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Day: February 13, 2024

SIFC Collaborates with Scatec to Install 150MW Solar Power Plant in Sukkur

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SOLAR-POWER

In a strategic move towards sustainable energy solutions, the Special Investment Facilitation Council (SIFC) has joined forces with solar company Scatec to establish a 150 megawatts solar power plant in Sukkur. The initiative aims to bolster the region’s energy infrastructure, ensuring uninterrupted power supply for local residents. This public-private partnership underscores a commitment to clean energy generation and combating global…

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Caretaker Government Likely to Raise Gas Prices in ECC Meeting Today

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Gas-Prices

The caretaker government is poised to present a plan to the Economic Coordination Committee (ECC) today, in accordance with IMF directives, aiming to increase gas prices further. The proposal follows the recent recommendation by the Oil and Gas Regulatory Authority (OGRA) for a 23.16% average hike in gas prices effective from January 1, 2024. Under the proposed plan by the…

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Attock Refinery Limited Delays Maintenance Shutdown Following Regulatory Advice

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New-ARL

Attock Refinery Limited announced on Monday that it has postponed the scheduled month-long closure of certain units for maintenance by a week. Originally planned to begin on February 10, the annual turnaround will now commence on February 18, as per the company’s notice to the Pakistan Stock Exchange. The decision to delay the maintenance shutdown was made in response to…

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US Calls for Independent Probe into Alleged Election Irregularities in Pakistan

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Pak-Election

The United States has proposed an independent investigation into claims of election irregularities in Pakistan, suggesting that the country’s legal system should be the first to address the issue. State Department Spokesperson Matthew Miller stated during a press briefing that allowing the legal system in Pakistan to play out would be the appropriate initial step. Responding to inquiries about US…

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Ministry of Energy Shares Spot LNG Price Forecasts with Utilities Amid Concerns Over Outstanding Dues

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LNG-1

The Ministry of Energy (Petroleum Division) has disseminated spot LNG price projections to Sui gas companies, the National Transmission and Despatch Company (NTDC), and the Central Power Purchasing Agency-Guaranteed (CPPA-G) until September 2024. As per projections by M/s Pakistan LNG Limited (PLL), the anticipated spot LNG prices from March to September 2024 are: March-April: $9.43/MMBTU, May: $8.81/MMBTU, June: $8.39/MMBTU, July:…

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IMF Rejects Pakistan’s Energy Sector Plans, Citing Fiscal Risks

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IMF-board

The International Monetary Fund (IMF) has declined Pakistan’s proposals aimed at addressing the energy sector’s Rs1.3 trillion circular debt and reducing electricity prices for industries. Nathan Porter, IMF’s Mission Chief to Pakistan, expressed skepticism about the proposals, stating that they would burden residential consumers and pose fiscal risks. Porter emphasized that the proposed industrial tariff reduction plan fails to tackle…

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Pakistan’s Debt Burden Hits Record High of Rs81.2 Trillion, Posing Challenges for New Government

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state-bank

Pakistan is grappling with a historic debt burden, reaching a staggering Rs81.2 trillion, which surged by over 27% in the past year alone. The State Bank of Pakistan‘s latest bulletin reveals the alarming increase, with debt and liabilities climbing by another Rs17.4 trillion by the end of December, significantly outpacing previous rates of growth. The unprecedented level of debt, including…

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