KARACHI: Shell Pakistan Ltd (SPL) said on Monday it has received a public announcement of intention from UK-based Prax Overseas Holdings Ltd to buy its 77.42 per cent shares, which are currently held by the oil firm’s foreign sponsor. The potential acquirer is a British investment firm with its entire shareholding resting with fuel supplier State Oil Ltd. The energy…
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Ask govt to do away with gas outages, formulate sustainable policy KARACHI: While welcoming a significant reduction in petrol price, businesspeople have underlined the need for evolving a stable policy, slashing electricity and gas tariffs, and eliminating gas outages and painfully low pressure. “If the government formulates a sustainable policy for at least three months, this decrease will benefit the…
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ISLAMABAD: The country’s two thermal power plants of 700-MW generation capacity have indicated interest in converting themselves to Thar coal, which will bring their generation tariff from Rs 46 to Rs 8 per unit, sources close Managing Director PPIB told Business Recorder. The company’s representatives held a meeting with the MD PPIB on September 25, 2023 wherein concept paper on the…
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ISLAMABAD: The Central Development Working Party (CDWP) has directed Economic Affairs Division (EAD) to get firm commitment of $150 million funding from the World Bank (WB) for energy efficiency and conservation project to be executed by National Energy Efficiency Conservation Authority (NEECA). At a recent meeting of CDWP, presided over by Deputy Chairman, Planning Commission, Chief Energy (Power), MoPD&SI appraised…
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ISLAMABAD: K-Electric (KE) has sought additional capacity of up to 300-MW from the national grid, increasing supply to 1400-MW, which according to the power utility company, will result in net savings of around Rs 50 billion annually, which will benefit consumers in the form of lower Fuel Charges Adjustments (FCAs) and the GoP in terms of Tariff Differential Subsidy (TDS)…
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MOSCOW: Saudi Arabia and Russia, the world’s top two oil exporters, on Wednesday discussed the situation on the oil market and prices amid the escalating conflict between Israel and Hamas, President Vladimir Putin’s top oil official said. Crude oil prices spiked in the wake of a massive incursion into Israel from Gaza launched by Hamas on October 7. Russian Deputy…
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ISLAMABAD: Karachi’s power utility K-Electric has sought another Rs3.02 per unit in tariff adjustment for the April-June quarter of this year. The National Electric Power Regulatory Authority (Nepra) has accepted the petition for a public hearing on Oct 19 (Thursday) to examine whether KE’s request was justified and whether the company’s claim for Rs13.2 billion write-off against unrecovered bills should…
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ISLAMABAD: The Executive Committee of SIFC has directed Petroleum Division to prepare ‘Merit Order’ for supply of gas to industry, fertilizer, power generation, commercial, and domestic consumers, economic benefits of which will be reviewed by the caretaker Minister for Finance, sources close to Secretary Petroleum told Business Recorder. Caretaker Finance Minister, Minister for Industries and Production and Minister for Energy as…
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ISLAMABAD: Chinese power projects have, once again, refused to renegotiate Power Purchase Agreements (PPAs) with the Government of Pakistan, a longstanding wish of dollar-hungry Islamabad. The government has to clear about Rs 350 billion of Chinese power projects dues which is why Chinese state-owned insurance company, Sinosure, is reluctant to extend insurance coverage to any new power project. M/s Sinosure…
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ISLAMABAD: The Power Division has convened a meeting of three-member ministerial committee on October 16, 2023 to find an amicable way out in the dispute between Al-Jomaih and KES Power on shares of K-Electric, well-informed sources told Business Recorder. A ministerial committee, composed of Minister for Energy (chair), Minister for Privatisation, and Minister for Law & Justice, will meet to assess…
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