The Private Power & Infrastructure Board (PPIB) has called upon the State Bank of Pakistan (SBP) to clear the outstanding payments of $789 million owed to power projects, including those under the China Pakistan Economic Corridor (CPEC), to ensure the seamless progress and operations of these projects. Sources close to the Managing Director (MD) of PPIB disclosed this information to…
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According to well-informed sources within the Petroleum Division, the government is considering the inclusion of the $10 billion Saudi Aramco refinery project within the framework of the China Pakistan Economic Corridor (CPEC). A meeting held on December 22, 2023, between Pakistan’s Deputy Ambassador in Beijing and key officials from Sinopec Engineering Group (SEG) discussed Aramco’s proposal to involve Sinopec as…
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In line with the federal cabinet’s decision, the Oil and Gas Regulatory Authority (OGRA) has announced a significant increase in natural gas prices effective from February 1, 2024, with unprotected consumers facing the brunt of the hike. Protected consumers will experience a gradual increase in tariff slabs, ranging from Rs. 80 to Rs. 100 per Million British Thermal Units (MMBtu),…
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In response to international criticism of Pakistan’s 2024 general elections, the Foreign Office reiterated its stance, dismissing external scrutiny and labeling the polls as an internal matter. Foreign Office spokesperson Mumtaz Zahra Baloch, addressing concerns raised by countries such as the US, UK, and EU regarding the fairness and transparency of the election process, asserted that such criticism lacked constructive…
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In response to significant system losses and decreasing international prices, the Oil and Gas Regulatory Authority (Ogra) has announced a reduction in the sale price of Regasified Liquefied Natural Gas (RLNG) for Sui Southern Gas Company Ltd (SSGCL) and Sui Northern Gas Pipelines Ltd (SNGPL) for the current month, effective Feb 1. This marks the second consecutive month of decline…
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Karachi: In a concerning trend, the prices of solar panels in Pakistan have witnessed a significant uptick, with costs escalating from a previous range of 75,000 to a staggering 300,000 rupees. This surge, according to industry insiders, can be attributed to a confluence of economic variables and governmental policies.The steady increase in solar panel prices has caught the attention of…
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London: British energy giant Shell has forecasted a significant increase in global demand for liquefied natural gas (LNG), estimating a rise of over 50 percent by 2040. This surge in demand is primarily attributed to China’s transition away from coal. According to a report released by Shell, while natural gas demand has already peaked in certain regions, it continues to…
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Islamabad: Members of the Senate Standing Committee on Finance expressed strong criticism on Wednesday regarding what they described as a significant and burdensome increase in electricity and gas bills. During the committee’s proceedings chaired by Senator Saleem Mandviwala, members voiced their concerns one after another, highlighting the unusual surge in bills despite the installation of solar panels. Senator Sadia Abbasi…
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The prices of petrol and high-speed diesel (HSD) are anticipated to increase by Rs4-11 per litre for the next fortnight, starting from February 16. This hike is attributed to higher international prices and import premiums, offsetting the impact of a minor exchange rate gain. Sources familiar with the matter revealed that both petrol and HSD experienced an uptick in international…
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Under pressure to meet the February 15 deadline set by the International Monetary Fund (IMF), the caretaker government in Islamabad allowed for an additional up to 45 per cent increase in the natural gas tariff, effective from February 1. This decision was made during a meeting of the Economic Coordination Committee (ECC) of the Cabinet chaired by Caretaker Finance Minister…
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