Category: Shortcode

Pakistan asks UAE for $2bn deposit rollover

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state-bank

ISLAMABAD: Pakistan has been negotiating with the Kingdom of Saudi Arabia (KSA) for the provision of an additional $1 billion Saudi Oil Facility (SOF) on deferred payment for the ongoing calendar year 2024. Islamabad has also made a request to the United Arab Emirates (UAE) for the rollover of $2 billion deposits to avert depletion in foreign exchange reserves (FER) held by the State Bank of Pakistan just before the holding of the general elections on February 8. These two developments have come to the surface when the IMF Executive…

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Wind, solar projects: PPIB seeks details of LoIs issued by Punjab, Sindh

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wind-energy

ISLAMABAD: The Private Power and Infrastructure Board (PPIB) has sought details of Letters of Intent (LoIs) of wind and solar projects issued by the gvernments of Punjab and Sindh, well-informed sources told Business Recorder. Managing Director, PPIB, Shah Jahan Mirza, in letters to Secretary Energy Department, Sindh and Secretary Energy Department, Punjab, has cited the reference to the Cabinet Committee on Energy (CCoE) decisions conveyed by Ministry of Energy (Power Division) on April 4, 2019, in which Alternative Renewable Energy (ARE) projects that had received LoIs before the RE Policy 2006…

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UEP’s gas: ECC to allow allocation to SSGCL

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SSGC

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet is to allow allocation of United Energy Pakistan’s (UEP’s) 35 mmcfd gas to Mohar Field to Sui Southern Gas Company Limited (SSGCL), well-informed sources told Business Recorder. Mohar Field is located in Latif Block, district Khairpur, Sindh province and the field is being operated by United Energy Pakistan (UEP) Beta GmbH with working interest of 33.40% along with Pakistan Petroleum Limited (33.30%) and Prime Pakistan (M) Limited (33.30%). As per the provisions of Petroleum Policy and Petroleum Concession Agreement (PCA) signed between…

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Body formed to probe power breakdowns

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power-breakdowns

ISLAMABAD: The Power Division has constituted a two-member committee to probe reasons for recent power breakdowns across the country including explosion at Guddu 500 kV switchyard, well-informed sources told Business Recorder. On January 1, 2024, the Power Division, in an official statement said due to dense fog, the NTDC faced tripping of 500 kV and 220 kV Transmission Lines in the vicinity of Guddu. During the said period one of the poles of 500kV circuit breaker was damaged; the faulty part was isolated from the healthy system immediately and switch yard…

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Incentives to PV solar sector: SIFC set to finalise recommendations for TPB

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solar-energy

ISLAMABAD: The Working Group (WG) of the Special Investment Facilitation Council (SIFC) has decided to hold a meeting with the Commerce Ministry, the FBR and Industries Ministry for final recommendations for Tariff Policy Board (TPB) aimed at extending incentives to PV solar manufacturing, well-informed sources in Commerce Ministry told Business Recorder. The decision was taken at a meeting held under the chairmanship of Secretary, Ministry of Industries and Production Sarah Aslam which was attended by representatives from M/s Sinotec Solar (Pvt) Ltd, Power Division, Commerce Division, Board of Investment (BoI) ,…

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