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Month: September 2024

Major Oil and Gas Reserves Found in Pakistani Waters: A Game Changer for the Energy Sector

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Furnace Oil

KARACHI – In a potentially transformative development for Pakistan’s energy sector, significant oil and gas reserves have been discovered in the country’s territorial waters. A senior security official revealed that a three-year survey conducted in collaboration with a “friendly country” confirmed the presence of these substantial deposits. The discovery, hailed as a potential game-changer for the nation’s economy, could reduce…

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NA Informed of Rs296 Billion Net Hydel Profit Payments to Provinces Over 10 Years

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Bhasha-Dam

ISLAMABAD: The National Assembly was informed on Thursday that a total of Rs296 billion has been paid to Khyber-Pakhtunkhwa, Punjab, and Azad Jammu and Kashmir (AJK) in net hydel profit over the last decade. Responding during the question hour, Minister for Water Resources Musadik Malik detailed that Rs216 billion had been paid to Khyber-Pakhtunkhwa, Rs73.45 billion to Punjab, and Rs6.4…

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China Resists Renegotiation of Capacity Tariff for IPPs Amid Pakistan’s $1 Billion Payment Delay

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China-Pakistan

KARACHI: China has shown reluctance to renegotiate the capacity tariff agreements for Chinese Independent Power Producers (IPPs) operating under the China-Pakistan Economic Corridor (CPEC), citing delayed payments from Pakistan. Speaking at an event hosted by the All Pakistan Newspapers Society (APNS), Chinese Ambassador to Pakistan Jiang Zaidong emphasized that the capacity tariff was part of a universal arrangement made by…

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Chinese Lenders Agree to Transition IPPs to Daily SOFR, Reject Term SOFR

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power-gride

ISLAMABAD: In ongoing discussions regarding the transition from the London Inter-bank Offered Rate (LIBOR) to the Secured Overnight Financing Rate (SOFR), Chinese lenders financing Independent Power Producers (IPPs) under the China-Pakistan Economic Corridor (CPEC) have agreed to adopt daily SOFR but rejected the Term SOFR option. During a suo motu hearing by the National Electric Power Regulatory Authority (NEPRA), it…

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Falling Oil Prices to Ease Pakistan’s Import Bill and Strengthen Forex Reserves

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russia-oil

KARACHI: Pakistan’s external economy is benefiting from a 20% drop in global crude oil prices, as the reduced cost helps lower the import bill, build foreign reserves, and enhance the country’s debt repayment capacity. A report by JS Global titled “Oil Price Downturn – A Familiar Safety Net” highlights that global crude prices have fallen by $17 per barrel since…

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Govt Orders FIRs Against Grid Station Takeovers in KP

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Power genration

ISLAMABAD: After months of cautious restraint, the federal government has decided to initiate legal action against the forced takeovers of grid stations in Khyber Pakhtunkhwa (KP), involving the deployment of Frontier Constabulary (FC) personnel to safeguard power infrastructure. Tensions between the federal PML-N government and KP’s PTI-led administration have escalated since the general election, with the issue being a major…

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Govt Entities Owe Rs256.34 Billion to Power Distribution Companies

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Power-sector

ISLAMABAD: The National Assembly was informed on Wednesday that federal, provincial, and Azad Jammu and Kashmir (AJK) governments collectively owe over Rs256.34 billion to power distribution companies (DISCOs) as of June 2024. Responding to a question from MNA Jam Abdul Karim Bijar during the Question-Hour, the Power Division disclosed the DISCO-wise breakdown of arrears. The federal government owes Rs47.811 billion,…

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OMCs’ September Cargo Deferred, October Shipments to Be Canceled

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Russian-oil

ISLAMABAD: Leading oil marketing companies (OMCs) have had their September cargoes deferred, with three scheduled for October set to be rationalized or canceled. If necessary, December cargoes will also be canceled. In a meeting on Wednesday with refineries and top-performing OMCs, the decision was made to address concerns about the excessive stock of high-speed diesel (HSD). Cargoes already in the…

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OGRA Steps in to Protect Refineries, Cancels HSD Cargoes for OMCs

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OGRA

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has taken swift action to safeguard the country’s refineries by halting some oil marketing companies (OMCs) from importing High-Speed Diesel (HSD) due to an oversupply of the fuel. The regulator canceled diesel cargoes scheduled for Pakistan State Oil (PSO) and GO company for October and November, in response to warnings from refineries…

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Centre, Provinces Owe Rs2.56 Trillion to Power Distribution Companies

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Your-Bill

ISLAMABAD: The federal and provincial governments collectively owe over Rs2.56 trillion in unpaid electricity bills to Distribution Companies (DISCOs) across Pakistan, according to official documents reviewed by The Express Tribune. The 12 DISCOs, which include major utilities like Lahore Electric Supply Company (Lesco), Islamabad Electric Supply Company (Iesco), and K-Electric, are struggling to recover payments. The federal government’s debt totals…

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