BEIJING: The cumulative energy output of Port Qasim coal-fired power plant is up to 7.559 billion kWh with its aggregate grid output of 7.1 billion kWh.
The power generation capacity of Port Qasim power plant is equivalent to 10% of the current national power generation capacity in Pakistan, which has played an important role in promoting the structural adjustment and economic development of Pakistan’s power industry, according to a report of China Economic Net.
In April 2015, as the first implemented large-scale energy project of China-Pakistan Economic Corridor (CPEC), the Implementation Agreement and Power Purchase Agreement of Port Qasim Power Project were signed under the witness of two countries’ leaders during President Xi’s visit to Pakistan.
POWERCHINA has completed construction of this project within only 32 months and both units were synchronized ahead of the required schedule. On April 25, 2018, Port Qasim coal-fired power plant entered into commercial operation smoothly.
In the future, the average annual energy output is around nine billion kWh, which is expected to support 4 million local families’ and more than 20 million peoples’ daily power consumption and effectively improve the local power shortage situation and provide continuous power for Pakistan’s economic development.
As one of the high-quality and demonstration projects under the CPEC, Port Qasim Power Project is of great significance to Pakistan.
By adopting Chinese capital, Chinese advanced standards, technology, and equipment, Port Qasim power plant has integrated its superior chain resources of investment, design, supervision, engineering, and operation, which greatly reduce the investment cost and operation cost of a coal-fired power plant.
The tariff of Port Qasim power plant is below the average tariff level in Pakistan. It will alleviate the power shortage in Pakistan and optimize its power structure by “replacing oil with coal”. It will also have a profound impact on promoting infrastructure construction and economic development and improving people’s livelihood.
During construction, the Chinese company attached great importance to sharing advanced engineering technologies with Pakistan, promoting the improvement of Pakistan’s industrial level. It has been actively exploring qualified and potential local subcontractors and establishing good engineering subcontracting links with them.
The company shares advanced engineering technology and management concepts and enhances the training and education for local senior technicians and management personnel in the fields of engineering technology, safety, quality, and etc.
There is a keen focus on people’s livelihood and responsibility. It takes green development and ecological environmental protection as an important part of the development by permeating the “Green and Scientific Development” philosophy throughout the construction.
Port Qasim Power Project adopts super core units independently designed and manufactured in China.
Compared with traditional fuel oil generating units, the super core coal-fired generating units have higher power generation efficiency and are more environmentally friendly.
The plant adopts seawater secondary circulating and cooling, seawater desalination system, as well as limestone-gypsum wet Flue Gas Desulfurization, and is in compliance with local and World Bank’s environmental standards. It can maintain the local blue sky and clean water through the concept of “strictly clean power generation”.
By upholding the principle of “openness, cooperation, mutual benefit, and win-win outcome”, the company has been promoting “localization strategy” and “differentiated management” to increase the employment of Pakistani workforces.
It creates over 4,000 employment opportunities for the local people in the peak period of construction. Furthermore, more than 600 long-term stable employment opportunities have been provided after the entry of commercial operation.
Also, the project indirectly increases local jobs by over ten thousand in relevant fields such as materials supply, equipment transportation, legal advice, financial audit etc.
Till present, Port Qasim coal-fired power plant has paid more than 167 million US dollars of different kinds of taxes and duties to the federal and provincial governments of Pakistan.
Asian markets stage a recovery!
HONG KONG: Asian markets staged a tentative recovery today from the previous day’s steep losses, with investors increasingly anxious about the state of the global economy.
With a mixed lead from Wall Street, regional traders had few catalysts to drive buying, while safe-haven flows saw the dollar edge up against high-yielding currencies.
Attention is also back on London, where MPs essentially wrested control of the Brexit debate from Prime Minister Theresa May with a vote that will allow them to decide on a number of possibilities for how to proceed.
Investors in Asia were suffering a hangover from Monday’s pummelling, which came on the back of a drop in benchmark 10-year Treasury bond yields below those for three-month bills – for the first time since before the global financial crisis.
This so-called inverted yield curve shows investors are more willing to buy long-term debt – usually viewed as a higher risk — as they consider the short-term outlook more hazardous. Such a scenario has preceded several recessions in recent decades.
“Recession worries may be premature for the US, but the negative signals are consistent with the recent data,” said OANDA senior market analyst Edward Moya.
US economists less optimistic, see slower growth: survey
WASHINGTON: US economists are less optimistic about the outlook and sharply lowered their growth forecasts for this year, amid slowing global growth and continued trade frictions, according to a survey published Monday.
And while the odds of a recession by 2020 remain low, they are rising, the National Association for Business Economics said in their quarterly report.
The panel of 55 economists now believe “the US economy has reached an inflection point,” said NABE President Kevin Swift.
The consensus forecast for real GDP growth was cut by three tenths from the December survey, to 2.4 percent after 2.9 percent expansion in 2018.
The economy is expected to slow further in 2020, with growth of just 2 percent, the report said.
Three-quarters of respondents cut their GDP forecasts and believe the risks of to the economy are weighted to the downside.
“A majority of panelists sees external headwinds from trade policy and slower global growth as the primary downside risks to growth,” NABE survey chair Gregory Daco said in a statement.
“Nonetheless, recession risks are still perceived to be low in the near term.”
Panelists put the odds of a recession starting in 2019 at around 20 percent, and for 2020 at 35 percent, slightly higher than in December.
Daco said that “reflects the Federal Reserve’s dovish policy U-turn in January” when the central bank said it would keep interest rates where they are for the foreseeable future, a message reinforced this week.
After four rate increases last year, Daco said a “near-majority of panelists anticipates only one more interest rate hike in this cycle compared to the three hikes forecasted in the December survey.”
Panelists see wage growth as the biggest upside risk to the economy, despite expected increase of just 3 percent this year, as inflation holds right around the Fed’s 2 percent target.
Meanwhile, amid President Donald Trump’s aggressive tariff policies, the panel projects the trade deficit will rise to a record $978 billion this year, beating last year’s record $914 billion.
In an interesting twist in the survey, only 20 percent said they expected to see the dreaded “inverted yield curve” — when the interest rate on the 10-year Treasury note falls below the 3-month bill — this year.
In fact, the yield curve inverted on Friday for the first time since 2007.
Is Uber buying Careem for $3.1b?
DUBAI: According to the rumors making rounds here today it seems that Uber is about to acquire Careem for $3.1b!
Sources privy to NPTV have insinuated that the deal will be announced tomorrow (Tuesday 26th March). Initially Uber will pay $1.4 billion in cash and the rest in notes convertible to Uber shares.
It comes as Uber prepares for its initial public offering — expected next month — which could see the rideshare giant’s value increase to $100 billion.