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Day: November 6, 2024

Leaders Highlight Need for immediate action to Tackle Pakistan’s Economic and Environmental Challenges

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summit

Karachi, November 06, 2024: The 8th Edition of THE FUTURE SUMMIT commenced with a packed hall at a local hotel in Karachi. Farrukh Amin, Chief Executive Officer, Unity Foods Limited and Muhammad Azfar Ahsan, Founder & Chairman, Nutshell Group, welcomed the audience. The inaugural session featured an impressive lineup of speakers including Senator Muhammad Aurangzeb, Federal Minister for Finance &…

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Pakistan-China Security Cooperation: A Strengthened Partnership for Regional Stability

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Pakistan-China

Pakistan’s commitment to ensuring the safety and security of Chinese nationals in Pakistan has become increasingly significant as terrorist attacks targeting Chinese personnel have intensified in recent years. This commitment was highlighted during the recent visit of Chinese Premier Li Qiang to Pakistan, where the two nations reinforced their determination to combat terrorism, safeguard Chinese nationals, and secure key infrastructure…

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Foreign direct investment in Pakistan energy sector surges to $585.6mn in Q1FY25

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Power-sector

SBP reported a 48 percent increase in FDI, with inflows reaching $771 million in Q1FY25 Foreign direct investment (FDI) in Pakistan’s energy sector, including power and oil and gas exploration, reached $585.6 million during July-September 2024-25 (Q1FY25), a significant increase from $266.3 million in the same period last year (Q1FY24). The power sector remained the largest recipient, followed closely by…

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Government Should announce Winter Package with Power Tariff at Rs. 20 / Unit for Export-Oriented Industries President FPCCI

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fpcci

Karachi: Mr. Atif Ikram Sheikh, President FPCCI, has urged the government to announce a comprehensive, effective and multi-sectoral winter package for trade and industry to mitigate and overcome challenges in industrial production. The industries are in a dire need of facilitation, incentivization and cost-cutting measures to meet export targets through competitiveness in the export markets, he added. Atif Ikram Sheikh…

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Chinese Solar Giants Report Mixed Q3 Results Amid Market Challenges

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Solar-Panels

In their Q3 2024 financial reports, China’s top solar companies – JinkoSolar, JA Solar, LONGi, and Trina Solar – showed varied performance as they navigated industry pressures. JinkoSolar faced a sharp 99.41% year-on-year profit drop, posting a net profit of CNY 14.87 million ($2.09 million) and a 22.09% revenue decline to CNY 24.519 billion. Over the first nine months, JinkoSolar’s…

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Trump Edges Harris in Key Swing States as GOP Secures Senate Majority

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Trump-Edges

WASHINGTON: Former President Donald Trump is leading Vice President Kamala Harris in the U.S. presidential election, securing pivotal wins in battleground states as he strengthens his bid for the White House. Trump’s successes in North Carolina, Arkansas, and South Carolina have propelled him to 230 electoral votes, compared to Harris’s 210. The Republican Party has also reclaimed control of the…

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Government Expects Rs300bn Annual Savings from IPP Contract Revisions

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New-ipp

ISLAMABAD: The federal government anticipates annual savings of up to Rs300 billion from renegotiating or terminating contracts with Independent Power Producers (IPPs), potentially reducing electricity tariffs by Rs2-3 per unit. This was disclosed by Special Assistant to the Prime Minister on Power and Energy Task Force Co-chair Muhammad Ali in a briefing to the Senate Standing Committee on Power, led…

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Textile Council Warns of Catastrophic Impact if Gas Supply to Captive Power Plants is Cut

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LNG-chain

KARACHI: The Pakistan Textile Council has urged the government to reconsider its strategy to halt gas supplies—including indigenous and liquefied natural gas (LNG)—to captive power plants (CPPs), warning it could severely damage Pakistan’s export sector, particularly textile shipments. Council Chairman Fawad Anwar cautioned that this abrupt policy could trigger a sharp decline in large-scale and medium-scale industrial production. He noted…

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NEPRA Approves 40-Paisa Increase in K-Electric Tariff for August Fuel Adjustment

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NEPRA-KE

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) on Tuesday approved a 40-paisa per unit fuel cost adjustment (FCA) for K-Electric (KE) customers based on power consumed in August, to be reflected in January 2025 bills. This adjustment will add approximately Rs675 million in revenue for KE, falling short of its initial request for a 51-paisa increase to collect Rs853…

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Government to Finalize New Agreements with 18 IPPs in Six Months

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Power-sector

ISLAMABAD: The government announced plans to revise Power Purchase Agreements (PPAs) with 18 independent power producers (IPPs) established under the 1994 and 2002 power policies within the next four to six months. This comes after securing an agreement with bagasse-based power plants for tariff reductions. Power Minister Owais Khan Leghari confirmed the premature termination of PPAs with five of the…

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