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Month: August 2024

Oil Refineries Warn Lenders Won’t Support Upgrades Without Sales Tax Exemption

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Refinery-Limited

ISLAMABAD: Pakistan’s oil refineries have informed government officials that their lenders will not provide loans for plant upgrades unless issues, including the sales tax exemption on petrol (MS), High-Speed Diesel (HSD), and light diesel oil (LDO), are resolved. Managing directors from Pak-Arab Refinery Company, Pakistan Refinery Limited, National Refinery Limited, Attock Refinery Limited, and Cenergyico Pk Limited conveyed this during…

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Surge in Legally Sourced Petrol Sales in Balochistan Amid Road Blockades

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Petrol-Sales

KARACHI: The sale of legally sourced petrol in Balochistan, particularly in Quetta, has surged dramatically over the past 10 days following widespread road blockades in the province. Oil marketing companies have reported a tenfold increase in the sale of petroleum products in Quetta, Balochistan’s provincial capital. “We have recorded the sale of 600,000 litres of petrol over the past several…

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KAPCO Denies Receiving Capacity Charges Post-PPA Expiry

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KAPCO-Denies

KARACHI: Kot Addu Power Company Limited (KAPCO) announced on Wednesday that it has not received any “capacity payments” from the government since its power purchase agreement (PPA) expired in October 2022. Addressing recent reports, KAPCO clarified that it has not been paid for generating electricity in the past 22 months. The company has only received overdue receivables related to the…

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Energy Minister Announces Reforms to Reduce Reliance on IPPs

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Awais-Leghari

ISLAMABAD: Energy Minister Awais Leghari announced on Wednesday that the energy ministry has embarked on major reforms aimed at reducing reliance on Independent Power Producers (IPPs) and addressing critical issues in Pakistan’s energy sector. Speaking to the Senate Standing Committee on Energy, Leghari highlighted several challenges, including power outages, high transmission losses, elevated tariffs, limited renewable energy sources, and a…

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Glencore Retains Coal Business After Shareholder Consultation

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Glencore-Retains

ZURICH: Swiss commodities giant Glencore has decided to retain its coal business after consulting shareholders who see the fossil fuel as a significant cash generator. Glencore recently completed the acquisition of Teck Resources’ steelmaking coal unit, Elk Valley Resources, in July following a protracted negotiation with the Canadian company. The commodities trading and mining group had considered merging Elk Valley…

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Rashid Mahmood Appointed FBR Chief to Spearhead Digitization

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FBR-Chief

ISLAMABAD: Prime Minister Shehbaz Sharif has appointed Rashid Mahmood Langrial, a BS-21 officer of the Pakistan Administrative Services, as the new chairman of the Federal Board of Revenue (FBR). This move aims to quell speculations and address the need for end-to-end digitization of the tax process. The FBR chief position became vacant last month after Zubair Tiwana sought early retirement.…

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Senate Panel Urges Study on Regional Power Rates

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senate

ISLAMABAD: The Senate Standing Committee on Power has called on the government to conduct a comparative analysis of electricity tariffs in neighboring and regional countries, highlighting the unaffordability of current power bills for the average Pakistani. Committee chairman Senator Mohsin Aziz emphasized the urgent need to address issues with independent power producers (IPPs), which have become a significant financial burden.…

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Total Energies to Sell 50% Stake in Pakistani Subsidiary to Gunvor Group

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total-energies

French oil major TotalEnergies has announced the sale of its 50% stake in Total Parco Pakistan Limited (TPPL) to global commodities trader Gunvor Group. This joint venture between TotalEnergies and Pak-Arab Refinery Limited (Parco) operates over 800 service stations in Pakistan and is involved in fuel logistics and lubricants. TotalEnergies stated that the transaction, pending regulatory approvals, aligns with its…

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DISCOs Question Efficacy of Rs73 Billion Asset Performance Monitoring System Project

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dollars

LAHORE: The Power Division and ex-WAPDA Distribution Companies (DISCOs) are at odds over the implementation of the Rs73 billion “Asset Performance Monitoring System” (APMS) project, with differing opinions on its effectiveness. In a directive, the Power Division instructed DISCOs to submit the PC-1 of the APMS project, aimed at 100KVA general duty distribution transformers, for board approval by August 9.…

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New Oil and Gas Deposits Discovered, Boosting Domestic Production and Reducing Import Reliance

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oil-gas

KARACHI: In a significant development for Pakistan’s energy sector, new oil and gas deposits have been discovered in the Kohat district of Khyber-Pakhtunkhwa (K-P). The well, operated jointly by Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), and Pakistan Oilfields Limited (POL), marks a critical step towards enhancing the country’s energy security. Additionally, PPL has revamped gas…

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