The viability of power and gas sector companies continues to deteriorate due to the circular debt, affecting Pakistan’s borrowing options Pakistan’s energy sector is grappling with soaring circular debt, now reaching a staggering Rs5.73 trillion, as revealed by official documents. This figure has exceeded the previous estimate reported to the International Monetary Fund (IMF) two months ago by Rs1.5 trillion.…
Read More
ISLAMABAD: Ahead of the final review next month with the International Monetary Fund (IMF) of the ongoing $3 billion Stand-By Arrangement, the Power Division on Tuesday confirmed to have finalised a plan to reduce power tariffs for the industrial sector to revive economic activities, create job opportunities and address circular debt challenge. Testifying before the Senate Standing Committee on Power,…
Read More
ISLAMABAD: The Pakistan Meteorological Department (PMD) has suggested building large and small dams in catchment areas, especially to conserve the rainfall water during the monsoon period in order to cope with the floods and droughts in the country. The Drought Bulletin of Pakistan prepared by the National Drought Monitoring Centre (NDMC) of PMD says Pakistan’s dams’ water storage capacity is…
Read More
Ministry of Energy (Petroleum Division) and Pakistan LNG Limited (PLL) are pleased to announce the successful procurement of a second LNG cargo from the State Oil Company of the Azerbaijan Republic (SOCAR) under the Government-to-Government Framework Agreement between PLL and SOCAR. The cargo is scheduled for delivery in February 2024, further strengthening the energy partnership between Pakistan and Azerbaijan. In…
Read More
Companies say perovskite tandem solar cells are only a few years from bringing record efficiencies to a solar project near you. In Swift Solar’s lab, more than a dozen pairs of elbow-length rubber gloves hover horizontally in midair, inflated like arms. The gloves are animated by gaseous nitrogen and jut out of waist-high, glass-walled enclosures, designed to keep the workspaces…
Read More
The caretaker government on Monday decreased the price of petrol by Rs8 per litre for the next fortnight. In a notification issued today, the Finance Division said the government decided to reduce the price of petrol for the fortnight starting from January 16 as recommended by the Oil and Gas Regulatory Authority. According to the announcement, the ex-depot price of…
Read More
ISLAMABAD: Ahead of the proposed induction of the private sector for divestment and management contracts, the caretaker government has prohibited all forms of union activities in the power sector. This decision encompasses all public sector power companies, including those in the business of generation, transmission, distribution and sale of electricity, bringing them under the scope of the “Pakistan Essential Service…
Read More
ISLAMABAD: On the sidelines of the 54th annual meeting of the World Economic Forum (WEF) being held in Switzerland, caretaker Prime Minister Anwaarul Haq Kakar will invite international community to invest in Pakistan under the Special Investment Facilitation Council (SIFC) initiative. The prime minister arrived in Switzerland on Sunday to participate in the Davos event, which will continue till January 19. He…
Read More
ISLAMABAD: As the World Economic Forum began its annual session in Davos on Monday, the Chief Economists Outlook report says global economic prospects remain subdued and fraught with uncertainty. The global economy continues to grapple with headwinds from tight financial conditions, geopolitical rifts and rapid advances in generative artificial intelligence, says the report released by World Economic Forum. More than…
Read More
ISLAMABAD: In yet another blow to electricity consumers, the Central Power Purchasing Agency (CPPA) on Monday sought more than 100pc (Rs5.62 per unit) increase in fuel charges to mop up about Rs42 billion for ex-Wapda Distribution Companies (Discos) through February consumer bills and make up for subdued consumption of the most expensive electricity. This is apparently the highest-ever increase in…
Read More
