Category: Shortcode

Deal inked for port development

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Anwaarul-Haq

China will provide support to develop Gwadar Port in better, faster way ISLAMABAD: Pakistan and China have signed a new advisory deal for faster development of Gwadar Port aimed at giving a push to the strategically important pillar of the China-Pakistan Economic Corridor (CPEC) that is facing inordinate delays. The advisory deal was among 20 agreements and memoranda of understanding (MoUs) that Pakistan and China signed mostly in areas recommended by China. Two Chinese state institutes would provide technical, intellectual and consultation support “to help develop Gwadar Port in a…

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PRL signs long-term deal with Russia for crude oil supply

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oil-russia

KARACHI: Pakistan Refinery Limited (PRL), one of the country’s largest oil refineries, has entered into a long-term agreement with Russian companies for the supply of crude oil, the company’s chief executive officer said on Wednesday. “PRL is negotiating with the Russian companies for the next cargo of crude oil in December this year,” a source in the oil sector said. The deal was finalised during the Russian Energy Forum, which was held last week in Moscow and attended by the caretaker Energy Minister Mohammad Ali. Minister Ali said that Pakistan…

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CPEC projects worth $25bn completed: PM

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CPEC-Project

ISLAMABAD: Caretaker Prime Minister Anwaar-ul-Haq Kakar said on Wednesday that his country has completed more than 50 projects worth $25 billion under the China-Pakistan Economic Corridor (CPEC). Kakar was speaking at the Belt and Road Forum in Beijing. The CPEC is a flagship project under China’s Belt and Road Initiative, with more than $65 billion pledged for road, rail and other infrastructure developments in the South Asian nation of 241 million people. “We have completed over 50 projects worth $25 billion under the CPEC,” Kakar said, adding that a very…

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Let there be crude; Pakistan, China ink petroleum sector agreement

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Oil price

The agreement is set to increase PRL’s refining capacity from 50,000 bpd to 100,000 bpd A memorandum of understanding (MoU) has been signed by Pakistan Refinery Limited (PRL) and the United Energy Group of China (UEG). This agreement is set to escalate PRL’s refining capacity from 50,000 barrels per day (bpd) to 100,000 bpd. The MoU was inked at the Third Belt and Road Forum in Beijing. “Under the MoU, both parties have expressed their mutual desire to establish a strategic cooperation relationship,” states Zahid Mir, Managing Director & CEO…

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Phasing down coal: UN report details challenges, opportunities

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CPEC-Project

ISLAMABAD: Pakistan is facing the critical task of phasing down its coal power plants, necessitating a careful examination of various factors like energy security, environmental impacts, socio-economic impacts of just transition, and feasibility of power generation alternatives, says a new United Nations report. One of the main challenges of phasing out coal in Pakistan is the existing coal capacity and long-term agreements associated with coal projects, such as those under the China-Pakistan Economic Corridor (CPEC). The government faces difficulties in shutting down these plants immediately due to capacity payments and…

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