and Consulate…

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PPL/ PPL ASIA and Midland Oil Company (MdOC) reach amicable settlement on   Block-8 in Baghdad, Iraq, on October 6, 2024

Admin
mdoc

Karachi, October 7, 2024: The settlement between Pakistan Petroleum Limited (PPL) Asia E&P B.V., a subsidiary of PPL, and Midland Oil Company (MdOC) marks the conclusion of their Exploration, Development and Production Service Contract (EDPSC) for Block-8, Iraq, which expired in May 2022. Efforts to resolve the lingering settlement from 2022 involved addressing longstanding disputes and claims between the parties. PPL Asia’s commitment to finding a resolution demonstrates sustained negotiations and legal efforts, culminating in an agreement signed on October 6, 2024, by PPL’s MD/CEO Mr. Imran Abbasy and MdOC’s…

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Energy Update expresses deepest condolence to China for loss of Chinese nationals in Karachi attack

Admin

Karachi The Energy Update expressed its deepest condolences to the government and affected families from the People’s Republic of China for the loss of two precious lives of Chinese nationals and injuries to another Chinese in the gruesome terror attack near Karachi Airport on the night of October 6, 2024.In its condolence message, Energy Update Managing Editor, Muhammad Naeem Qureshi, vehemently condemned the terror attack on the convoy transporting the Chinese employees of the Port Qasim Electric Power Company after their arrival at the Karachi Airport.He said the attack on…

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Pakistan to Export Rice, Potatoes to Russia, Barter Trade Deal Signed

Admin
pakistan deal with pakistan

Islamabad: Pakistan and Russia have signed their first-ever barter trade agreement during the inaugural Pakistan-Russia Trade Forum, according to recent report. This significant deal aims to strengthen economic ties between the two nations by allowing them to exchange agricultural products without relying on traditional payment systems. The move is particularly important due to payment constraints caused by Western sanctions imposed on Russia following its 2022 invasion of Ukraine. These sanctions have prompted Moscow to turn to barter deals to avoid currency risks and sidestep the complications of international payment systems.…

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