Year: 2023

Pakistan gets costly LNG bids for January

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LNG

ISLAMABAD: Pakistan on Friday received four international bids, with the lowest at $18.46 per unit, for the supply of a liquefied natural gas (LNG) cargo in the first part of January to meet anticipated peak winter shortage in the residential sector as the gas regulator notified 1.2 per cent increase in the sale price of regasified-LNG (RLNG) for November. The RLNG sale price for December is estimated to be even higher given the induction of two relatively expensive imported cargoes in the first and second week of next month already…

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Pakistan, Kuwait to seal $10bn investment deal

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SIFC-sparks

ISLAMABAD: Pakistan and Kuwait will soon sign seven memorandums of understanding (MoUs) for investments worth $10 billion in Pakistan through seven projects in multiple fields, including environment, mining, and food security. In this regard, the federal cabinet, in its meeting held on Friday, approved seven MoUs to be signed during the upcoming visit of caretaker Prime Minister Anwaarul Haq Kakar to Kuwait. Consequent to the efforts by the Special Investment Facilitation Council (SIFC), both countries would sign MoUs on multiple projects, including the expansion of water reservoirs, mining facilities, conservation…

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Nestlé Pakistan wins Sustainability Awards

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ISLAMABAD: Nestlé Pakistan won two top awards in the categories of Gender Equity and Agri Tech & Food Security at the Sustainability Awards hosted by Sustainable Policy Development Institute (SDPI).Nestlé Pakistan’s recognition in the two categories were for its Creating Shared Value (CSV) initiatives, the Nestlé-BISP Rural Women Sales Program that has supported 2800 rural women to achieve financial empowerment with the ambition to reach 5000 women by 2025; and Smart Soil Moisture Sensors on 548 acres, which assist farmers detect the sub-soil moisture level, helping Nestlé achieve its Waters…

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$10bn TAPI project: Law ministry’s opinion sought afterTurkmenistan’s demand

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gas-pipeline

ISLAMABAD: The fate of Turkmenistan’s demand seeking legislative cover of Foreign Investment Promotion and Protection Act (FIPPA), 2022 for its investment to be made in Pakistan’s territory, under the trans-nation $10 billion TAPI gas pipeline project, depends upon the legal opinion from the Law Division. The gas pipeline from Turkmenistan has to pass through Afghanistan, Pakistan and India. Turkmenistan will be having 85 percent shares in the project while Afghanistan, Pakistan and India would each have 5 percent shares of $200 million. “The Petroleum Division has sought the opinion from…

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Bio-saline projects uplift Thar

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coal-project

KARACHI: Sindh Engro Coal Mining Company (SECMC) is leading the way in biodiversity conservation, sustainable agriculture, and fish farming in Tharparkar, a statement of the company said on Thursday. The company has launched several initiatives to improve food security and livelihood generation for the local communities in the desert region, where it operates the largest open-pit coal mine in Pakistan. One of these initiatives is the bio-saline agriculture project, which started in 2016 and has successfully cultivated 16 edible plant varieties using underground saline water from the coal mines. These…

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Coal power project at Gwadar: Chinese firm shows ‘conditional’ willingness to commence work

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thar-coal-power

ISLAMABAD: Chinese firm, CIHC Pak Power Company (Pvt) Limited (CPPCL) is said to have shown willingness to commence work on 330 MW imported coal power project at Gwadar with stringent conditions, to be met by the Private Power & Infrastructure Board (PPIB) and National Electric Power Regulatory Authority (NEPRA), well-informed sources told Business Recorder. This project has been firmed up, after interactions at the highest level between China and Pakistan as the former had refused to start a project on Thar coal. The power company submitted revised tariff petition to NEPRA…

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Gas consumers to pay Rs5b more

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ECC decides to recover local, imported gas price difference from urban consumers ISLAMABAD: Days after burdening gas consumers with an additional Rs400 billion cost, the government on Thursday decided to recover Rs5 billion per month more from them on account of imported gas supply to fertiliser plants at lower rates after the finance ministry refused to provide funds. The Economic Coordination Committee (ECC) decided that two fertiliser plants would continue to pay the price of Rs1,229 per million British thermal units (mmBtu) as against the imported gas rate of Rs3,625.…

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Rs1.52 per unit surcharge imposed on KE consumers for 12 months

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free-power

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Thursday gave in to a demand of the Power Division to impose for 12 months an additional special surcharge at a flat rate of Rs1.52 per unit on all K-Electric consumers, except lifeline category with less than 100 units per month on a permanent basis. The additional surcharge will come into force from Dec 1 for up to November 2024 and provide a Rs24.5 billion financial cushion to the federal government which claimed to have extended Rs416bn subsidy to KE during the past…

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Renewable Energy: A way forward for Pakistan: Energy Minister

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Renewable-energy

ISLAMABAD, Nov 23: Caretaker Minister for Energy Muhammad Ali Thursday said the future of renewable energy in Pakistan holds great promise as the country seeks to address its growing energy demands while mitigating the environmental impact of traditional energy sources.While addressing a seminar titled Renewable Energy the Way Forward jointly organized by Information Service Academy and Alliance for Good Governance Foundation, the minister said with abundant sunlight and wind resources, Pakistan has significant potential for solar and wind energy generation.Muhammad Ali said that the government’s commitment to increasing the share…

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Govt may hike gas prices by another 10-15pc to slash circular debt

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gas-supply

ISLAMABAD: Knowing the fact that this time the government will collect revenue of Rs980 billion in the ongoing FY24 on account of the massive hike in gas prices by up to 193 percent, the IMF has still asked the government to further increase the sale price of natural gas from January 1, 2024 to slash the circular debt that currently stands at Rs1,250 billion. “The authorities are contemplating an increase in the natural gas sale price by 10-15 per cent, which will yield Rs100 billion additional revenue. It is to…

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