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Day: August 24, 2023

Minister for Energy vows to aggressively pursue the TAPI project

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TAPI-gas

Ambassador of Turkmenistan H.E. Atadjan Movlamov called on Interim Federal Minister for Energy Muhammad Ali here today.Ambassador extended his congratulations to Minister on assuming his new portfolio and exchanged pleasantries.Minister for Energy expressed his gratitude and passed on the regards from Caretaker Prime Minister of Pakistan Anwaar-ul-Haq Kakar. “PM is pleased that the TAPI project is dealt on priority basis.”Both…

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Govt seeks to raise power rate by Rs3.55 per unit

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NEPRA

• Wants to extract Rs146bn in quarterly tariff adjustment from consumers in six instalments to minimise ‘price shock’ ISLAMABAD: The rising electricity costs appeared to have put the power companies in a vicious cycle of declining consumption and shifting resultant additional capacity charges to consumers, compelling the government to seek staggered imposition of Rs146 billion quarterly charges in six months,…

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PSO posts Rs4.6bn loss in 4QFY23

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Pak-state

KARACHI: The bottom line of Pakistan State Oil (PSO) turned negative in the last quarter of 2022-23 as its unconsolidated loss amounted to Rs4.6 billion versus a three-month profit of Rs21.4bn a year ago. In the preceding quarter of January-March, the state-owned oil marketing company recorded a net profit of Rs13.6bn. As a result, PSO’s earnings totaled Rs5.6bn in 2022-23,…

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Pakistan’s economic problems a hurdle to joining BRICS

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President-of-Brazil

Many countries interested in becoming part of emerging economies’ bloc JOHANNESBURG: The 15th BRICS Summit kicked off on August 22 in Johannesburg, South Africa. The theme of this year’s event is “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism.” “The meetings being held from August 22 to 24 are very important where some key decisions…

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CPEC firms ask govt to ensure timely payments to operationalise powerhouses

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CPEC-Project

ISLAMABAD: The CEPC firms in the power sector here on Wednesday urged the government to ensure their timely payments against sale of electricity to the Central Power Purchase Agency (CPPA) as they have started injecting their equities to make the powerhouses operational. This issue was agitated by Chinese enterprises during a media interaction arranged by Infodor Salon on the CPEC…

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Pakistan, IMF hold virtual talks on energy sector

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IMF-board

ISLAMABAD: Pakistan and the International Monetary Fund (IMF) on Wednesday held virtual talks on the overall losses of energy sector, especially in the context of reducing the circular debt during the current fiscal year. The government demonstrated its commitment to adjust fuel price and quarterly tariff with the objectives to erase accumulation of circular debt. The circular debt continues to…

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SIFC identifies 20 projects to woo foreign investors

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SIFC-identifies

ISLAMABAD: The much-trumpeted Special Investment Facilitation Council (SIFC) has so far identified and approved 20 projects for attracting multibillion-dollar investments from the Gulf states and others, out of which nine have been converted to the required template. It has also been considered to hold a study to explore the availability of lithium in Pakistan and joint investment in Afghanistan. The…

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