SAI President demands early issuance of 9 cents power tariff notification

Power-Tariff

KARACHI: The President, SITE Association of Industry Muhammad Kamran Arbi, while welcoming the decision of the federal government to allow power tariff @ 9 cents / KWh to industrial consumers, has demanded the Govt. to issue the Notification of the same immediately.He said that power tariff reduction to 9 cents/kWh will not only help in restoration of industrial competitiveness and…

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Commitment for CPEC success renewed

New-CPEC

ISLAMABAD: Pakis­tan and China on Monday renewed their commitment for the success of China-Pakistan Economic Corridor (CPEC) as the two sides expressed their desire for enhanced cooperation in the areas of information technology, economy, agriculture, and human resource development. Both sides expressed this resolve during a series of meetings of visiting China’s Vice Foreign Minister Sun Weidong with President Arif…

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Financial close: PPIB board grants 4-month extension to Turkish firm

PPIB-Zorlu

ISLAMABAD: The Board of Private Power and Infrastructure Board (PPIB) has granted extension of four months to Turkish firm M/s Zorlu Solar Pakistan Limited (ZSPL) in financial close without doubling the Performance Guarantee (PG), well-informed sources told Business Recorder. ZSPL, in its letter of November 16, 2023 requested the PPIB for grant of four-month extension in the FC date under the…

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Shanghai Electric extends deadline for K-Electric deal by 90 days

circular-debt-K-electric-ceo

KARACHI: China’s Shanghai Electric Power Company Limited (SEP) has extended its deadline to buy a majority stake in K-Electric Limited (KEL) by 90 days, the brokerage house managing the deal said on Monday. SEP, which agreed to acquire 66.40 percent of KEL’s shares for $1.77 billion in 2016, has faced delays in obtaining regulatory approvals from both China and Pakistan.…

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Under IMF radar: FBR declines $50m tax exemption for TAPI gas project

TAPI-gas

ISLAMABAD: The tax collecting agency of the country is evasive from including the Turkmenistan–Afghanistan–Pakistan–India (TAPI) gas pipeline project in the Foreign Investment Promotion and Protection (FIPPA) Act 2022 as it would cost the tax exemption of $40-50 million which is not possible since the country is very much in the discipline of IMF, senior officials of the Energy Ministry told…

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