ISLAMABAD: Pakistan is exploring options to finalize a multi-billion-dollar liquefied natural gas (LNG) pipeline deal with Russia, aiming to meet its urgent energy needs. This deal, however, hinges on Pakistan finding a way to avoid US sanctions. In a significant meeting at the recent SCO summit, Russian President Vladimir Putin proposed to Prime Minister Shehbaz Sharif the construction of an…
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KARACHI: Johar Qandhari, President of the Korangi Association of Trade and Industry (KATI), has raised concerns over the recent hikes in electricity and gas charges, emphasizing that these increases have made it financially untenable for industries to sustain production and business activities. Qandhari urged the government to reduce electricity rates to 9 cents per kilowatt-hour and to lower interest rates…
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FAISALABAD: Faisalabad Electric Supply Company (FESCO) is making concerted efforts to mitigate the impact of high electricity costs on consumers by providing top-notch services, minimizing line losses, and ensuring an uninterrupted power supply, according to Engineer Muhammad Aamir, CEO of FESCO. Addressing the industrialists and business community at the Faisalabad Chamber of Commerce and Industry (FCCI), Aamir emphasized FESCO’s commitment…
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ISLAMABAD: Minister for Finance and Revenue Muhammad Aurangzeb on Wednesday highlighted significant reforms in Pakistan’s energy sector and state-owned enterprises (SOEs), including ongoing privatization efforts of state companies. During a meeting with a delegation from Standard & Poor’s (S&P) Global Ratings at the Finance Division, Aurangzeb emphasized the confidence multilateral institutions have shown through financing various projects in Pakistan. The…
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KARACHI: A recent study reveals that domestic households and businesses in Pakistan face unexpected hidden costs in their power tariffs, including US inflation and interest on circular debt. These factors significantly increase power prices for end-users, making electricity unaffordable and prompting calls for the government to renegotiate power purchase agreements (PPA) with power plant operators. Independent power producers (IPPs) charge…
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ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has called on the government to rectify power generation contracts to provide substantial relief amidst public outcry over a significant tariff hike of up to Rs7.12 per unit. During a public hearing, Nepra announced an investigation into last month’s overbilling by distribution companies due to changes in the meter reading mechanism to…
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KARACHI: The Oil & Gas Regulatory Authority (Ogra) has granted Pak Arab Refinery Limited (Parco) permission to export 50,000 metric tonnes (MT) of furnace oil for July in the current fiscal year, according to an Ogra statement. Parco, which currently holds 93,000 MT of fuel oil—approximately half of the total 170,000 MT reserves across refineries—sought Ogra’s approval to facilitate the…
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ISLAMABAD: The country’s hydropower generation is set to increase with the commencement of the 884 MW Suki Kinari Hydropower Project in November 2024. This announcement was made by Shah Jahan Mirza, Managing Director of the Private Power and Infrastructure Board (PPIB), during a ceremony organized by CEEC-NEPC-II, a Chinese state-owned company and EPC contractor. The event celebrated the successful completion…
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ISLAMABAD: Prime Minister Shehbaz Sharif announced a three-month relief package for lifeline electricity consumers whose monthly consumption remains below 200 units. The state broadcaster PTV News posted on X that the government will offer a Rs50 billion discount to these consumers in July, August, and September, benefiting 25 million consumers—94% of the country’s domestic electricity users. During a press conference…
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KARACHI: Prominent industrial chambers and associations have called for the immediate implementation of the Competitive Trading Bilateral Contract Market (CTBCM) regime, allowing bulk power consumers to directly purchase electricity from generators, thereby bypassing the government. This demand was highlighted during a conference organized jointly by Renewables First and the Pakistan Environment Trust on Tuesday. The event featured discussions from key…
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