Category: Highlights

After a delay of three months since the payments to the Independent power producers (IPPs) became due as per August 2020 MoUs, the federal cabinet on Wednesday finally accorded approval to the clearance of first installment to the IPPs. The government is due to clear these receivables till June 7, 2021. The 40 percent settlement of dues is expected to comprise one-third cash, one-third Pakistan Investment Bonds (PIBs) and one-third Sukuk, where the second installment is expected to follow within six months. However, the settlement of dues for 2002 power…

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The fourth Finance Minister Shaukat Fayaz Ahmed Tarin of the coalition government of Pakistan Tehreek-i-Insaf (PTI). Immediately after taking oath of his office on April 17, 2021, is faced with the daunting challenge of preparing budget for fiscal year 2021-22 amidst very difficult times when the country is faced with economic meltdown due to Covid-19 endemic, especially after the third and deadly wave. There are complete and partial lockdowns in many cities. Protection of human lives and mitigating extreme financial hardships faced by weaker segments of society, need to be…

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A solar boom is helping Poland take a big step towards weaning itself off coal as a new homegrown photovoltaic technology is poised to be a game-changer in harnessing the power of the sun. Poland has long trailed other members of the European Union in solar power, but recent government subsidies have seen solar panels pop up on roofs nationwide at an unprecedented pace. Rarely associated with blue skies, the country is instead known for the heavy smog smothering cities and villages dependent on coal, which in Poland is dubbed…

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Engro Elengy Terminal Private Limited (EETL) could not expand its re-gasified liquified natural gas (RLNG) capacity due to red-tapism, while the approvals are awaiting clearance from National Accountability Bureau (NAB), The News learnt on Wednesday. Sources said Sui Southern Gas Company (SSGC) is not giving necessary approvals on account of unsubstantiated excuses, like violation of procurement rules and NAB inquiries. “Neither EETL nor its partner is implicated in any NAB inquiry. Misinformation of this degree is propagated only to halt progress and, instead, protect the existing monopolistic structure of today’s…

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A non-binding resolution submitted by Shell with the support of a large group of investors to vote on its recently unveiled climate strategy won 88.74% shareholder support at its annual general meeting (AGM) which was held online. The plan, announced in February, aims to reduce planet-warming carbon emissions to net zero by 2050 by slowly reducing oil and gas output, growing its renewables and low-carbon business and offsetting emissions through carbon capturing technologies and measures such as forestation. nL1N2KH0LV] Shell CEO Ben Van Beurden said at the AGM that the…

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