Islamabad, February 27, 2024: The Board of Directors of Oil & Gas Development Company Limited (OGDCL) in its meeting held on February 27, 2024, at OGDCL Head Office, Islamabad announced the financial results for the half year ended on December 31, 2023, of the fiscal year 2023-24. Net sales revenue clocked at Rs.235.375 billion translating to Profit after tax of…
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In a historic event held in Lahore, Pakistan, Sunova Solar, a leading global provider of renewable energy solutions, unveiled groundbreaking Tier-1 Solar products, signaling a transformative shift in the nation’s energy landscape. With over 260 distinguished guests in attendance, including industry luminaries such as Mr. Tauseef, former chairman of NEPRA, and visionary Usama Khalid Malik, Director of Strategic Projects, the…
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KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Iftikhar Ahmed Sheikh has strongly condemned NEPRA’s decision to allow an increase of Rs7.0562 per kWh as adjustment in fuel charges component for the month of January 2024 which was totally unacceptable as it would not only raise the cost of doing business but also intensify hardships for common man who…
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In response to a recent surge in power tariffs, the federal government of Pakistan is poised to raise petroleum prices, effective from February 29. Sources indicate that preparations have been finalized for the implementation of these price adjustments. It is anticipated that petrol prices will climb by Rs4.50 per liter, while diesel may witness a Rs2.50 increase. Additionally, Kerosene oil…
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In a significant development, Saudi investors leading the consortium owning majority shares of Karachi Electric (KE) have expressed satisfaction with the progress made in resolving operational issues hindering the sale of the utility to Shanghai Electric Power (SEP), a prominent Chinese entity. The Pakistani government, through a committee established to address regulatory hurdles and payables issues, has successfully resolved three…
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The Private Power & Infrastructure Board (PPIB) has expressed its readiness to assist Saudi company M/s ACWA in establishing solar projects totaling 1200 MWp in South Punjab. According to sources, PPIB Managing Director Shah Jahan Mirza informed the Special Secretary SIFC that the draft Inter-Governmental Framework Agreement (IGFA) between the Governments of Saudi Arabia and Pakistan for cooperation and development…
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The National Electric Power Regulatory Authority (Nepra) has highlighted the poor performance of all power distribution companies (Discos), including K-Electric, during the fiscal year 2022-23. Nepra’s performance evaluation reports (PERs) revealed significant underperformance against set targets, resulting in cumulative financial losses of approximately Rs1 trillion annually and exacerbating the circular debt by over Rs350 billion. The evaluations, based on data…
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In a significant development, the National Electric Power Regulatory Authority (Nepra) has greenlit a record fuel cost adjustment (FCA) despite initially announcing an investigation into the demand made by distribution companies (Discos). The approved hike will impose an additional burden of Rs55 billion on electricity consumers. Initially, the Discos had requested an FCA of Rs7.13 per unit, prompting Nepra to…
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Lahore Electric Supply Company (Lesco) has disconnected power supply to Bahria Town due to outstanding dues amounting to over Rs762 million. The decision to cut off power was made by Lesco’s Raiwind division executive engineer after repeated reminders to Bahria Town administration went unheeded. The dues, pertaining to fuel price adjustments and quarterly tariff adjustments, had been pending for some…
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(Lahore, Pakistan) Monday, 26 February, 2024 – Pakistan’s increasing demand for solar energy is on the rise as both residences and businesses increasingly recognize solar power as a reliable and cost-efficient source of electricity. According to Bloomberg New Energy Finance (BloombergNEF), Pakistan imported USD$1.11 billion worth of solar products from January to September 2023, equivalent to an estimated 4GW of…
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