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Year: 2024

OCAC Chairman Urges Government to Resolve Sales Tax and Smuggling Issues to Safeguard Pakistan’s Refinery Sector

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New-OCAC

Islamabad, October 16, 2024 – Adil Khattak, Chairman of the Oil Companies Advisory Council (OCAC), has called on the government to urgently address key challenges facing Pakistan’s downstream oil sector, warning that unresolved issues threaten the country’s refinery operations and long-term energy security. In an exclusive Q&A with Energy Update, Khattak highlighted the immediate need for government intervention to resolve…

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Host Country Approval for New Investor in 100MW MIRA Power Project Nears Finalization: PPIB

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Power-Project

ISLAMABAD: The government is set to grant Host Country Approval for amended guarantee coverage in favor of a new investor for the 100MW MIRA Power Limited hydropower project in Azad Jammu and Kashmir (AJ&K), sources from the Private Power and Infrastructure Board (PPIB) revealed. At a recent PPIB meeting, Managing Director Shah Jahan Mirza briefed attendees on the exit of…

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Govt Proposes ‘Take and Pay’ Options for 18 IPPs Amid Power Sector Reforms

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New-IPPS

ISLAMABAD: The government has tailored four customized ‘take and pay’ options for 18 Independent Power Producers (IPPs) established under the Power Generation Policies of 1994 and 2002, as part of its ongoing efforts to reform the power sector. According to sources, these options will be finalized by the end of the week, with formal notices expected to be issued next…

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Pakistan and China Reaffirm Unbreakable Ties Amid Global Challenges

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Pakistan-China

ISLAMABAD: Pakistan and China have reaffirmed their commitment to strengthening cooperation and building a closer community with a shared future. In a joint statement issued during the Shanghai Cooperation Organisation (SCO) summit, both nations emphasized the strategic significance of their relationship in a rapidly changing global landscape. The statement underscored that any attempt to disrupt Sino-Pak ties is destined to…

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PM Shehbaz Chairs SCO Summit, Highlights Trade and Regional Cooperation

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Chairs-SCO

ISLAMABAD: Prime Minister Shehbaz Sharif is presiding over the highly anticipated 23rd summit of the Council of the Heads of Government (CHG) of the Shanghai Cooperation Organisation (SCO) at the Jinnah Convention Centre, Islamabad. The SCO includes China, India, Russia, Pakistan, Iran, and Central Asian nations, with 16 additional countries as observers or dialogue partners. Pakistan became a full member…

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Diesel Price Increases for the First Time in Three Months, Petrol Unchanged

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Diesel-Price

ISLAMABAD: The government has raised the price of high-speed diesel (HSD) by Rs5 per litre, marking the first increase in three months, while the petrol price remains unchanged for the next fortnight. According to an official announcement, the ex-depot price of diesel has been revised to Rs251.29 per litre, up from Rs246.29, while petrol stays at Rs247.03 per litre. In…

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Google Signs Nuclear Power Deal to Support AI Energy Demands

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Google-Signs

SAN FRANCISCO: Google has entered into an agreement to purchase electricity from small nuclear reactors developed by Kairos Power, aiming to power its growing artificial intelligence (AI) operations. This move follows similar initiatives, including Microsoft’s recent plans to source energy from the Three Mile Island nuclear facility. The deal marks a significant step in Google’s strategy to secure clean, reliable…

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CPPA-G Seeks Three-Year Extension on IFRS-9 Exemption to Avoid Credit Loss Risks

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power-gride

ISLAMABAD: The Central Power Purchasing Agency-Guaranteed (CPPA-G) has requested a three-year extension on the exemption from the applicability of International Financial Reporting Standards (IFRS) 9, until June 30, 2027, to prevent expected credit losses due to unresolved receivables in the power sector. In a response to the Securities and Exchange Commission of Pakistan’s (SECP) letter, CPPA-G highlighted the risks of…

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Gwadar International Airport Inaugurated Virtually; Pakistan and China Sign 14 Accords, Including Currency Swap

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pak-china

ISLAMABAD: Pakistan and China signed 14 agreements on Monday, including a significant currency swap agreement, aimed at boosting cooperation across various sectors such as security, education, agriculture, and technology. The signing ceremony, witnessed by Prime Minister Shehbaz Sharif and Chinese Premier Li Qiang, took place at the Prime Minister’s House. A key highlight was the virtual inauguration of Gwadar International…

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