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Year: 2024

Pakistan joins fossil-fuel non-proliferation coalition

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fossil fuel

ISLAMABAD: Pakistan has joined a coalition of climate-vulnerable countries advocating for a global fossil-fuel non-proliferation treaty, which seeks an equitable transition away from coal, oil, and gas. The proposed treaty, designed to complement the Paris Agreement, emphasises the need for financial and technological support to ensure fair energy transitions for developing nations. Ranked among the top ten countries most vulnerable…

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Middle East share of India’s Nov oil imports at 9-mth high; Russia down

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oil prices

NEW DELHI: India’s November crude imports showed Middle Eastern oil at a 9-month high while Russia accounted for its smallest share in three quarters, ship tracking data obtained from sources showed. Refiners in India have been gorging on cheaper Russian oil despite problems posed by sanctions aimed at reducing Moscow’s oil revenue to fund its war in Ukraine. The world’s…

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SSGC Ensures Uninterrupted Gas Supply in Franchise Areas Amid Challenges

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SSGC

KARACHI: Despite a significant reduction in indigenous gas supplies, the Sui Southern Gas Company (SSGC) claims there is no gas load-shedding in its franchise areas, particularly for domestic consumers, according to a press release issued on Sunday. The company highlighted a 40% decline in gas supplies since the 2017-18 fiscal year, with a cumulative depletion of 465 mmcfd over the…

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Power Ministry Confirms Circular Debt Target with IMF on Track

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power-solar

ISLAMABAD: The Ministry of Power reaffirmed on Sunday that the circular debt targets agreed upon with the International Monetary Fund (IMF) are well within limits, with the December 2024 goal firmly on track. In a statement, the Power Division clarified that its performance aligns with quarterly targets for circular debt management. “The agreed target with the IMF ensures circular debt…

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Foreign Oil, Gas Firms Secure Victory Against PEL in ArbitrationICC Tribunal Awards Damages, Invalidates Forfeiture of Working Interests

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crude oil

ISLAMABAD: In a significant legal triumph, Frontier Holdings Limited (FHL) and Spud Energy Pty Limited (SEPL) have won an arbitration case against Petroleum Exploration (Private) Limited (PEL) at the International Chamber of Commerce (ICC). The dispute revolved around PEL’s attempt to forfeit FHL’s 27.5% working interests in the Badin IV South and Badin IV North Blocks (collectively, the “Badin Blocks”).…

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Pakistan Shelves $300 Million Floating Solar Project Power Division Excludes Scheme from IGCEP 2024-34

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Solar-Project-2

Pakistan has decided to shelve a proposed $300 million floating solar power project, which was intended to generate 300 megawatts (MW) of electricity. The Power Division opted not to include the initiative in the 2024-2034 Indicative Generation Capacity Expansion Plan (IGCEP), citing the absence of an assured power purchaser. On December 20, the Power Division formally conveyed its decision to…

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Karachi Faces Severe Gas Crisis Amid Winter Chill

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Gas-Crisis

KARACHI: The city of Karachi is reeling under a severe gas crisis as plunging temperatures force residents to rely on costly liquefied petroleum gas (LPG). Scheduled gas load-shedding from 9:30 PM to 6:00 AM and 2:30 PM to 5:00 PM is exacerbated by widespread unannounced outages and low pressure, leaving many without adequate gas supply throughout the day. Residents attribute…

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Research Highlights Fire Risks in Building-Integrated PV Facades

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Fire-Risks

A Danish-Norwegian research team has shed light on critical factors influencing fire propagation in building-integrated photovoltaic (BIPV) facades, revealing that the gap distance between panels and walls, as well as combustible materials in wall cavities, play significant roles. The study, conducted by researchers from Norway’s RISE Fire Research AS, the Fire Research and Innovation Centre (FRIC), and Denmark’s Institute of…

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Global Lithium-Ion Battery Demand Surpasses 1 TWh in 2024

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Electric-Vehicle

For the first time in history, annual global demand for lithium-ion batteries has exceeded 1 terawatt-hour (TWh), driven by record-breaking electric vehicle (EV) sales and robust deployments of battery energy storage systems (BESS) in November 2024. This milestone marks a significant leap from 2023, when the threshold was narrowly missed, according to Rho Motion, a London-based market research firm. Lithium-ion…

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Power Ministry Urgently Seeks Rs400 Billion to Meet IMF Circular Debt Target

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New-IMF

ISLAMABAD: The Ministry of Power has issued an urgent appeal for the release of Rs400 billion in subsidies by December 2024 to meet the International Monetary Fund’s (IMF) conditions under the $7 billion Extended Fund Facility (EFF). Failure to comply risks escalating the circular debt beyond the agreed threshold, jeopardizing financial stability and IMF commitments. So far, only Rs82 billion…

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