ISLAMABAD: The World Bank has proposed transferring ownership of 10 power distribution companies (DISCOs) to the president of Pakistan as part of a privatisation strategy aimed at mitigating the sector’s burden on the national exchequer. The recommendation is among nine key prior actions outlined by the World Bank to ensure successful privatisation. These include cleaning up DISCOs’ balance sheets, notifying…
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ISLAMABAD: After nearly a year of deliberation, a high-level committee, chaired by Deputy Prime Minister Ishaq Dar, has approved the sale of 35% of newly discovered gas reserves to private entities through a competitive bidding process. The decision, aimed at addressing liquidity challenges faced by exploration and production (E&P) companies, is expected to attract $4-5 billion in new investment for…
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ISLAMABAD: The Competition Commission of Pakistan (CCP) has granted approval for the acquisition of a 50% shareholding in Total Parco Pakistan Ltd (TPPL) by Aquashore SA, a subsidiary of Switzerland-based Gunvor Group. The stake will be transferred from TotalEnergies Marketing Services under the terms of the sale and purchase agreement. This strategic move is the latest in a series of…
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BEIJING: CHN Energy has successfully connected the 3 GW Mengxi Lanhai Solar Plant to the grid, making it the largest single-site solar facility in China and the second-largest worldwide. Located in Ordos, Inner Mongolia, the $1.6 billion project was completed in just 14 months and is a cornerstone of China’s “West-to-East Power Transmission” strategy. Spanning 70 square kilometers, the plant…
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ISLAMABAD: The Karachi Chamber of Commerce and Industry (KCCI) has urged the federal government to directly distribute the upcoming Winter Support Package to Karachi consumers, bypassing K-Electric (KE). The power utility currently owes approximately Rs 100 billion to its customers, according to KCCI President Jawed Bilwani. In a letter addressed to Federal Minister for Power Sardar Awais Khan Leghari, Bilwani…
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ISLAMABAD: The federal government has ramped up efforts to privatize power distribution companies (DISCOs) and the House Building Finance Corporation (HBFC) as part of its economic reforms. The Privatisation Commission, led by Federal Minister for Privatisation and Investment Aleem Khan, recently reviewed progress on entities listed for privatisation. During the meeting, it was decided to expedite the selection of financial…
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PESHAWAR: The Peshawar Development Authority’s (PDA) recent decision to plant costly palm trees across Khyber-Pakhtunkhwa (K-P) has drawn criticism from environmentalists, citing incompatibility with the region’s biodiversity and ecological needs. Imported from Lahore and Dubai at costs ranging from Rs8,000 to Rs15,000 each, the palm trees have shown signs of devariegation due to water scarcity. Experts argue the drought-tolerant species…
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MOSCOW: Russian energy giant Gazprom has ceased gas supplies to Austria’s OMV, hours after Vienna confirmed receiving notice of the suspension. This marks another significant disruption in Europe’s energy ties with Russia since the onset of the Ukraine war. While Gazprom continues to transport gas to Europe through Ukraine’s Urengoy-Pomary-Uzhgorod pipeline, one of the last major Russian supply routes to…
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BAKU, Nov 16 (Reuters) – The U.N.’s climate chief called on leaders of the world’s biggest economies on Saturday to send a signal of support for global climate finance efforts when they meet in Rio de Janeiro next week, to help trigger a deal at COP29 talks. The plea, made in a letter to G20 leaders from top U.N. climate official Simon…
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Pakistan must push for an ambitious and equitable New Collective Quantified Goal (NCQG), an expanded Adaptation Fund, a fully operationalised Loss and Damage Fund, and a fair and transparent carbon market system under Article 6 of the Paris Agreement. As negotiations unfold at COP29 in Baku, Pakistan stands at a critical juncture in its climate journey – one that is…
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