ISLAMABAD: After extensive negotiations, the government task force on energy and 17 Independent Power Producers (IPPs) operating under the 1994 and 2002 Power Policies have reached an agreement on a hybrid ‘take and pay’ model. The deal marks a significant step toward addressing inefficiencies in power purchase agreements (PPAs) while reducing the financial burden on the national exchequer. The task…
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KARACHI: Industrialists and traders in Hyderabad have raised alarms over persistent energy issues, including critically low gas pressure, extended load-shedding, and inefficiencies in service delivery by Sui Southern Gas Company Limited (SSGCL) and Hyderabad Electric Supply Company (HESCO). With winter exacerbating gas shortages, industrial and commercial sectors report plummeting pressure levels and air in gas lines. HESCO’s daily six-to-eight-hour load-shedding…
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KARACHI: K-Electric (KE) faced backlash during a meeting of the Sindh Assembly’s Special Committee on Wednesday as its CEO, Moonis Alvi, firmly refused to reduce the duration of loadshedding in Karachi, even during the winter season. He maintained that loadshedding would continue in areas plagued by electricity theft, sparking outrage among lawmakers. The committee, formed in September to evaluate the…
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ISLAMABAD: Pakistan is negotiating with Qatar to postpone 10 liquefied natural gas (LNG) cargoes scheduled for next year, citing reduced electricity demand due to economic slowdown and unaffordable energy prices. Petroleum Minister Musadik Malik revealed that five LNG cargoes under long-term agreements with Qatar for 2025 had already been cancelled, with discussions ongoing to defer another five. “LNG has become…
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NEW YORK: Oil prices rose more than 1.5% on Tuesday as investors await an OPEC+ meeting expected to rubber stamp continued output cuts while a fragile ceasefire between Israel and Lebanon provided additional support. Brent crude futures rose $1.16, or 1.6%, to $72.99 a barrel by 1346 GMT while US West Texas Intermediate crude was up $1.16, or 1.7%, at…
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DUBAI: A sophisticated fuel oil smuggling network that some experts believe generates at least $1 billion a year for Iran and its proxies has flourished in Iraq since Prime Minister Mohammed Shia al-Sudani took office in 2022, five sources with knowledge of the matter told Reuters. The operation exploits a government policy under which Iraq allocates fuel oil to asphalt plants…
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Oil prices were little changed on Wednesday, with traders expecting OPEC+ to announce an extension to supply cuts this week while heightened geopolitical tensions continue to dominate market sentiment. Brent crude futures were up 5 cents, or 0.07%, at $73.67 a barrel by 1214 GMT while U.S. West Texas Intermediate crude futures fell 4 cents, or 0.06%, to $69.90. On…
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Meta, the tech giant, is inviting proposals from nuclear power developers to add 1 to 4 gigawatts of U.S. nuclear generation capacity by the early 2030s. This move aligns with the company’s efforts to address rising electricity demand for artificial intelligence and environmental sustainability. “Nuclear energy will play a pivotal role in transitioning to a cleaner, more reliable, and diversified…
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ISLAMABAD: Prime Minister Shehbaz Sharif has instructed the Petroleum Division to resolve the impasse over the Brownfield Policy, aimed at upgrading local refineries to produce Euro-V standard petrol and diesel, within two weeks. The directive comes amidst delays in implementing the sales tax exemption critical to the policy’s success. The issue, a contentious budgetary measure from the FY25 Finance Bill,…
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KARACHI: The power utility company, K-Electric (KE), disconnected electricity to Pakistan Railways (PR) on Tuesday over unpaid bills amounting to Rs430 million since May 2024, disrupting key operations, including the online ticketing and signal systems for 38 daily passenger trains from Karachi. In its statement, KE stressed the unsustainability of continuing supply without payment and highlighted repeated defaults despite prior…
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