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Month: July 2024

PM livid over negligence in construction of key hydel project

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Karot-Hydropower

ISLAMABAD: Prime Minister Shehbaz Sharif on Sunday formed a committee to reactivate the Neelum-Jhelum hydropower project, directing the relevant officials to com­plete investigation into its recent closure and identify those responsible for the defects in its design.While chairing a meeting at PM House during which a preliminary investigation report was presented, the prime minister expressed annoyance over the ‘criminal negligence’…

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Factors Affecting Solar Panel Prices: What You Need to Know

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solar-panel

Introduction Solar energy is emerging as a key player in the global renewable energy landscape, offering a sustainable solution to the world’s increasing energy demands. In Pakistan, the adoption of solar panels has seen a significant rise due to the country’s abundant sunlight and the increasing need for alternative energy sources. However, the cost of solar panels can vary widely,…

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PSO Board Approves Up to $3M for Market Study

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pso

ISLAMABAD: In a significant move, the Pakistan State Oil (PSO) board has approved up to $3 million for a market study to evaluate the feasibility of a $10 billion green refinery or crude-to-petrochemical complex project. Pakistani authorities have already announced a new green refinery policy, offering substantial incentives such as a 7.5% deemed duty for 25 years and a 20-year…

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China Dominates Global Wind and Solar Plant Construction

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Solar-Wind

BEIJING: Nearly two-thirds of the world’s large wind and solar plants under construction are in China, significantly reducing coal’s share in power generation, according to a report by US-based think tank Global Energy Monitor (GEM) released on Thursday. China is building 339 gigawatts (GW) of utility-scale wind and solar, accounting for 64% of the global total, dwarfing the second-place United…

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Minister Criticizes FBR Amid Soaring Electricity Prices

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Power-Project

ISLAMABAD: In the face of rising electricity prices and criticism over governance issues in the power sector, Power Minister Awais Ahmad Khan Leghari directed blame towards the Federal Board of Revenue (FBR) during a Senate Standing Committee on Power session on Friday. Addressing the committee, chaired by PTI Senator Mohsin Aziz, Leghari highlighted the FBR’s failure, which he claims has…

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Petrol, Diesel Prices Set to Surge Again

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Petroleum-prices

ISLAMABAD: Petrol and high-speed diesel (HSD) prices are projected to rise significantly in the upcoming review on July 16, mainly due to increasing global oil prices. Petrol is expected to increase by over Rs7.60 per litre, while HSD may see a hike of Rs3.50 per litre. Sources report that international market prices for petrol and HSD have risen by approximately…

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Economy Boosted by $7 Billion IMF Deal

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IMF-board

KARACHI: Pakistan has secured a three-year, $7 billion aid package from the International Monetary Fund (IMF), offering much-needed relief to the struggling economy. The Washington-based institution announced the agreement on Saturday morning, stating that the deal, pending approval by the IMF’s Executive Board, aims to enhance macroeconomic stability and foster stronger, more inclusive, and resilient growth. Pakistan’s economy has been…

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FBR to Clarify Reasons Behind ‘Two Further Taxes’ on Power Bills Today

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fbr

ISLAMABAD: The Finance Ministry and the Federal Board of Revenue (FBR) will provide a detailed briefing to the National Assembly Standing Committee on Finance today, explaining the rationale behind imposing two further taxes on electricity bills. Presided over by Syed Naveed Qamar, the finance committee has requested the FBR to clarify the types of further taxes levied on electricity consumers.…

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Commerce Minister Jam Kamal Khan Advocates for More Efficient CPPs Over IPPs and KE

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Jam-Kamal

ISLAMABAD: Commerce Minister Jam Kamal Khan has championed the efficiency of over 100 Captive Power Plants (CPPs), asserting they outperform Independent Power Plants (IPPs) and K-Electric (KE) plants. He has urged the Prime Minister to instruct the Petroleum Division to establish audit criteria for the energy efficiency of captive plants in the export sectors based on global standards. Additionally, he…

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