Category: Shortcode

Saudi Arabia is close to finalizing the extension of its $3 billion deposit in the State Bank of Pakistan (SBP), Reuters has reported. “We are currently finalizing extending the $3 billion deposit to Pakistan,” the news agency quoted the Saudi Minister of Finance Mohammed al-Jadaan as saying. The minister, however, offered no further details. Govt Likely to Set Economic Growth Target at 5% for FY23Last year, Saudi Arabia deposited $3 billion in the State Bank of Pakistan to help support its foreign reserves. In addition, Pakistan had also signed an…

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The electricity shortfall in the country has reached beyond 6,500 megawatts (MW) after sources in the power division blamed it on a shortage in fuel supply to power plants. According to sources in the power division, the overall demand for electricity in the country stands at 26,000 MW against the production of 19,420 MW. “The power plants are not getting required LNG and coal,” they said, adding that LNG deals have been finalized, however, the payment needs to be made in dollars and the supply is being delayed owing to…

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Fauji Oil Terminal and Distribution Company (FOTCO) has plans to invest in developing six buffer storage tanks to address ship traffic congestion at Port Qasim and handle additional cargoes. “We have already pitched this plan to Oil and Gas Regulatory Authority (OGRA) seeking finalisation of pricing mechanism,” Adnan Samdani, General Manager of FOTCO told The News in an exclusive interview on Sunday. “Once it is settled, FOTCO will be able to finalise the volume of investment required to build the buffer storage tanks to handle the fuel ship carrying 50,000…

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Is the China-Pakistan Economic Corridor (CPEC) going as planned? Since it was launched in 2013, the flagship project of the Belt and Road Initiative (BRI), has been under the watchful eye of regional and global powers, and an occasional target for terrorists. Pakistan has hinged its economic progress on the rapid implementation of CPEC. Initially valued at $47 billion, the value of CPEC projects was worth $62 billion as of 2021. Since 2018 onwards, however, it was not been smooth sailing under the PTI government as far as work on…

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Two refurbished units commissioned with USAID’s grant Islamabad, May 23, 2022: Pakistan Water and Power Development Authority (WAPDA) has successfully commissioned generating units No. 5 and 6 of the Mangla Hydel Power Station, recently refurbished with the financial support of United States Agency for International Development (USAID). With refurbishment, installed generation capacity of each unit has increased to 135 (Mega Watt) MW from 100 MW – with cumulative increase of 70 MW from 200 to 270 MW.USAID Mission Director Julie A. Koenen accompanied by her team witnessed commissioning of the…

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