Year: 2023

Industry and investors: Dispute resolution tribunal to be set up

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New-SIFC

ISLAMABAD: The government has decided to establish a specialised tribunal to resolve disputes expeditiously between industry and investors aimed at facilitating them onsite, well-informed sources told Business Recorder. The decision was taken at the first meeting of the working group, constituted by the SIFC in its sixth Executive Committee meeting held on October 24, 2023 under the chairmanship of Minister for Privatisation, Fawad Hasan Fawad. Chief Secretaries of Punjab, Sindh, KPK, Balochistan, Secretary Privatisation Division, Secretary Power, Secretary SIFC and representatives of Board of Investment, Privatisation Division and Ministry of…

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PM terms energy sector a ‘nightmare’

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Anwaarul-Haq

ISLAMABAD: Caretaker Prime Minister Anwaar-ul-Haq has described the energy sector as a nightmare for the country because government produces costly electricity and sells it at subsidised rate. He also underlined the need to bring about improvement in the taxation system. While talking to participants at the 12th National Balochistan Workshop, the caretaker prime minister said that there is a serious concern the way taxation are being done. He added that if there is one challenge which needs to be addressed in the entire governance structure that is the country’s taxation…

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Gas utility hires secretary accused of fraud

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Gas-tariff

SSGC initiates investigation, terminates employment contract ISLAMABAD: Sui Southern Gas Company (SSGC) has hired a company secretary who allegedly committed fraud in a private company earlier, leading to his termination from services. As the matter came to light, the disgruntled employees of SSGC, a public gas utility, wrote a letter along with relevant proof to company Board Chairperson Shamshad Akhtar for remedy. “This is to bring to your knowledge that the recently designated company secretary, Mateen Sadiq, who worked for JS Global from December 2006 to July 2011 as head…

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Discos dispute Nepra report on overbilling

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Nepra-KE-1

ISLAMABAD: The electricity distribution companies (Discos) operating under the Power Division on Tuesday conceded billing discrepancies highlighted by the power regulator Nepra in a recent inquiry report but downplayed the extent of the wrongdoings happening to consumers and attributed its veracity to the natural, human and technical factors. The “initial response” released by the Power Division comes days after it formed an “independent committee” led by a former power secretary, Irfan Ali, to review the basis and methodology of the Nepra inquiry report that found massive irregularities in meter reading,…

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OGDCL Announces Production Revival at KPD Field, Boosts National Energy Security

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Oil-Gas

ISLAMABAD, December 12, 2023: The Oil & Gas Development Company Limited (OGDCL) on Tuesday announced the revival of production at the Kunnar Pasakhi Deep (KPD) Field in a significant stride towards strengthening Pakistan’s energy landscape. This achievement is a testament to OGDCL’s commitment to addressing the decline in gas production and contributing to the nation’s socio-economic development.As part of its production optimization drive, OGDCL has implemented operational modifications and in-house compression arrangements, leading to the successful re-injection of gas from six low-pressure wells at the KPD Field. This initiative has…

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