Category: Latest News

China Receives Sixth LNG Cargo from Russia’s Sanctioned Arctic Project

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China-LNG

BEIJING: China has received its sixth shipment of liquefied natural gas (LNG) from Russia’s sanctioned Arctic LNG 2 project, ship-tracking data from Kpler and LSEG showed on Tuesday. The tanker Arctic Mulan discharged over 75,000 cubic meters of LNG at the Beihai terminal in Guangxi province, marking its second delivery to China since August 28. The vessel had loaded at Kamchatka in Russia’s Far East, a hub exclusively handling cargoes from Novatek’s Arctic LNG 2 project. Another sanctioned tanker, Arctic Vostok, also loaded at Kamchatka, was spotted near China’s Hainan…

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China Turns to Solar Power in Battle Against Desertification

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Solar-Panels

YINCHUAN: In northern China’s arid Ningxia region, rows of goji berry bushes now thrive under the shade of vast solar arrays, part of an ambitious effort to curb the advance of deserts. A 1-gigawatt (GW) facility operated by Ningxia Baofeng exemplifies a new model where solar energy generation doubles as a tool to restore fragile ecosystems. By acting as “mini umbrellas,” the panels reduce evaporation and shield desert-hardy plants, slowing the spread of sand. Similar projects are underway across northern and western China, with Beijing integrating solar into its flagship…

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K-Electric Posts Rs4.13bn Profit Amid Challenging FY24

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K-Electric

KARACHI: K-Electric (KE) reported an unconsolidated profit after tax (PAT) of Rs4.13 billion for the fiscal year ended June 30, 2024, despite persistent macroeconomic challenges. The company’s Board of Directors approved the results in a meeting held on Tuesday. Pakistan’s economy recorded a modest GDP growth of 2.51% in FY24, but high inflation and elevated policy rates weighed heavily on the power sector. KE’s operational performance was impacted, with aggregate technical and commercial (AT&C) losses rising by 1.8 percentage points. The company achieved a 3.56% return on equity and 0.87%…

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Japan Shows Interest in Investing in Reko Diq Mining Project

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Reko-Diq

ISLAMABAD: Japan has expressed its intent to invest in Pakistan’s multibillion-dollar Reko Diq copper and gold mining project, marking a potential shift from its traditionally auto-focused investment portfolio in the country. According to the Petroleum Division, Japan is keen to join local and international partners in the project, which has already attracted investment interest from Saudi Arabia, including a proposed 15% shareholding. The Economic Coordination Committee (ECC) was briefed that the Finance Division supports Japan’s participation and assured there would be no undue capital flight in the form of dollar…

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Govt to Ink Rs1.2tr Financing Deal Today to Tackle Circular Debt

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Energy-Debt

ISLAMABAD: The government will sign a financing facility agreement today aimed at reducing the mounting circular debt in the power sector, the Prime Minister’s Office (PMO) announced. The Central Power Purchasing Agency (CPPA) invited CEOs and senior executives of banks and power companies to attend the ceremony, which will be held at the PMO. Prime Minister Shehbaz Sharif, currently in New York for the UN General Assembly session, will virtually address the gathering. Pakistan’s debt crisis continues to weigh heavily on its economic outlook. According to the State Bank of…

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