July 2024 - Page 13 of 17 -

OICCI Members Positively Impact 40m People Across Pakistan Through Their CSR Initiatives

July 7, 2024July 7, 2024 Admin

Karachi: Overseas Investors Chamber of Commerce and Industry’s member companies have invested Rs 13 billion in 2022-2023 in local communities, positively impacting 40 million individuals across the country. In collaboration with over 290 social sector organisations, the OICCI members have extended their CSR initiatives to all the four provinces of Pakistan, including Azad Jammu and Kashmir and Gilgit-Baltistan, to build…

Sindh Govt to Showcase Energy Projects at IEEEP Fair to Attract Investment

July 6, 2024July 6, 2024 Admin

KARACHI: Sindh Minister of Energy, Syed Nasir Hussain Shah, announced that the provincial energy department will exhibit its ongoing and upcoming projects at the 13th edition of the Institute of Electrical and Electronics Engineers Pakistan (IEEEP) Fair. The event, set to take place at Karachi Expo Centre in September, aims to draw investment and encourage joint ventures and partnerships for…

Government Grants Six-Month Extension for Refineries to Sign Upgrade Agreements

July 6, 2024July 6, 2024 Admin

ISLAMABAD: The Cabinet Committee on Energy (CCoE), chaired by Prime Minister Shehbaz Sharif, has extended the deadline for local refineries to sign implementation agreements (IAs) with the Oil & Gas Regulatory Authority (OGRA) for their $5-6 billion upgrade projects by an additional six months. This extension, granted under the amended brownfield refineries’ policy of 2023, aims to accommodate the country’s…

NESPAK Celebrates Successful Hi-Pot Testing of Suki Kinari Transmission Line

July 6, 2024July 6, 2024 Admin

ISLAMABAD: National Engineering Services Pakistan (Pvt) Limited (NESPAK) has celebrated the successful high-potential (Hi-Pot) testing of the 500kV transmission line for the 884MW Suki Kinari hydropower project, marking a significant milestone achieved within the designated timeframe. In a letter to the National Transmission and Despatch Company (NTDC), NESPAK extended its congratulations on the completion of the Hi-Pot testing on June…

SSGC Halts Gas Supply to Pakistan Steel Mills Over Rs98 Billion Default

July 6, 2024July 6, 2024 Admin

ISLAMABAD: Sui Southern Gas Company Ltd (SSGC) has disconnected gas supply to Pakistan Steel Mills (PSM) due to chronic payment defaults amounting to Rs98 billion, including Rs75 billion in interest and late payment surcharges. The Karachi-based gas utility stated that PSM began partially defaulting on monthly gas bill payments in November 2008 and ceased all payments after March 2015. Despite…

Fuel Charges Rise for Power Bills, But Relief for KE Customers

July 6, 2024July 6, 2024 Admin

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) announced an additional Rs3.33 per unit fuel cost adjustment (FCA) for May consumption, allowing ex-Wapda distribution companies (Discos) to collect an additional Rs41 billion in July. In contrast, K-Electric (KE) consumers will see a Rs1.67 per unit reduction in FCA based on April consumption, amounting to an overall financial impact of around…

Fuel Crisis Hits Karachi and KP as Pumps Run Dry Amid Partial Strike

July 6, 2024July 6, 2024 Admin

KARACHI/PESHAWAR: Despite the postponement of a planned strike by petroleum dealers on Friday evening, many consumers in Karachi faced difficulties obtaining petrol and diesel earlier in the day as several fuel pumps were either closed or out of stock. The strike was a protest against the government’s imposition of a 0.5% advance turnover tax, which the dealers argue would add…

Ogra Expresses Strong Displeasure Over Media Reporting of Correspondences with Refineries

July 5, 2024July 5, 2024 Admin

KARACHI – The Oil & Gas Regulatory Authority (Ogra) has formally protested against the publication of its communications with the refining sector in print media. In a letter addressed to the country’s five refineries on Thursday, Ogra criticized what it termed as “highly unprofessional” reporting that undermines collaborative efforts. Expressing dismay over the dissemination of news reports related to regulatory…

India’s Solar Power Growth Slows to Six-Year Low in First Half of 2024

July 5, 2024July 5, 2024 Admin

SINGAPORE – India’s solar power generation expanded at its slowest pace in six years during the first half of 2024, according to analysis of data from the federal grid regulator. The growth in solar electricity production was overshadowed by a stronger reliance on coal to meet escalating power demands. Data from Grid-India revealed that electricity generated from coal increased by…

Cabinet Panel Approves Winding Up of ENAR Petrotech Services

July 5, 2024July 5, 2024 Admin

ISLAMABAD – The Cabinet Committee on State-Owned Enterprises has approved the winding up of ENAR Petrotech Services Limited (ESPL). The committee, chaired by Federal Minister for Finance & Revenue Muhammad Aurangzeb, also decided on restructuring and preparing two power distribution companies, Tesco and Qesco, for privatization. During a meeting at the Finance Division on Thursday, the committee reviewed summaries from…