Govt to hike power, gas prices in phases

The federal government has announced that it will have to hike the power and gas tariffs in the country in a phased manner in order to enable gas companies to recover their receivables in the next four to five years. “The previous [PML-N] government did not allow an increase in the gas tariff which resulted in an increase in the shortfall of the gas companies – Sui Northern Gas Pipeline Limited (SNGPL) and Sui Southern Gas Company Limited (SSGC) – by Rs192 billion. “The companies will now be allowed to…

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Hydropower plants benefit rural areas of Pakistan

Chinese company Chongqing Savvy built more than 13 small, mini and micro hydropower plants in Pakistan as of 2019. Out of this, seven have finished installation and trial run and started generating power in Gilgit. The remaining eight plants are being installed in Khyber-Pakhtunkhwa (K-P). These small, mini and micro hydropower plants have delivered tangible benefits for the well-being of local people in areas which earlier lacked access to electricity. Chongqing Savvy Industries CEO George Zhou highlighted that power plants such as these could help electrify rural areas which would…

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Government’s roadmap to fix the power sector: belated but promising

The new Special Assistant to Prime Minister (SAPM) on Power, Tabish Gauhar, has recently made public his roadmap for resolving the major issues of the country’s power sector. It’s a welcome step asit reflects his keen and objectivedesire towards handling these serious issues. His insight and grasp on these issues and his ideas to resolve them also come as a breath of fresh air as the nation has been getting tired of hearing the oft-repeated and run-of-the-mill solutions focusing mainly on reducing losses and improving revenue recovery in the DISCOs.…

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IPPs refuse to accept Rs400bn proposed payment

ISLAMABAD: Independent Power Producers (IPPs) Tuesday reportedly refused to accept federal government’s proposed payment of Rs400 billion in three years, terming it as violation of already signed Memorandum of Understandings (MoUs), well-informed sources told Business Recorder. The government’s team comprising Special Assistant to the Prime Minister on Power, Tabish Gohar, Federal Land Commission Chairman Babar Yaqoob Fateh Muhammad Secretary Power, Ali Raza Bhutta, officials of ISI, Acting CEO CPPA-G, CFO and other legal experts of the CPPA-G, held discussions with IPPs established under Power Policies 1994 and 2002. The government’s…

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$50bn housing project threatens mangroves on Pakistani island

A short boat ride from the shores of Karachi, stately mangrove trees hug the quiet shores of an island inhabited solely by a few camels that environmentalists say provides vital coastal protection to Pakistan’s largest city. But the calm of Bundle Island is at risk, with Prime Minister Imran Khan determined to turn it into an enormous real-estate project to ease pressure on the expanding megacity, home to 20 million people. Coastal mangroves act as a natural barrier, soaking up wave energy and limiting the extent of flooding. “These islands…

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MPCL enters into JV Agreement for Potential Mining Projects in Balochistan

The Mari Petroleum Company Limited (MPCL) has entered into a joint venture arrangement with a number of companies to undertake potential mining projects in the Province of Balochistan. As per the company, MPCL has entered into an agreement with Y.B. Pakistan Limited, Arif Habib Equity (Private) Limited, Liberty Mills Limited, and Reliance Commodities (Private) Limited pertaining to a joint venture arrangement through a company (National Resources (Private) Limited (NRL)) to potentially undertake mineral mining projects in the Province of Balochistan. “These projects will involve, inter alia, exploration, survey, extraction, excavation,…

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Canada’s Oil And Gas Sector Sees Record Job Losses

A total of 37 percent of oil and gas companies in Canada resorted to permanent layoffs due to the pandemic-driven oil price and oil demand slump, a recent survey of energy labor market organization PetroLMI showed. The energy firms in Canada launched measures to reduce labor costs across their organizations, according to the survey of energy workers and executives carried out by PetroLMI, a division of Energy Safety Canada. At the time of the survey in August and September, 68 percent of energy workers said their company had implemented at…

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For turning MoUs into amended PPAs: Govt, 47 IPPs set to embark upon crucial talks from tomorrow

ISLAMABAD: The crucial round of talks between the government and IPPs to turn the MoUs into amended Power Purchase Agreements (PPAs) will start from tomorrow (Tuesday) on Payment Mechanism of dues that has been finalised by top notches of the Power Division and finance ministry with the World Bank, a top official of the Power Division told The News. “As many as 47 IPPs installed plants under power policies 1994, 2002 and 2006 that signed MoUs on August 13, 2020 and over three-month period has elapsed and so far there…

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Investors plan major move into renewable energy infrastructure

Global investors managing nearly $7tn (£5.2bn) of assets plan to almost double their spending on renewable energy infrastructure over the next five years amid deepening concerns over the fossil fuel industry’s climate plans, according to a report. A survey of institutional investors found that they are planning to increase their renewable energy investments from 4.2% of their overall portfolio to 8.3% in the next five years and 10.8% within the next decade to about $742.5bn. The survey of more than 100 investors, representing $6.9tn of assets under management, found that…

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Pakistan’s economy: somewhere it all went wrong

KARACHI: Fun fact: between 1960 and 1990, Pakistan’s GDP growth was higher than that of South Asia for all but just five years. In the last 30 years, however, it has been higher in only two annual readings, according to World Bank data. A remarkable reversal for a country that posted its highest population growth rate in the 1980s, suggesting that greater economic activity would be needed to maintain the same standard of living. The time-period division has not been made to imply that a U-turn was made precisely in…

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