Category: News & Announcement

Madrid, 16 December 2019 – The leading global renewable energy industry associations have sent a clear signal to the UNFCCC negotiators about the crucial role of renewable energy technologies at the recently concluded COP25 climate conference in Madrid, Spain. Convening at an official side event, speakers from REN Alliance* informed the gathered delegates about the latest technological developments of renewable energies and the immense potential offered by these technologies to meet the Paris Agreement goals. Laura Williamson from REN21 was the keynote speaker at the side event and the main message was…

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ISLAMABAD: The government is likely to further increase gas prices in a bid to eliminate the circular debt of Rs181 billion in the gas sector. The Petroleum Division has informed Prime Minister Imran Khan that the hike in gas prices is inevitable because of the high circular debt of Rs181 billion in the wake of a wide gap between average prescribed gas prices and weighted average sale prices. In this regard, the government has decided to launch an effective campaign to promote awareness among the general public of the rationale of…

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KARACHI: The Oil and Gas Regulatory Authority (Ogra) has approved up to 191% increase in gas price for different sectors of the economy, which is expected to invite a fresh wave of inflation in the country. The regulatory authority has increased prices for different sectors of the economy including, commercial, cement, power, fertiliser and CNG fuel stations with effect from July 1, 2019. This is the second gas price hike during the ongoing fiscal year by the Pakistan Tehreek-e-Insaf (PTI) government, reflecting an aggressive approach to bridge the revenue shortfall of…

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ISLAMABAD: State-run Oil & Gas Development Company Ltd (OGDCL) on Monday announced to have started drilling of first shale gas well in Hyderabad for exploration of unconventional hydrocarbon deposits. The company said in a statement that it had technically planned to drill the well, named KUC-01, in two phases. “The first well is planned to be drilled in vertical section and fracturing operations will be carried after reservoir evaluation,” it said, adding that the drilling operations commenced on Dec 14. Based on the outcome of the reservoir evaluation and fracturing…

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ISLAMABAD: Estimating power sector losses rising by four per cent since the financial year 2016 to 29pc, the Asian Development Bank (ADB) and the government have agreed to raise about Rs469 billion revenues through consumer tariff during the current fiscal year and shift about Rs800bn of the circular debt stock to public debt in three years. This is part of the Energy Sector Reforms and Financial Sustainability Programme under which the Manila-based lending agency disbursed $300million loan to Pakistan last week for 25 years including five years of grace period…

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