Category: Shortcode

Commerce Ministry Proposes Sinotec-Ghani Glass JV for Solar Localization in Pakistan

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solar-panel

In a bid to accelerate solar panel production in Pakistan, the Ministry of Commerce (MoC) has proposed a joint venture (JV) between Chinese firm Sinotec Solar (Pvt) Ltd and local company Ghani Glass. This initiative was put forth during a recent inter-ministerial meeting chaired by Rashid Mahmood Langrial, the Additional Secretary Incharge of the Ministry of Industries and Production. Langrial, a staunch advocate for consumer interests, emphasized the necessity to avoid high duties on finished solar panels to prevent price hikes for consumers. He underscored the importance of a balanced…

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Saudi Ministry Raises Concerns Over New Renewable Energy Pact

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Renewable-energy

ISLAMABAD: The Saudi Ministry of Energy has reportedly questioned the necessity of a new agreement for the development of renewable energy projects in light of an existing Memorandum of Understanding (MoU) with Pakistan. According to informed sources within the Ministry of Foreign Affairs (MoFA) speaking to Business Recorder, the Saudi authorities have raised doubts over the need for a new pact, citing the prior agreement signed during the visit of the Saudi Crown Prince to Islamabad in 2019. Sources revealed that Pakistan’s Mission in Riyadh forwarded a draft agreement to…

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Industry Leaders Urge Government Action as Gas Prices Soar, Threatening Business Survival

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gas-prices

KARACHI: Business leaders have strongly criticized the staggering 220% surge in gas tariffs over the past year, calling upon the newly-elected government and the Special Investment Facilitation Council (SIFC) to intervene. They emphasize the urgent need for research and development (R&D) efforts to explore alternative fuel sources for the local industry. Adil Siddiqui, President of the Hyderabad Chamber of Commerce and Industry, stressed the importance of government-backed R&D initiatives to identify viable alternative fuel options, especially considering the limitations of solar and wind energy projects in certain regions. He pointed…

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Chinese Solar Firm Partners with Local Company in $700 Million Investment for Solar Projects in Pakistan

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solar-panel

The surge in demand for solar energy in Pakistan, driven by escalating electricity prices and governmental initiatives, has led to a significant partnership between a Chinese solar company, Hanersun Technologies, and a local firm, My Energy. The collaboration aims to introduce 500 MW solar projects, backed by a substantial investment of $700 million. The agreement outlines plans for establishing distribution networks, dealer networks, warranty and service centers, as well as flagship stores across the country. Tariq Wazir Ali, CEO of My Energy, emphasized the necessity of sustainable energy solutions in…

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Government Urges Gas Companies to Secure LNG Financing

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Gas-Prices

To maintain a steady supply of LNG, the government has instructed Sui Northern Gas Company Limited (SNGPL) and Sui Southern Gas Company (SSGC) to arrange financing from banks. This move aims to assist Pakistan State Oil (PSO) in managing Letters of Credit (LCs) for LNG imports, according to a senior official from the Energy Ministry speaking to The News. The financial strain on PSO has reached critical levels, with outstanding borrowings exceeding Rs461 billion and financing costs soaring to over Rs7 billion. With projections indicating a substantial increase in finance…

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