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Articles for tag: Chinese, company, million, Pakistan, push, sector

January 31, 2025

News Desk

Pakistan EV Sector to get $ 340 million push from Chinese company

An electric vehicle is connected to a charging station in Bilbao, Spain, February 15th 2023. – Reuters China will deliver 30 charging plants in the next 10 days. The first station has already settled in Karachi. Lahore to follow his example. “EV production to start with the Dec,” says Aden Group chief executive. Karachi: A major boost for Pakistan’s economy is ongoing, as a Chinese consortium has committed an investment of $ 340 million to create electric vehicles (EV) and charging stations at national level. Energy Minister Sindh Syed Nasir Hussain Shah has announced that the Sindh government will fully

January 12, 2025

News Desk

The private sector can help boost trade with the UAE

Listen to the article DUBAI: Federal Minister for Commerce Jam Kamal Khan on Saturday highlighted the central role of the private sector in strengthening trade and investment ties between Pakistan and the UAE during a luncheon hosted by the Pakistan Business Council (PBC) Dubai at the Pakistan Association Dubai (PAD) ). The high-profile gathering brought together over 100 prominent Pakistani businessmen, VIPs, PBC members and officials from the Pakistani Consulate in Dubai. The event served as a platform to explore investment opportunities, enhance exports and strengthen bilateral trade relations. In his keynote address, the minister congratulated the newly elected board

January 11, 2025

News Desk

Government plans private sector EPZ in Balochistan

Listen to the article Islamabad: The government has decided to run the Siah Dik copper mining project in Balochistan as a private sector Export Processing Zone (EPZ), awarded to China Metallurgical Group Corporation (CMGC), which is already working on the Saindak gold and copper project. The Siah Dik project will be developed in the same area where the Reko Diq copper and gold mining project is underway. The private EPZ will be dedicated to the mining and processing of copper concentrate in the Chagai region. It will be run by a consortium called Kohesultan Mining Company (Pvt) Limited (KMCL) which

January 7, 2025

News Desk

Speculative problems in the energy sector are weighing on market sentiment

A stockbroker looks at a computer during a session at the Pakistan Stock Exchange (PSX) in Karachi on July 31, 2023. — AFP Bearish sentiment remained in the stock market on Tuesday as profit-taking, mutual fund buyouts and pressure on energy stocks weighed on trading. Concerns about cyclical debt in the natural gas sector and rising government debt levels added to the cautious tone. The benchmark Pakistan Stock Exchange (PSX) KSE-100 showed early gains, climbing 588.29 points, or 0.51%, to an intraday high of 116,843.41. However, selling pressure dragged the index to a low of 114,254.66 points, reflecting a decline

January 6, 2025

News Desk

The Ministry of Finance highlights management issues in the oil and gas sector

An undated image of an MOL Pakistan exploration site. — MOL Pakistan Website/Archive Cyclical debt creates constraints on cash flow, the ministry’s report says. It highlights inefficient financial management in PSOs, PPLs etc. Regrets outdated and inefficient infrastructure, operational issues. ISLAMABAD: The Ministry of Finance, in its report, has raised serious questions about the weak financial management of the oil and gas sector resulting in the escalation of cyclical debt, The News reported on Saturday. The ministry highlighted that one of the major weaknesses in the business plans of Pakistan State Oil (PSO), Pakistan Petroleum Limited (PPL), Oil and Gas

December 17, 2024

News Desk

Telecom sector sees 20% drop in FDI in 2023-24: PTA

A woman holds US dollar bills in this picture taken on May 30, 2022. — Reuters The PTA report reveals that there are 196 million telecom subscribers. CMOs see peak investment of $431 million in 2023-24: report. The report shows that the deployment of 5G requires significant investment. ISLAMABAD: Pakistan’s telecom sector has seen a drop of over 20% in Foreign Direct Investment (FDI), which totaled $46 million in FY 2023-24, compared to $58 million in the previous fiscal year, 2022- 23, The News reported on Tuesday. FDI inflow was lower than outflow, with investment inflows at $46 million, while

December 11, 2024

News Desk

ADB approves $200 million loan to modernize electricity distribution sector

Electricity transmission towers are pictured in Karachi on July 26, 2022. — Reuters The project includes installation of advanced metering infrastructure. At least 25 network stations will be built, modernized in Lesco. The voltage of four Sepco grid stations will be upgraded to 132 kV. ISLAMABAD: The Asian Development Bank (ADB) has approved a $200 million loan for Pakistan to modernize the country’s electricity distribution infrastructure. The grant, according to ADB’s press release issued on Wednesday, will be used to improve the ability of distribution companies (Discos) to provide reliable electricity. The lender’s “Energy Distribution Enhancement Project” will focus on

November 14, 2024

News Desk

The government will introduce major reforms to address the woes of the energy sector: Minister

A rendering image showing electricity pylons on March 30, 2022. — Reuters Energy sector reforms face hurdles due to economy: Awais Leghari. The country is still dealing with fallout from previous IPP contracts, he adds. He regrets the financial burden on the system due to network metering system. ISLAMABAD: Energy Minister Awais Ahmad Khan Leghari has said that in order to address long-standing energy problems in the power sector, the government will introduce transformative reforms to address inefficiency, costly power generation and poor planning. The News reported on Thursday. Leghari, speaking at a seminar hosted by the British High Commission,

October 25, 2024

News Desk

Dubai’s aviation sector promises an additional 185,000 jobs over the next 5 years

A representational image showing an air marshal piloting an airplane down a runway. — Unscrew Attention job seekers! Dubai is set to create 185,000 new jobs by 2030, taking its total workforce in aviation-related roles to 816,000, a recent report by Emirates Group and Dubai Airports has revealed. This means there will be no slowdown in new aviation hiring, which began immediately after the peak of the COVID-19 crisis in late 2021, Gulf News was mentioned. During this period, recruitment of pilots, cabin crew and ground staff reached unprecedented levels. “Our growth plans will create even more skilled jobs and

October 9, 2024

News Desk

The ministerial committee approved the independent multi-player market for the energy sector

Prime Minister Shehbaz Sharif chairs a meeting of the ministerial committee on energy in Islamabad on October 9, 2024. — PID Cabinet energy committee approves ISMO’s recommendation. Board of directors of new entity to have experts from the energy sector. ISMO to allow the purchase of energy from non-DISCO suppliers. ISLAMABAD: The Cabinet Committee on Energy (CCoE) on Wednesday approved the creation of an independent multi-player market for generation and purchase of electricity to create a competitive environment and phase out the government’s role as the sole buyer of electricity. In the meeting chaired by Prime Minister Shehbaz Sharif, the

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