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Month: February 2024

Cnergyico Plans $1 Billion Refinery Upgrade, Nears Resolution on Rs47.5 Billion Levy Dispute

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Cnergyico-Ltd

KARACHI: Cnergyico Ltd. aims to resolve a prolonged dispute over unpaid Rs47.5 billion petroleum levy (PL) on petroleum products while embarking on a massive overhaul of its refinery, investing over $1 billion. The move aligns with the new Oil Refining Policy, aimed at modernizing Pakistan’s oil refining sector, the company announced on Friday. Amidst challenges, including pending receivable claims of…

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Chinese IPPs’ Dues Soar to Record $1.8 Billion, Straining Pakistan-China Relations

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CPEC-likely

ISLAMABAD: Pakistan’s outstanding dues to Chinese-backed power projects under the China-Pakistan Economic Corridor (CPEC) have surged to a record Rs493 billion or $1.8 billion as of last month, marking a staggering increase of 77% within seven months. The significant rise in dues during the caretaker government’s tenure poses a serious challenge for Pakistan’s economic ties with Beijing. Sources revealed to…

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Nepra Shows Leniency Towards Discos, Delays Show-Cause for Overbilling

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power-e-unit

ISLAMABAD: Despite confirming significant over-billing by power distribution companies (Discos) during July-August 2023, the National Electric Power Regulatory Authority (Nepra) opted for a lenient approach on Friday, refraining from issuing show-cause notices to the errant companies. Instead, Nepra directed the Discos to compensate consumers for the excess charges through upcoming bills. In December, Nepra’s investigation revealed that all Discos, including…

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Investigation Launched into Rs7.13 Fuel Cost Adjustment Hike

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petroleum-group

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has initiated an inquiry into the unprecedented Rs7.13 per unit additional fuel cost adjustment (FCA) proposed by distribution companies (Discos). Nepra announced its decision during a public hearing on an FCA petition filed by the Central Power Purchasing Agency (CPPA) on behalf of Discos. The aim is to extract an additional Rs57…

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Outrage Over Proposed Benefits for Newly Elected MNAs

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National-Assembly

In a recent development reported by The Express Tribune on February 23, 2024, a staggering proposal has emerged, suggesting a budget of Rs1.5 billion for the salaries and perks of the newly elected members of the 16th National Assembly. The proposed benefits include lavish allowances, extensive travel privileges, and even blue passports for the MNAs and their families. According to…

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RISING GAS & ELECTRICITY TARIFFSDay not far when thousands to come out on streets across Pakistan, fears President KCCI

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Gas-Project

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Iftikhar Ahmed Sheikh, while expressing deep concerns over rising cost of doing business due to unbearable hike in energy tariffs, feared that the day was not far when thousands of jobless people would come out on streets to protest against the government’s policy to keep on raising gas and electricity tariffs…

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PPP Announces Murad Ali Shah as Candidate for Sindh Chief Minister

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murad-ali

Pakistan People’s Party (PPP) Chairman Bilawal Bhutto Zardari declared Murad Ali Shah as the party’s nominee for the position of Sindh chief minister. Bhutto expressed confidence in the party’s ability to outperform its previous term, stating, “We will surpass our own achievements.” Additionally, Bhutto revealed that PPP has selected Awais Shah as their choice for the Speaker of the Sindh…

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CCoE approves work on the 80 km segment of the IP Gas Pipeline inside Pakistan

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iran-gas-pipeline

A summary of Petroleum Division regarding IP Gas Pipeline was taken up by the Cabinet Committee on Energy (CCoE) in its session of February 23, 2024. The CCoE approved the recommendations of the Ministerial Oversight Committee for the IP Project constituted by the Prime Minister in September 2023 whereby the Committee recommended to start work on the 80 km segment…

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Power Sector Circular Debt in Pakistan Surges to Rs2.635 Trillion

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circular-debt

ISLAMABAD: Pakistan’s power sector circular debt has soared to Rs2.635 trillion in the first seven months of the fiscal year 2023-24, compared to Rs2.626 trillion during the same period in 2022-23. According to official documents, the total payables to power producers amounted to Rs1.760 trillion, with Rs111 billion owed by generation companies (Gencos) to fuel suppliers, and Rs765 billion parked…

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