Category: Highlights

Net profit of the Oil and Gas Development Company Limited (OGDC) declined 20.5pc YoY to Rs42.2 billion during the first half (July-Dec) of the current fiscal year (FY21) as compared to Rs53 billion earned in the corresponding period of the last year, according to financial results announced by OGDC on Wednesday. The company’s earning per share (EPS) reduced to Rs9.82 from Rs12.35. OGDC announced a cash dividend of Rs1.6 per share in addition to interim dividend already paid at Rs2 per share. The decline in OGDCL’s profitability can be attributed…

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Reon Energy Limited on Monday announced completion of its 3.73MW captive solar power project for G&T Group in Karachi and Balochistan. The solar photovoltaic plant is the largest bi-facial PV rooftops in the country. The 3.73MW photovoltaic project is expected to produce approximately 6,152MWh (megawatt hours) annually. The project is dispersed across several locations, including Gatron in Hub, Mustaqim Dyeing and Printing at SITE and Nooriabad and Novatex in Landhi. The energy will be used on-site, reducing gas consumption and avoiding around 3780 tons of CO2 equivalent emissions during the…

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Renewable developer Scatec and local partner Nizam Energy have secured a $100m financial closure for a solar project in Pakistan. The closure comes after the Dutch development bank FMO, Faysal Bank, Bank of Punjab, and PAK Kuwait Investment signed credit agreements for the non-recourse debt financing agreement. The credit facilities will cover up to 75% of the total cost of the 150MW Sukkur project. Scatec and Nizam Energy intend to start construction within the first half of this year. Scatec CEO Raymond Carlsen said: “We are proud to complete the…

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he Green Belt and Road Initiative Center has released China BRI Investment Report 2020 which says overall Pakistan attracted more than 50% of renewable energy investments (47% of which in hydropower). According to Gwadar Pro, the highlights of this report is that renewable energy investments (solar, wind, hydro) constitute the majority of Chinese overseas energy investments – increasing their share from 38% in 2019 to 57% in 2020. The report also points out Pakistan has been benefited in eco-friendly and economic respects by BRI investment. Among the BRI countries, investments…

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KARACHI: Total electric power generation in January 2021 surged 4.0 percent to 8,079GWh compared with 7,794GWh in January 2020, data issued by National Electric Power Regulatory Authority (NEPRA) suggested on Monday. “In light of the shortage of domestic natural gas and the surge in RLNG prices globally, the return of furnace oil (FO) in Pakistan’s power sector was not only expected but inevitable, as it climbed the merit order list,” Ali Zaidi at JS Global Capital said. FO-based production jumped nearly 22 percent to 974GWh in January 2021 from 801GWh…

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