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…
Read MoreDay: May 24, 2022
IMF talks may extend beyond 25th: SBP chief
Pakistan and the IMF are likely to go an extra mile to finish the seventh review under the bailout programme, the central bank chief said on Monday, indicating the ongoing talks could last longer than expected to cover the budgetary procedure. “Talks may continue beyond May 25 for a few more days, but the IMF will hopefully see a positive…
Read MoreChina’s Wind Power Push Threatens US Strategic Interests
The war in Ukraine has jolted energy markets— driving oil and gas prices to their highest levels in over a decade and leaving governments scrambling to secure energy supplies. In the months since Russia’s invasion, policymakers have faced a hard truth: energy policy is security policy, and it has been neglected for far too long. Government priorities feature prominently in…
Read MoreFauji Oil Terminal to build 6 storage tanks at Port Qasim
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…
Read MoreCPEC is on its way
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…
Read MoreMangla Hydel Power Station
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…
Read MoreGovt mulls reduced working days to save fuel
Amid rising oil consumption and import bill owing to higher international prices, the government is examining the possibility of fuel conservation through reduced working days a week. It hopes to save an estimated annual foreign exchange of up to $2.7 billion. The estimates are based on three different scenarios in terms of working days and fuel conservation prepared by the…
Read MoreAlarming situation at Tarbela Dam: Water level likely to hit dead level on May 25
Marred by unusual low inflows in summer months, Tarbela Dam on Indus River may hit rock bottom early next week, further worsening the water shortage in the plains. Given the present pattern of low flows into Indus River, it is feared that the water level at Tarbela Dam may attain dead level by May 25, 2022. Such an eventuality will…
Read MoreWorld Bank’s RISE-II: Pakistan told it can lose funding if prior actions not completed
World Bank (WB) has warned the government that Pakistan will lose a part of FY 23 funds from International Development Association (IDA) for not completing Prior Actions (PAs) under second Resilient Institutions for Sustainable Economy (RISE-II). The Bank conveyed this message to Finance Minister Miftah Ismail in a letter dated subsequent to his recent meeting with the Bank’s Vice President…
Read More