Category: Shortcode

Oil-rich Gulf bets on ‘green’ hydrogen

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Oil-rich

DUBAI: After riding a fossil-fuel boom for decades, Gulf Arab states are eyeing “green” hydrogen as they try to transition their economies and ease the climate crisis at a stroke. Oil producers Saudi Arabia, the United Arab Emirates and Oman are investing heavily in the climate-friendly fuel in a search for alternative revenues to crude and gas. Green hydrogen, which is the hydrogen created when renewable energy electrolyses water, appears to solve many problems: it is low-polluting and has widespread potential uses, which could make it lucrative and planet-saving at…

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Govt caps incentives for refinery upgrade projects

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PRL-eyes

ISLAMABAD: The federal government has revised incentives in the recently approved brownfield refining policy, capping the utilisation of funds to be collected from tariff protection at 22 per cent for the import of used refining equipment and 25pc for new equipment to upgrade infrastructure. The outgoing government approved the new policy earlier this month under which existing refineries will be provided benefits for the duty-free import of machinery that can help boost production of more environment-friendly Euro-5 grade fuels — a move that is expected to help cut fuel imports. According to…

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BQATI urges SSGC to ensure supply

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Sui-Southern-Gas-Company

KARACHI: The Bin Qasim Association of Trade & Industry (BQATI) has asked the Sui Southern Gas Company (SSGC) to provide a stable and consistent supply of gas for the industrial sector, especially for the continuous industrial units that require uninterrupted operations. BQATI President Rasheed Janmohammed made the request during a meeting with SSGC Managing Director Imran Maniar at the BQATI office, according to a press release issued by the association. Janmohammed appreciated the efforts of SSGC to reduce its line losses (UFG) and endorsed its policy of 75 percent gas…

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Circular debt settlement: No communication from authorities so far: OGDC

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ogdcl

ISLAMABAD: A plan to reduce the gas sector circular debt by Rs543 billion through a dividends ploughing back scheme has drawn flak from major gas producer — OGDCL — who says it was not consulted by the previous PDM government. The proposal, which was shared with the International Monetary Fund (IMF), involves the government injecting funds into the state-owned gas companies Sui Northern Gas Pipelines Ltd (SNGPL) and Sui Southern Gas Company Ltd (SSGCL) to clear their outstanding dues to gas producers such as Oil & Gas Development Company Ltd…

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Cayman Grand Court allows Pak proceedings to continue in KE takeover battle

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K-Electric

LONDON: The Grand Court of the Cayman Islands has granted partial relief to Infrastructure and Growth Capital Fund SPV21 (IGCF) but also allowed the Pakistan proceedings to continue with the government of Pakistan through the Privatization Commission and Power Division Secretaries, Nepra and SECP in the battle for the takeover of Karachi Electric (KE). Mr Justice Segal, Judge of the Grand Court, made the order in Al Jomaih Power Limited and Denham Investment Ltd’s case against Infrastructure and Growth Capital Fund SPV21 (IGCF). In October 2022, the Sindh High Court…

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