Month: January 2024

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

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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 Tripartite Letter of Support (TLoS) due to factors beyond the control of the ZSPL that have adversely affected its ability to achieve FC, and progress made by ZSPL to achieve…

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

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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. The brokerage house, Arif Habib Limited (AHL), said in a notice to the Pakistan Stock Exchange (PSX) that SEP had requested more time to make the public announcement of the…

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

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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 ‘The News’ on Monday. “FBR has already refused to give tax exemptions to local refineries on the amount of the incentives from the ESCROW account to be given by the…

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OGDCL ANNOUNCES CRUDE OIL DISCOVERY AT SONO-9 WELL IN HYDERABAD

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OGDCL

ISLAMABAD, January 23, 2024: Oil & Gas Development Company Limited (OGDCL) is actively pursuing its production enhancement roadmap. We are pleased to share that the development well Sono-9 in Sono Development & Production Lease (D&P.L) has been successfully tested, completed, and brought into the production stream using OGDCL’s in-house expertise. The well was drilled to a depth of 2350 meters, targeting the hydrocarbon potential in the Upper Sand (1B) of the Lower Goru formation. OGDCL holds a 100% stake as the operator in Sono D&P.L. Sono-9 well is located in…

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Saudia Secures 9th Global Position in On-Time Performance Review for 2023

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Saudia-Secures

Jeddah, January 22, 2024: Saudia, the national flag carrier of Saudi Arabia, ranked 9th among global airlines in the On-Time Performance for the year 2023, according to the annual report by the independent aviation monitoring website Cirium. This follows outstanding performances throughout the year 2023, in which Saudia has secured a place in the top 10 for six consecutive months. Saudia’s exceptional performance in global OTP rankings is driven by the Saudi Aviation Strategy objectives which aim to turn Saudi Arabia into a leader in the global industry by enhancing the…

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