Category: Highlights

World Bank to give Dasu project $1b

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Dasu-Dam

Marks third major funding round to anchor crucial initiative amid delays ISLAMABAD: The World Bank will provide a $1 billion loan for the 2,160 megawatts Dasu hydropower project—a crucial initiative aimed at integrating cheaper electricity into Pakistan’s energy mix and showcasing the nation’s resilience against adversaries. This marks the third major financing by the World Bank for the project, which has faced delays and endured at least two terrorist attacks targeting Chinese nationals involved in its construction. Government sources disclosed that the Board of Directors of the Washington-based lender is…

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Important issues remain to be solved as Pakistan seeks potential follow-up programme: IMF chief

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pak-imf

International Monetary Fund (IMF) Managing Director Kristalina Georgieva on Thursday said that Pakistan is in discussions with the Fund on a potential follow-up programme to the previous nine-month $3 billion stand-by arrangement (SBA), adding that important issues remained to be solved. Georgieva told an event at the Atlantic Council think tank, that Pakistan was successfully completing its existing programme with the IMF and the economy was performing somewhat better, with reserves now being built up. “There is a commitment to continue on this path and the country is turning to…

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PEL wins legal battle against Canadian firm

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Mari-Petroleum

ISLAMABAD: A Pakistani oil firm has won a legal battle against a Bermuda-based company at the International Court of Arbitration, which ruled that Pakistani laws govern the Petroleum Concession Agreements (PCAs) signed in the country. The Bermuda-based company Frontier Holdings Ltd (FHL) faced defeat in a prolonged legal dispute at the International Court of Arbitration against Petroleum Exploration (Pvt) Ltd (PEL). The over 80-page arbitration court ruling also marks a pivotal moment in Pakistan’s legal landscape, affirming the country’s legal sovereignty over arbitration agreements related to Petroleum Concession Agreements (PCAs)…

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Oil, gas firms await incentives for output boost

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Russian-oil

Have potential to raise production from existing fields by embracing modern technology ISLAMABAD: Oil and gas exploration companies have called on the new government to formulate a policy that will offer incentives for optimising hydrocarbon production from the existing fields to ensure the country’s energy security. Sources told The Express Tribune that several oil and gas exploration companies had the potential to install advanced technology at their existing fields in an effort to boost production to overcome energy shortfall in Pakistan. These exploration companies are producing oil and gas under…

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“K-Electric Proposes Non-Disclosure Agreement with JPCL for Thar Coal Conversion”

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circular-debt-K-electric-ceo

K-Electric (KE) has put forward a proposal for a Non-Disclosure Agreement (NDA) with Jamshoro Power Company Limited (JPCL) to safeguard data related to the conversion of JPCL’s 600-MW unit to Thar coal, according to informed sources. In continuation of previous communications and discussions, KE has submitted its NDA proposal to the Secretary Power, following its earlier letter regarding the approval of KE’s Integrated Generation Plan (IGP) dated January 31, 2024. The Ministry of Energy (Power Division) Committee, tasked with due diligence on KE’s IGP, convened on April 1, 2024, further…

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