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The two state-owned companies, Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company (SSGC), have collectively prevented a volumetric loss of around 9,938 Million Cubic Feet (MMCF) gas against the UFG reduction target of 14,806 MMCF set for the Financial year 2019-20. The SNGPL decreased the loss of 4,771 MMCF gas against its Unaccounted for Gas (UFG) reduction plan of 6,840 MMCF gas. “However, the percentage of UFG has increased slightly (0.34%), as compared to the same period of previous year, due to reduction in gas received,” according…

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Islamic banks should embrace sustainable finance practices to unlock funding opportunities in green energy, affordable housing and infrastructure projects, Azhar Aslam, head of Islamic banking, Standard Chartered Bank Pakistan said during an interview with The News. These avenues should be considered a great opportunity by Islamic financial institutions (IFIs), which could better manage environmental and social impacts in a Shariah-compliant way that contributes to sustainable development. “There are few key initiatives in the country that provide green investment and sustainable financing opportunities such as green energy, as the government aims…

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Energy sector experts have stressed the need for according equal importance to the country’s non-traditional security challenges such as energy and environmental crisis to ensure national security. Speaking at a webinar titled “Nontraditional security challenges – energy and environment crisis” on Friday, they were of the view that by tackling energy and environmental challenges, Pakistan could boost its overall national security paradigm. Sustainable Development Policy Institute (SDPI) Board of Governors Chairperson Shafqat Kakakhel said that the nexus among climate change, energy and security was well established. According to him, the…

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Industrialists have expressed concern over the hike in energy tariff and discontinuation of gas supply to the factories generating their own electricity. In a statement on Friday, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Nasser Hyatt Maggo and other office-bearers said that the government was making efforts to appease the International Monetary Fund (IMF) at the cost of industries. “We reject the government’s action of raising power tariff and periodically increasing prices of petroleum products as they will have grave implications for the cost of production in…

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The Petroleum Division has asked the Auditor General of Pakistan (AGP) to initiate a forensic audit of top 10 oil marketing companies (OMCs), which were allegedly involved in petrol crisis in June last year. The Petroleum Division has sent a questionnaire to the AGP, asking it to focus on it while conducting the audit of OMCs. The forensic audit will target top 10 OMCs in terms of market share as they account for nearly 95% of motor gasoline (petrol) sales in the country. In a letter sent to the AGP,…

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