Category: News & Announcement

MINSK: Russia has stopped shipping oil to Belarus, said the Belarusian state energy firm on Friday, after the two countries failed to reach a deal on supplies by a Jan 1 deadline. Moscow said oil flow through Belarus — a key transit route for Russian oil and gas to Europe — was continuing. But a dragged-out dispute could threaten supplies. Belneftekhim said in a statement that loading to Belarus’s two oil refineries had been reduced to a technical minimum after supplies from Russia were halted. “Work is ongoing on concluding…

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Pakistan’s Renewable Energy (RE) Policy 2006 that yielded almost 1,950 megawatts of commercially-operated wind, solar and biomass plants connected to the national grid can definitely be regarded as a success story. The only safeguard that this policy required was to follow a consistent and periodic review to allow the policy to evolve naturally in line with changing circumstances. On the contrary, it was given an unprecedented and premature expiry tag through the Economic Coordination Committee decision on 8th March 2013, restricting its validity up to March 2018. That was the…

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Islamabad:The announcement of increase in electricity and petroleum products prices on the New-Year eve is unfortunate and it shows that the overburdened masses will have to brave more shocks amid runaway inflation during 2020, a business leader said. The decision will hit masses and result in a multiplier effect on almost all the business activities resulting in a price hike, he added The cost of transportation will hit masses and further escalate the cost of doing business resulting in problems for the masses and the business community, said Shahid Rasheed…

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KARACHI: All stakeholders including Chief Minister Sindh and his team must coordinate with K-Electric (KE) to resolve the issue of Rs50 billion outstanding payments yet to be paid by provincial government to the utility, a trade body official said on Thursday. “Any interruption to industry’s power supply causes huge revenue losses and deals a blow to its export potential, which we cannot afford in current economic conditions,” said Naveed Shakoor, president, Qasim Association of Trade and Industry (BQATI) in a meeting with K-Electric officials. Shakoor said it was necessary to…

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The China-Pakistan Economic Corridor (CPEC) is widely considered a turning point for both Pakistan and the region. It is an important stimulus for Pakistan, and promises rapid economic growth, massive infrastructure development, 700,000 new jobs in the next ten or fifteen years and the creation of special economic zones along the way. After four years of Phase I of CPEC, Pakistan is now ready to enter Phase II. Some 27 projects are planned within the framework of Phase II. This phase emphasizes industrial cooperation, agricultural development and trade promotion. The…

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