Category: Shortcode

Chinese company East Sea Group Limited has planned to invest $4.5 billion to build a refinery plant with an annual refining capacity of 8 million tonnes at Gwadar, its CEO Fang Yulong said in a think tank session of Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) on Thursday. We will build an international Gwadar petroleum storage and transportation trading center. The project will attract the world’s major oil trading companies and oil companies to Pakistan Gwadar Port,” Yulong, who is also senior vice president of PCJCCI, stated. He…

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The Economic Coordination Committee (ECC) of the cabinet on Thursday approved the continuation of concessionary RLNG tariff of $9 per MMBTU for five export-oriented sectors for the current fiscal year 2022-23. The ECC also granted approval to the Ministry of Interior to surrender Rs1 billion funds allocated for the Rawat-Faizabad Metro Bus in favour of the Ministry of Housing & Works for execution of five development schemes. This was done for winning the support of political allies. The schemes include 65 development schemes of Tharparkar at the cost of Rs450…

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Meezan Bank- Pakistan’s leading Islamic bank has donated Rs. 35 million to Indus Hospital & Health Network for installation of a solar panels system. The initiative is part of the Bank’s Corporate Social Responsibility and Sustainability initiatives for 2022 and will provide financing to cover part of the 1.2MW solar power project being installed on the hospital’s rooftop. The system financed by the Bank will generate nearly 300 KW of electricity, reducing approximately 114,000 Kg of Carbon dioxide emissions per annum, which is equivalent to taking over 25 gasoline-powered vehicles…

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National Electric Power Regulatory Authority (NEPRA) has imposed a fine of Rs 10 million on National Transmis-sion & Despatch Company (NTDC) for its failure to satisfy the Authority in the matter of revision in minimum loading limit of Lalpir and Pakgen power plants. According to NEPRA, minimum loading limit of Lalpir and Pakgen power plants was revised from 20 percent to 50 percent in April 2021, whereby, GM (System Operation) had opined to CPPA-G that there will be no adverse operational effect of the said revision on national grid. However,…

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Pakistan has requested M/s Sinosure, Chinese insurance company, to support pending financial closure of certain energy projects, well informed sources told Business Recorder. Prime Minister Shehbaz Sharif, sources said, had directed Ministry of Foreign Affairs (MoFA) to arrange an online session of working group with Sinosure to discuss and resolve bottlenecks with respect to financial closure of Azad Pattan hydropower project, Kohala hydropower project and Thar Block-I power projects. The government had decided that Power Division, Finance Division, Planning Division, Chinese Mission in Pakistan and Pakistan Mission in China along with…

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