Category: Shortcode

Disturbed with frequent depreciation of the Pak Rupee (PKR), Chinese investors in Gwadar have sought permission to maintain their bank accounts in RMB in Gwadar Free Zone without converting their money into Rupees, well informed sources told Business Recorder. This issue was raised by Chairman, China Port Holding Company Limited (COPHCL) at a meeting of Federal Steering Committee on Gwadar Initiatives held on July 6, 2022 under the chairmanship of Prime Minister Shehbaz Sharif. “Most important issue that deters Chinese investment in Gwadar relates to currency devaluation. Chinese Investors should be allowed to…

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Barrick Gold Corporation President Mark Bristow on Monday stated that the first phase of Reko Diq copper-gold project will be completed by 2027-28, and the scheme will convert it into a “world-class mine and transform Balochistan”. An agreement in principle was reached between the government of Pakistan, the provincial government of Balochistan and Barrick earlier this year for the reconstitution and restart of the project, which has been on hold since 2011. It will be operated by Canada’s Barrick and owned 50% by it, 25% by the Balochistan government and…

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In line with the governing laws, rules, and regulations of the Government of Pakistan and NEPRA, various changes have been made to the rates of electricity and tariff structure that will be effective from July and applicable nationwide including on consumers in KE’s service territory. The determination of costs of electricity to be recovered from consumers across Pakistan in their bills comes under jurisdiction of NEPRA and the Government of Pakistan, says a statement. These changes include the non-extension of relief for zero-rated industries as well as the relief on…

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Azad Pattan Hydropower Project, having capacity to annually generate 3064 GWh, would be completed by 2026 to generate cheap and environment friendly power. The 700 MW project is located on Jhelum River roughly 7 km upstream of Azad Pattan Bridge in the Sudhanoti District, Azad Jammu and Kashmir, Pakistan and 90 km from Islamabad, the capital city of Pakistan, said official source of Ministry of Water Resources. The project’s $1.5 billion investment agreement was signed between Chinese state-owned China Gezhouba Group and Pakistan in July 2020, in a ceremony attended…

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The Engineering Development Board (EDB) is all set to submit its policy document on solar panels and allied equipments manufacturing to the government by the end of this month. The policy document would revealed as how to promote the use of alternate energy resources to overcome power shortages in the country. It also said that the country is facing serious energy shortages with record prices that had directly and indirectly affected all sectors of the economy. The country’s electricity demand has reached almost 29,000 MW total whereas generation is about…

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