Karachi: Atif Ikram Sheikh, President FPCCI, has apprised that the business, industry and trade community of Pakistan is disappointed with the monetary policy as it continues to be based on a heavy premium vis-à-vis core inflation. While we appreciate the rate cut by 200 bps or 2 percent, this is too little, too late in the context of price data…
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ISLAMABAD: Saudi oil giant Aramco said on Wednesday it would launch its first branded retail gas station in Pakistan by the end of the year, having already completed the acquisition of a 40 percent stake in Gas & Oil Pakistan Ltd. (GO) in May. Aramco is a global integrated energy and chemicals company that produces approximately one in every eight…
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PESHAWAR: The Sarhad Chamber of Commerce and Industry (SCCI) has filed a writ petition in the Peshawar High Court, challenging the agreements with Independent Power Producers (IPPs). The petition calls for a forensic audit of all IPP contracts, aiming to address the issue of excessive payouts and bring relief to power consumers. The plea opposes the renewal of existing IPP…
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ISLAMABAD: The government has intensified its investigation into the operations of Independent Power Producers (IPPs) as some plant owners resist efforts to renegotiate their contracts. These producers argue they are merely fulfilling the terms of their agreements. The probe is focused on reducing capacity payments, a significant financial burden that the government is aiming to alleviate. Background discussions with officials…
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KABUL: Afghanistan announced the commencement of work on its segment of the $10 billion Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline, as officials gathered at a border ceremony in Turkmenistan on Wednesday. The project, which has faced repeated delays due to security concerns in Afghanistan, is expected to boost regional economies by delivering 33 billion cubic meters of natural gas annually. Afghan Prime…
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ISLAMABAD: The Economic Coordination Committee (ECC) of the federal cabinet, chaired by Finance Minister Muhammad Aurangzeb, has revised the gas supply priority list, placing industrial processes on par with the domestic and commercial sectors. The decision aims to prioritize gas for industries while lowering the priority for captive power users and the CNG sector. The Ministry of Energy had submitted…
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KARACHI: In response to growing public and business sector demands to reduce high electricity costs and eliminate excessive capacity payments, Liberty Power, an independent power producer (IPP), has announced plans to renegotiate its contract with the federal government. Shaharyar Chisti, Chairman of Pak Asia Investment, Liberty Power’s parent company, revealed during a press conference on Wednesday that the company is…
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