Category: Shortcode

Russia gas flows via Ukraine could stop

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Russia-gas

BENGALURU: Russia could shut off one of the last arteries carrying its gas supplies to Europe by the end of next year when Ukraine’s supply contract with Gazprom expires, the Financial Times said on Thursday, citing an interview with Ukraine Energy Minister German Galushchenko. The chances of Kyiv and Moscow agreeing to a renewal of the five-year transit contract, first signed in 2019, were slim, even though the route through Ukraine accounts for almost 5% of Europe’s total gas imports, the newspaper reported. When asked if Ukraine would be prepared…

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Asia heatwaves put renewable power fleet to test

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power-fleet

SINGAPORE: Record heat across Asia is putting its surging renewable power fleet to the test, highlighting the need for backup supply, transmission system upgrades and tariff reforms to ensure reliability and stave off a slowdown in green energy adoption. Temperatures in parts of the region breached 40 Celsius (104 Fahrenheit) in late April, earlier than usual, causing widespread infrastructure damage and power outages. In China, where renewables account for more than half of the power mix, authorities kept backup coal and gas-fired plants on standby to meet demand and sudden…

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PM meets IMF chief, hopes for funds release at earliest

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PM-meets-IMF

PARIS: Prime Minister Shehbaz Sharif Thursday met International Monetary Fund (IMF) Managing Director (MD) Kristalina Georgieva and said in a tweet that Pakistan “keenly looks forward” to the lender’s Executive Board’s “approval for the 9th Review at the earliest”. “It was a pleasure to meet you and have a productive exchange of views on the IMF’s continued engagement with Pakistan,” he said in response to IMF MD’s tweet about her meeting with him. The premier said his government was fully committed to the ongoing Extended Fund Facility (EFF) that was…

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Part of Karachi port operations leased to UAE group for 50 years

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Karachi-Port

KARACHI: The UAE-based AD Ports Group has signed a 50-year concession agreement with Karachi Port Trust (KPT) to operate Karachi Gateway Terminal Limited (KGTL) and invest $220 million (Rs63.129 billion) for infrastructure development in the first 10 years of the deal, a statement said on Thursday. The development takes place when cash-strapped Pakistan looks for external financing to support its ailing economy. Under the agreement, a joint venture (JV) between AD Ports Group, as a majority shareholder, and Kaheel Terminals, a UAE-based company, has been formed to manage, operate and…

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Pakistan has to repay $10.35bn in debt servicing till Dec

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debt-servicing

ISLAMABAD: The risk of default on external debt repayments will emerge within the first six months (July-Dec), as Pakistan will have to repay $10.35 billion in foreign debt servicing till end of December 2023. In order to avert a balance of payment crisis, including repayment of external debt and obligations, Pakistan requires injections of $4 to $6 billion immediately in case there is no revival of the IMF programme by end of June 2023. The details available with The News revealed the country would have to repay $3.79 billion as…

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