Category: Shortcode

Turkish firm wants probe into ‘Lot-1 affair’

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power-subsidy

ISLAMABAD: Turkish energy firm M/s SA-RA has urged caretaker Minister for Power and Petroleum Muhammad Ali to undertake a fair and independent investigation of 765-Kv Dasu transmission line (Lot-1) project. The company’s representative Caglar TEPE, in a letter to the caretaker Minister stated that the company understands that the Senate Standing Committee on Power and the World Bank Integrity Vice Presidency Department now possess the necessary evidence to substantiate its serious concerns about gross irregularities in the evaluation of the project with the intention of manipulating the contract. “We request…

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Jul-Dec power sector circular debt soars to Rs2.55trn

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Power-control

ISLAMABAD: The country’s power sector circular debt stock is said to have reached Rs 2.551 trillion during first six months (July-December) 2023-24, showing 10.5 per cent growth in flow per month – Rs 40 billion in total terms – sources close to caretaker Minister for Power and Petroleum told Business Recorder. According to sources, circular debt stock which touched Rs 2.310 trillion at the end of 2023-24, with a growth of Rs 57 billion in stock, is now hovering at around Rs 2.551 trillion with a growth of Rs 241 billion…

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Tesla plans to build new electric vehicles in mid-2025

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New-Tesla

Production of affordable EV codenamed “Redwood” starts in 2025, targeting mass market with compact crossover design Tesla has told suppliers it wants to start production of a new mass market electric vehicle codenamed “Redwood” in mid-2025, according to four people familiar with the matter, with two of them describing the model as a compact crossover. Tesla CEO Elon Musk confirmed on a post-earnings call on Wednesday that the company expects to start production of its next-generation EV at its Texas factory in the second half of 2025. That will be followed by Mexico…

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FBATI president urges further power tariff cuts

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power-gride

Hussain believes this will enhance overall investment climate, attracting both local, foreign investors KARACHI: Federal B Area Trade and Industries (FBATI), President, Syed Raza Hussain stated that the decision to reduce the power tariff by 7 cents will provide some relief to industrial consumers nationwide. He praised the caretaker government for announcing the reduction of the power tariff from 16 cents per KWh to 9 cents per KWh and urged the upcoming government to further revise down the power tariff. This, he believes, will empower industries to significantly reduce their…

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USAID Signs MoU With Three Firms

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New-USAID

ISLAMABAD: The United States Agency for International Development (USAID) on Monday signed a memorandum of understanding (MoU) with three Pakistani firms aimed at raising $53 million foreign direct investment within the next 9-12 months. The MoU was signed during the “Investment and Climate Summit”, organised by the USAID under its Investment Promotion Activity (IPA). The three Pakistani firms with whom the MoU was signed included Shams Power, Walee Technologies, and Al Hadeed. The MoU is set to raise $53 million FDI within the next 9-12 months. The Summit also underscored the…

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