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Day: September 14, 2024

CPEC Agreement Between Gwadar and Turkmenbashi Ports to Boost Pakistan’s Logistics Industry, SLGL Set to Benefit

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CPEC-new

The MOU between Gwadar and Turkmenbashi ports under CPEC is set to positively impact Secure Logistics Group (SLGL) and boost Pakistan’s logistics industry by opening new trade routes between Pakistan and Central Asia. With its recently acquired TIR license, SLGL is well-positioned to expand its logistics services across these regions, particularly in high-revenue long-haul routes. For example, a round trip…

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Nepra Fines Gepco Rs10 Million for Neglecting Pole Earthing Standards

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NEPRA

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has fined the Gujranwala Electric Power Company (Gepco) Rs10 million for failing to meet earthing and grounding requirements for its high-tension and low-tension poles and structures. The penalty follows Gepco’s unsatisfactory response to a show-cause notice during a hearing on May 13, 2024. Nepra criticised Gepco’s delayed approach, highlighting fatalities caused by…

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Govt Funds 32 Dam Projects to Address Water Scarcity, NA Informed

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Mohmand-Dam

ISLAMABAD: The federal government is funding the construction of 32 dam projects during the current fiscal year, the National Assembly was informed on Friday. Minister for Water Resources, Musadik Malik, stated that these projects, once completed, will have a storage capacity of 8.4 million acre-feet of water and will irrigate 436,934 acres of new agricultural land. Malik highlighted the government’s…

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Pakistan Nears IMF Deal Amid Structural Reforms and Political Uncertainty

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IMF-board

LAHORE: Pakistan is moving closer to securing a new deal with the International Monetary Fund (IMF) following the successful conclusion of talks between IMF staff and Pakistani officials. While concerns about political instability and debt sustainability persist, the progress in negotiations and Pakistan’s efforts to meet IMF conditions increase the likelihood of approval. Pakistan has implemented several IMF-mandated reforms, though…

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Government Plans New Gas Tariff Mechanism to Tackle Circular Debt

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OGRA-GAS

ISLAMABAD: The government is working on a new gas pricing mechanism that would shift from the current biannual system to a monthly or quarterly determination, aiming to curb the growing circular debt, which reached Rs2.7 trillion by March 2024. A 20-member task force led by Deputy Prime Minister Ishaq Dar has directed the petroleum division to draft recommendations for amending…

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Government May Scrap 300 MW Gwadar Coal Power Project Over Delays

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coal

ISLAMABAD: The government is likely to cancel the 300 MW imported coal power project in Gwadar as the Chinese firm, CIHC Pak Power Company (Pvt) Ltd (CPPCL), has yet to make significant progress. Sources from the Private Power & Infrastructure Board (PPIB) revealed that CPPCL is demanding a further upward revision in tariff before moving ahead. PPIB Managing Director, Shah…

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Energy Companies Agree to Lower Tariffs in Response to PM’s Request

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power-subsidy

At the request of Prime Minister Shehbaz Sharif, local energy companies, including Liberty Power Producers and Gul Ahmed Energy Power Plant, have agreed to reduce electricity production tariffs. This decision aims to provide relief to Pakistanis facing an ongoing energy crisis. Danish Iqbal, Chairman of Gul Ahmed Energy Power Plant, emphasized the shared responsibility of all stakeholders in addressing the…

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