Category: News & Announcement

The cabinet’s decision for the state to take over circular debt is both unsurprising and necessary. With international lending agencies making this a condition for Pakistan in its bid to restructure the economy, we all knew this was coming; it was only a matter of when. Rs800 billion is now owed and a state bailout is urgently needed, but what comes next is still shrouded in mystery. All along the supply chain, payments stand unpaid, from the government to the distribution and power production companies, all the way to the…

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ISLAMABAD, (APP – UrduPoint / Pakistan Point News – 7th May, 2020 ) :Saudi Arabia power producing company ‘ACWA Power’ will invest around $ four billion in country’s renewable energy (RE) sector. The investment would be made mainly in Balochistan by set up solar power plants, sources told APP here. They said generation of cheap electricity utilizing indigenous renewable energy resources including wind, solar, waste to energy biomass was amongst the top priorities of the government. Alternative Energy Development board (AEDB) had also been pursuing the development of alternative and…

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AE-linked Norwegian oil and gas operator DNO ASA, has announced completion of testing and appraisal of the Baeshiqa-2 exploration well in the Kurdistan Region of Iraq. The testing has proven oil and gas in three separate Triassic aged reservoirs, Kurra China A, B and C, with testing also carried out on shallower Jurassic-aged reservoirs. Evaluation of the test results will determine next steps towards further appraisal and assessment of commerciality. Spudding of the new Zartik-1 well, 15 km. from Baeshiqa, targeting Jurassic reservoirs, is scheduled for 15th May. DNO acquired…

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ISLAMABAD: The National Accountability Bureau (NAB) has decided to file a supplementary reference against former prime minister Shahid Khaqan Abbasi in the liquefied natural gas (LNG) scam. Accountability Court-II judge Azam Khan conducted the hearing in which Abbasi, Oil and Gas Regulatory Authority (OGRA) officials Saeed Ahmed Khan, Uzma Adil Khan and other suspects were present. Upon asking, the NAB prosecutor said that record pertaining to the reference could not be shifted from Karachi to Islamabad as a result of inter-provincial traffic suspension amid the Covid-19 outbreak. He added that they will…

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The government Thursday decreased the prices of re-gasified liquefied natural gas (RLNG) by 19.11 percent for the consumers of the Sui Southern Gas Company (SSGC) and 21.42 percent for the consumers of Sui Northern Gas Company (SNGPL). As per the notification issued by the Oil and Gas Regulatory Authority (OGRA), the RLNG prices were decreased for the consumers of both the state owned gas distribution companies for the month of May. According the notification, the price of RLNG was decreased by $1.8313 per MMBTU or 19.11 percent for the consumers…

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