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Articles for tag: Aramco, due, lackluster, limbo, Pakistan, project, refinery, response, Saudi

November 20, 2023

News Desk

Pakistan refinery project in limbo due to lackluster response from Saudi Aramco

Officials say Aramco officials have told Pakistan the refinery business is no longer as profitable as it was in the past An Aramco employee walks near an oil tank at a Saudi Aramco oil refinery and oil terminal in Saudi Arabia. — Reuters/File Aramco officials believe the refinery business is no longer profitable. Pakistan has indicated that it may reduce its equity in the project. Officials say Aramco is most interested in a petrochemical complex. ISLAMABAD: Despite the government’s efforts to woo Saudi Aramco to develop a $10 billion state-of-the-art refinery and deep conversion, it appears the company is not

November 19, 2023

News Desk

Average PSDP project lasts 14.1 years in Pakistan: IMF

IMF Chief of Mission for Pakistan Mr. Nathan Porter and IMF Resident Representative for Pakistan Ms. Esther Perez Tuiz call on Caretaker Prime Minister Anwaar-ul-Haq Kakar on November 15, 2023. — PID The Fund says there are 244 new PSDP projects worth Rs 2,261.9 billion. 909 development projects worth Rs 7,961.5 billion in progress. The efficiency gap of hybrid public investment is estimated at around 38%. ISLAMABAD: The International Monetary Fund (IMF) has estimated that the average time to complete development projects in Pakistan is 14.1 years if new projects are not included in the Public Sector Development Program (PSDP)

November 14, 2023

News Desk

Pakistan to ask Iran for relaxation in gas project deadline

Iranians work on a pipeline section in the Iranian border town of Chah Bahar on March 11, 2013. — AFP The Pakistani delegation will hold talks in Tehran today. Islamabad will have to pay a fine of $18 billion after the deadline. Advisers say US sanctions will not affect Pakistan’s economy. Islamabad: Pakistan will ask Iran on Tuesday to provide relaxation in the February-March 2024 deadline to avoid an $18 billion penalty for not laying a pipeline on its soil. The news mentionted. Iran asked Pakistan last year to build a section of the Iran-Pakistan (IP) natural gas pipeline project

November 11, 2023

News Desk

470 MW Hydel project planned

Islamabad: LSG Hydro Power Limited (LSG) is seeking approval from the National Electricity Regulatory Authority (Nepra) for the 470 MW Lower Spat Gah Hydro Power Project, which is planned to be set up in Kohistan. The total cost of the project is estimated at $1.031 billion. LSG has applied for approval of its proposed project as defined in Section 14B (5) of the Electricity Generation, Transmission and Distribution Act, 1997 (Nepra Act). LSG, a public limited company incorporated on March 26, 2021, is planning to set up a high run-of-river hydroelectric power station with a generating capacity of 470 MW

November 5, 2023

News Desk

Riyadh asks Islamabad to approach China’s Sinopec for $10 billion green refinery project

Pumpjacks are seen during sunset at the Daqing oil field in China’s Heilongjiang province, August 22, 2019. — Reuters Riyadh wants the EPC contract to be given to Sinopec. The Petroleum Directorate asked to evaluate Sinopec’s investment interest. SIFC requests the department to facilitate the Chinese company if it is interested. Islamabad: Saudi Arabia has asked Islamabad to approach China’s Sinopec and make it part of the $10 billion green refinery to be set up in Pakistan, it said The news on Sunday. “We have announced and communicated the new green refinery policy with incentives of 7.5% deemed duty for

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