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Month: February 2024

OGDCL Announces Major Gas and Condensate Discovery at Kharo Well-1 in Khairpur, Sindh

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ogdcl

ISLAMABAD, February 19, 2024: The Oil and Gas Development Company Limited (OGDCL) has announced a significant breakthrough in its exploration efforts with the discovery of gas and condensate at the Kharo-1, a well drilled in the Khewari exploration license area, located in Khairpur district of Sindh province.Following rigorous drilling and testing operations conducted with OGDCL’s proprietary expertise, the Kharo-1 well…

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Competition Commission of Pakistan Approves Merger of Korean Firm with Mira Power Limited

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Mira-Power

The Competition Commission of Pakistan (CCP) has granted approval for the merger of a Korean firm with Mira Power Limited (MPL), as reported by Business Recorder on Monday. The merger involves Korea-based DL E&C Co. Ltd acquiring shares in MPL, the operator of the 102 MW Gulpur hydropower plant, from DL Holdings Co. Ltd. CCP conducted a competition assessment and…

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Pakistan Accelerates IP Pipeline Project to Avoid $18 Billion Penalty Despite US Sanctions

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gas-pipeline

Islamabad: Pakistan has committed to completing the first phase of the Iran-Pakistan (IP) gas pipeline project within its territory to avoid a potential $18 billion penalty, despite facing sanctions from the United States. Iran has granted an extension of 180 days until September 2024 to complete the project, aiming to prevent litigation in international courts and maintain diplomatic relations. To…

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Escalating Energy Costs Pose Threat to Industries, Job Market, and Inflation

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power-subsidy

Karachi: Industrialists express concerns over the rising gas and electricity tariffs, warning of potential closures of industries, unemployment surge, and inflationary pressures. President of the Federal B Area Association of Trade and Industry (FBATI), Syed Raza Hussain, highlighted the adverse effects of gas tariff hikes on small and medium-sized enterprises, emphasizing potential job losses and inflationary impacts. Industry leaders, including…

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Mayor Karachi Announces Solar Power Transition for KMC Buildings, Establishes 100 Million Endowment Fund for Green Energy Initiatives

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solar-panel

Karachi – Mayor Karachi Barrister Murtaza Wahab has announced the Karachi Metropolitan Corporation’s (KMC) plans to transition its buildings to solar power, fulfilling a promise outlined in the party manifesto. A 100 million rupee endowment fund has been established for global warming and green energy initiatives, with a focus on clean and green energy throughout the city. Despite efforts to…

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Caretaker Energy Minister Advocates for Reduced Government Involvement in Businesses at Karachi Literature Festival

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Mohammed-Ali

Caretaker Energy Minister Mohammed Ali advocated for a reduction of government involvement in businesses during his address at the Karachi Literature Festival (KLF) 2024. He emphasized that Pakistan stands out as a multi-party democracy where the government holds significant control over various industries, a situation he deemed incompatible with achieving self-reliance. Speaking on the panel titled ‘The Big Picture: Future…

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SIFC Approves Revised Gas Allocation Priority List

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Gas-Project

The government has decided to overhaul the gas allocation merit order, giving top priority to domestic, commercial (including roti tandoor), and industrial sectors for processing purposes. This decision, approved by the Special Investment Facilitation Council (SIFC), is aimed at stimulating economic activity and ensuring sustained momentum throughout the year. According to a senior official from the Energy Ministry, the revised…

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Pakistan Plans to Lay 81-Kilometer Gas Pipeline from Gwadar to Iranian Border

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gas-pipeline

In a significant development, Pakistan has announced plans to proceed with the long-pending gas line project within its territory in two phases. The initial phase involves laying an 81-kilometer segment of the pipeline from Gwadar, where Iran has already established its part of the pipeline originating from the gas field. The decision received approval from the Special Investment Facilitation Council…

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Wapda Proposes Sales Tax Deposit for Mangla Power Station to AJ&K

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Mangla-Dam

The Water and Power Development Authority (Wapda) has recommended a formal agreement among stakeholders to direct the sales tax revenue from the Mangla Power Station to the exchequer of Azad Jammu and Kashmir (AJ&K), according to informed sources. In response to a recent notification establishing a Technical Committee, following a decision made during a Combined Sub-Committee meeting on January 30,…

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Ownership Dispute Between NPGCL and Wapda Escalates in Faisalabad

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WAPDA-MoUs

Tensions have mounted between the Northern Power Generation Company Limited (NPGCL) and the Water and Power Development Authority (Wapda) over ownership rights to properties in Faisalabad, including the Gas Thermal Power Station (GTPS) and Steam Power Station (SPS). The dispute has intensified following reported encroachment by Wapda security personnel onto NPGCL premises. In a letter addressed to the Chairman of…

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