KARACHI: K-Electric has signed US$ 50 million loan agreements with Standard Chartered which is supported by GuarantCo to undertake upgradation of power infrastructure including the installation of theft-resistant Aerial Bundled Cable (ABC) as well as smart grid solutions. The financing documents were signed at KE head office by Moonis Alvi, CEO and Rizwan Pesnani, Head…
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Wesfarmers completes acquisition of Kidman Resources
PERTH: Wesfarmers Limited has announced the implementation of the Scheme of Arrangement under which Wesfarmers Lithium Pty Ltd, a wholly owned subsidiary of Wesfarmers Limited, has acquired all of the issued ordinary shares in Kidman Resources. With the completion of the transaction, Wesfarmers holds a 50 percent interest in the Mt Holland lithium project based…
Engro Elengy achieves world’s fastest 250 ship-to-ship LNG cargo transfers
KARACHI: Engro Elengy Terminal has achieved yet another milestone of the world’s fastest 250 ship-to-ship transfers of LNG. The Engro Elengy Terminal was a fast-track LNG import solution built to alleviate the energy shortage facing the country. With round-the-clock supply of natural gas at a utilization rate of approximately 98%, the terminal has now handled…
More than 50 countries come together to discuss cooperation and development on BRI
XI’AN, CHINA: The Euro-Asia Economic Forum 2019, with its focus on Participation in the Belt and Road Initiative (BRI) will Facilitate High-level Cooperation and Robust Development, kicked off on September 10th in Xi’an, China. Politicians, business people and scholars from more than 50 countries, including Germany, France, Kazakhstan, and Pakistan, attended the forum. The forum…
SIMEC Atlantis to build world’s largest ocean powered data centre in Scotland
LONDON: SIMEC Atlantis Energy Limited, the global developer, owner and operator of sustainable energy projects, has announced on London Stock Exchange its ambitions for a tidal-powered data centre in the Caithness region of Scotland. The power supply for such a data centre would include electricity supplied via a private wire network from tidal turbines at…
Pakistan to complete 21 years of regular participation at Intertextile Shanghai
KARACHI: At the 25th Anniversary of Intertextile Shanghai Apparel Fabrics, Pakistan will complete its 21 years of regular participation, as 32 Pakistani companies under the auspices of Trade Development Authority of Pakistan (TDAP) are participating in the event. It may be mentioned here despite over 30 percent rupee devaluation, country’s overall textile sector exports declined…
Weir Group secures £100m order for Australian magnetite iron ore project
SYDNEY: The Weir Group, one of the world’s premium providers of highly engineered mining equipment and services, has been awarded a £100 million order to provide industry-leading energy saving solutions to the Iron Bridge Magnetite Project, a joint venture between Fortescue Metals Group Ltd subsidiary FMG Magnetite Pty Ltd and Formosa Steel IB Pty Ltd….
Wood reaches agreement to sell nuclear business for £250 million
LONDON: John Wood Group PLC announced the sale of its nuclear business to a subsidiary of Jacobs for a cash consideration of £250 million representing a multiple of approximately 12.4x based on 2018 EBITDA of £20.2 million. Closing is conditional upon, among other things, obtaining anti-trust clearance from the Competition and Markets Authority (CMA) and…
Messe Frankfurt sets a new record of around €718 million sales in 2019
FRANKFURT: Messe Frankfurt, the largest player in the German trade fair industry is setting a new record of around €718 million sales in 2019. Messe Frankfurt has 30 subsidiaries and 56 sales partners in 190 countries. Pakistan is one of the largest sales partners of Messe Frankfurt and helps organize over 50 government pavilions and…
Tabreed reports 11% growth in net profit for the first half of 2019
ABU DHABI: National Central Cooling Company (Tabreed), the leading UAE-based regional district cooling developer, released its consolidated financial results for the first half of 2019 ended June 30, 2019. The company continues to meet the region’s growing demand for district cooling and delivers solid performance and growth. Financial highlights – six months ended 30 June…
Mitsubishi UFJ Lease & Finance to invest in electricity distribution business in UK
TOKYO: Mitsubishi UFJ Lease & Finance Company Limited (MUL) has announced its decision to participate in electricity distribution business in the UK by acquiring a stake in “Electricity North West Limited” (ENWL), an electricity distributor supplying the North West of England. KDM Power Limited., a holding company jointly established by MUL, Kansai Electric Power Co.,…
Gaz du Cameroun to supply 25 mmscfd of gas to 150MW Douala Power Station
LONDON: Victoria Oil & Gas Plc, announced that its whose wholly-owned subsidiary, Gaz du Cameroun has signed a non-binding term sheet with Aksa Enerji Uretim to supply Aksa Energy with up to 25mmsfd of gas to Aksa Energy’s planned 150MW power station, to be located in Bekoko, Douala, Cameroon. The Term Sheet is subject to…