Year: 2024

IMF Gas Reforms Trigger Conflict Between Ministries

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IMF Gas Reforms

ISLAMABAD: A looming deadline to disconnect gas supplies to industrial power plants by January 31, 2025, has sparked a dispute between the Finance Ministry and the Petroleum Division, exposing cracks in the $7 billion International Monetary Fund (IMF) deal. The Petroleum Division accuses the Finance Ministry of accepting the IMF’s condition without adequately assessing its impact, warning of a potential Rs427 billion loss to the government and industries. The Finance Ministry, however, asserts that the Petroleum Division was fully involved during the negotiations. This clash highlights inadequate planning of gas…

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NEPRA to Hold Public Hearing on Winter Relief Package

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Power project

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has scheduled a public hearing on November 26 to consider the federal government’s proposed winter incentive package aimed at boosting electricity demand during the low-consumption months. The subsidy-neutral package, approved by the Economic Coordination Committee (ECC) on November 19, is set to be implemented from December 1, 2024, to February 28, 2025. It offers discounted electricity rates for residential, commercial, and industrial consumers on incremental usage, with discounts ranging from 18% to 50% based on consumption slabs. The initiative seeks to counteract…

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COP29 achieves full operationalisation of Article 6 of Paris Agreement – Unlocks International Carbon Markets

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cop29

November 23, Baku: Today, the COP29 Presidency announced the end of the decade-long wait for the conclusion of negotiations on high integrity carbon markets under Article 6 of the Paris Agreement. This was one of the Presidency’s top priorities for the year and it drove Parties towards this milestone achievement through intensive dual-track technical and political negotiations. This strategy broke through years of stalemate and finalises the last outstanding item in the Paris Agreement.  Article 6 provides trusted and transparent carbon markets for countries as they collaborate to reach their climate…

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Consortium withdraws bid to acquire majority stake in Engro Powergen Qadirpur

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ENGRO-1

A consortium comprising textile companies has withdrawn its public announcement of intention (PAI) to acquire a majority stake i.e. 68.89% of Engro Powergen Qadirpur Limited (EPQL), a subsidiary of Engro Energy Limited. The development was shared by Arif Habib Limited (AHL), manager to the offer, in a notice to the Pakistan Stock Exchange (PSX) on Friday. “This is with reference to the PAI made by Liberty Mills Limited, Zain Ashraf Mukaty, Temoor Ashraf Mukaty, Ahmed Ashraf Mukaty, Soorty Enterprises (Pvt) Limited, Affinity Capital Pvt Limited, Najeeb Malik, Nadeem Malik, and Shahzad Malik…

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Global LNG: Asian spot LNG gains amid colder weather, stronger Europe gas prices

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gas prices

SINGAPORE: Asian spot liquefied natural gas (LNG) prices rose this week to their highest level of the year so far, tracking gains in European gas and amid colder temperatures in both regions. The average LNG price for January delivery into northeast Asia rose to $14.60 per million British thermal units (mmBtu), industry sources estimated. “This week’s further escalations between Russia and Ukraine have returned a steep risk premium to European gas and by default Asia’s JKM market, despite actual gas supplies being uninterrupted,” said Florence Schmit, energy strategist at Rabobank…

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Business fraternity appeals to Army Chief to assume Karachi’s ownership for six months

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Army-Chief-1

Karachi: The concerned Karachi-based businessmen and industrialists have earnestly appealed to the Chief of Army Staff to assume ownership of the provincial capital just for six months to resolve its basic civic issues, as the business fraternity in turn will help Pakistan retire its massive foreign debts.Noted businessman and former chairman of the Association of Builders and Developers, Hanif Gohar, disclosed this as he appeared on the ARY News talk show, hosted by Waseem Badami, to inform its viewers about the recent interaction between Karachi’s business fraternity and Army Chief…

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EU Carbon Taxes Threaten Pakistan’s Exports, Experts Advocate for Equitable Energy Transition

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Carbon market

KARACHI: Experts have warned that Pakistan’s reliance on fossil fuel-based electricity generation, particularly coal, could jeopardize its exports to European Union (EU) countries as new carbon taxation measures take effect. The warning came during an event co-hosted by the Policy Research Institute for Equitable Development (PRIED) and the Institute for Climate and Sustainable Cities (ICSC), which explored the socio-economic and environmental impacts of energy projects in Pakistan’s Tharparkar district and the Philippines’ eastern Visayas region. Dr. Khalid Waleed, an energy economist, highlighted that Pakistan’s coal dependency poses significant risks to…

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Refinery Upgrades at Risk as IMF Rejects POL Sales Tax Proposal

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Refinery-Upgrades

ISLAMABAD: The International Monetary Fund (IMF) has rejected the government’s proposal to impose a 1-2% sales tax on petroleum products, including petrol, high-speed diesel (HSD), kerosene oil, and light diesel oil (LDO), instead calling for an 18% sales tax. An 18% sales tax would increase petrol prices by Rs45 per litre, a politically sensitive move the government is hesitant to adopt. This stance has jeopardized the $5-6 billion upgrade projects of local refineries under the Brownfield Refinery Policy 2023, a senior official involved in IMF discussions revealed. Refineries argue that…

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Thar Block-1 Energy Project Empowers Local Schools with Vital Support

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Thar-coal

THAR: Recognizing the transformative power of education, the Thar Block-1 Integrated Energy Project has launched a school donation campaign to uplift educational standards in one of Pakistan’s most underprivileged regions. The initiative provided crucial support to 17 schools across communities such as Bhave, Wervai, Tilwayo, Shahmir Vikyo, and Kharyo Ghulam Shah, benefiting 1,221 students. Donations included comprehensive educational kits with school bags, stationery, and government-prescribed textbooks. To improve access to clean drinking water, 35-liter water containers were also distributed. Recipient schools included the First and Second Primary Schools in Bhave,…

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Moazzam Ilyas Appointed as PQA Chairman

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Moazzam-Ilyas

ISLAMABAD: The federal government has appointed Rear Admiral (Retd) Syed Moazzam Ilyas as the Chairman of the Port Qasim Authority (PQA). Ilyas has been appointed on a three-year contract under the MP-1 Scale, adhering to relevant rules and regulations. In other administrative developments, Khurram Agha, Secretary Interior, has been granted a three-month extension as Secretary Narcotics Control Division, effective from September 25. Meanwhile, Jodat Ayaz, a Grade-21 officer of the Pakistan Administrative Service, has been designated as an Officer on Special Duty (OSD), with his two-month leave formally approved. Additionally,…

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