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Month: July 2024

Government Faces Hurdles in Appointing KE Director Due to Court Stay Order

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circular-debt-K-electric-ceo

ISLAMABAD: Legal disputes among K-Electric (KE) shareholders have hindered the federal government’s efforts to appoint new directors to the company’s board. At a recent high-level meeting chaired by Prime Minister Shehbaz Sharif, the cabinet approved the appointment of a new independent director to replace the previously approved member. The Power Division informed the meeting that KE, a private corporate entity,…

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Proposed Power Tariff Hike of Rs2.63/unit Under Review by NEPRA

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Nepra-Price

ISLAMABAD: Electricity consumers may soon face an additional financial burden with a proposed power tariff increase of Rs2.63 per unit due to the Fuel Charges Adjustment (FCA) for electricity consumed in June 2024. The Central Power Purchasing Agency (CPPA), representing distribution companies (DISCOs), has requested this hike in a formal application to the National Electric Power Regulatory Authority (NEPRA). The…

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US Ambassador Affirms Commitment to Pakistan in Climate Management and Education

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US-Ambassador

ISLAMABAD: US Ambassador Donald Blome underscored the United States’ commitment to supporting Pakistan in various areas, including climate management and education, at an international conference titled ‘Strengthening Pakistan-US Relations’ hosted by the Institute of Strategic Studies Islamabad (ISSI) in collaboration with Beaconhouse National University (BNU) Lahore. Appreciating Pakistan’s contribution to counterterrorism, Ambassador Blome highlighted the enduring partnership between the US…

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Energy Ministry Pushes for Deregulation Framework for Fuel Prices

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Fuel-Prices

ISLAMABAD: The Ministry of Energy has directed the Oil and Gas Regulatory Authority (Ogra) to finalize the framework for transferring the responsibility of setting petroleum prices to the oil industry. In a letter issued on Wednesday, the ministry instructed Ogra Chairman to convene a meeting today (Thursday) to discuss the analysis, implications, and strategies for deregulating petroleum products. This move…

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Pakistan and Turkmenistan for expediting TAPI pipeline project: resolved for continuous engagement

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TAPI-pipeline-project

Federal Minister for Petroleum Dr Musadik Malik held a meeting with the Deputy Chairman of the Cabinet of Ministers and Minister of Foreign Affairs of Turkmenistan Mr. Rashid Meredov who is on a two day visit to Pakistan accompanied by Turkmen delegation including Mr.Ata Haljanov, head of International economic cooperation division, Ministry of Foreign Affairs of Turkmenistan.

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Resolution submitted to Sindh Assembly says payments to IPPs threaten Pakistan’s survival

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IPPS-THREATEN

The Muttahida Quami Movement Pakistan has submitted a resolution to the Sindh Assembly calling upon the federal government to review its agreements with independent power producers (IPPs).
The resolution in question was submitted to the secretariat of the Sindh Assembly by the Leader of Opposition in the Sindh Assembly, Ali Khursheedi and MPA of MQM Pakistan, Najam Mirza on Wednesday.

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Oil Industry Fears Rs250bn Burden from Sales Tax Exemption

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oil-discovery

KARACHI: The oil sector anticipates a substantial Rs25 billion annual increase in operating costs and a staggering Rs250 billion burden for refinery upgrades due to the recent sales tax exemption. Industry representatives voiced their concerns to journalists on Tuesday, highlighting that the exemption, introduced by the Finance Act 2024, poses significant financial challenges. The policy, effective July 1, 2024, exempts…

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Gas Sector Circular Debt Hits Rs2.897 Trillion, Senate Panel Informed

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Gas-Prices

ISLAMABAD: The Senate Committee on Petroleum was informed on Tuesday that the circular debt in the gas sector has surged by Rs1,700 billion over the past decade, now totaling Rs2,897 billion. During a meeting chaired by Senator Umar Farooq at the Parliament House, petroleum officials attributed the debt escalation to the failure to increase gas tariffs from 2013 to 2023.…

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Sharif Orders Comprehensive Plan for Low-Cost Electricity for Industry

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Sharif-Orders

ISLAMABAD: Prime Minister Shehbaz Sharif has instructed the Ministry of Power to develop a comprehensive plan to reduce electricity costs for industries, aiming to boost the country’s exports. During a meeting of the National Export Development Board (NEDB) on Tuesday, the Prime Minister noted that domestic exports exceeded USD 30 billion last fiscal year, with IT exports surpassing USD 3.2…

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Government Aims to Reduce Return on Equity for Public Sector Power Projects

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Power-generation

ISLAMABAD: The federal government is considering reducing the Return on Equity (RoE) for public sector power projects, including hydro and nuclear plants, while encouraging Independent Power Producers (IPPs) to adopt similar measures, informed sources told Business Recorder. This initiative emerged amidst pressure from the business community, notably from former Minister for Commerce Gohar Ijaz, who reportedly debated the issue with…

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