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Year: 2024

Barrick Gold Seeks Arbitration Over Mali Mine Dispute

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Barrick-Project

WASHINGTON: Canadian mining giant Barrick Gold has initiated arbitration proceedings with the International Centre for Settlement of Investment Disputes to resolve a protracted dispute with Mali’s government regarding the Loulo-Gounkoto gold mine complex. The disagreement, stemming from Mali’s revised mining regulations in 2023, has escalated tensions between Barrick and the ruling junta. This month, Mali issued an arrest warrant for…

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ECC Approves Rs44bn Grants, Highlights Economic Stability

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Power genration

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet approved Rs44 billion in supplementary grants on Wednesday while projecting signs of macroeconomic stability. Finance Minister Muhammad Aurangzeb emphasized positive indicators such as a $944 million current account surplus, reduced inflation, and increased sales across key sectors. The surplus, the highest in a decade, stemmed from a 35% surge in remittances,…

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Pakistan Solar Industry Delegation Visits Huawei HQ in Shenzhen

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Shenzhen, China – A high-level delegation from Pakistan’s solar industry recently visited Huawei’s headquarters and experience center in Shenzhen. The delegation included the Chairman of the Pakistan Solar Association (PSA) and representatives from key Huawei partners in the FusionSolar and manufacturing sectors. The delegation was also met by Huawei Digital Power Pakistan CEO and MD and had the opportunity to:…

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Petroleum Division to Discuss Ethanol Blending in Petrol with Oil Sector

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Petrol-oil

KARACHI: The Petroleum Division is set to hold a crucial meeting today (Wednesday) with stakeholders from the oil sector to explore the feasibility of ethanol blending in petrol. The meeting will include officials from the Oil and Gas Regulatory Authority (OGRA) and representatives of local refineries to evaluate the availability and integration of fuel-grade ethanol into refining operations. Policy Development…

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Over Rs200 Million Gas Dues Owed by Top Government Offices

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SNGPL-Office

ISLAMABAD: Over 20 high-profile government entities, including Aiwan-e-Sadr, Parliament Lodges, the Ministry of Finance, and the Foreign Office, collectively owe more than Rs200 million in unpaid gas bills to Sui Northern Gas Pipelines Limited (SNGPL), according to official communication from SNGPL’s management. Key Defaulters and DuesParliament Lodges/MNA Hostel: Rs24,955,133 (including disconnected meters with Rs2,655,735 pending).Cabinet Division Building: Rs23,075,733.Aiwan-e-Sadr Facilities: Rs16,685,739…

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ECC to Approve Security Package for Riali-II Hydropower Project

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Karot-Hydropower

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet will convene on Thursday (Dec 19) to approve the security package documents for the 7.08 MW Riali-II Hydropower Project, developed under the Power Generation Policy 2015, sources told Business Recorder. Key ConsiderationsThe Finance Division has directed the Power Division to ensure that the proposed agreements strictly adhere to the Power Generation…

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OGRA Weighs CPP Disconnections Amid Revenue Challenges

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OGRA

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) is considering disconnecting Captive Power Plants (CPPs) from January 2025, a move requiring federal government engagement due to its complexities and economic impact. On Tuesday, OGRA finalized the Review of Estimated Revenue Requirement (RERR) for Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company Limited (SSGCL) for FY 2024-25. The…

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Discos Propose Rs2.5 Billion Refund Through Negative Fuel Price Adjustment

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nepra

ISLAMABAD: Public sector power companies have proposed a 63-paisa per unit negative Fuel Cost Adjustment (FCA) for November, citing a 6% year-on-year increase in electricity demand. If approved by the National Electric Power Regulatory Authority (NEPRA), the ex-WAPDA Distribution Companies (Discos) would refund approximately Rs2.5 billion to consumers in January 2025. The average fuel cost for November consumption was Rs7.23…

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OGRA Proposes Up to 26% Hike in Gas Tariffs to Address Circular Debt

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Gas-Tariffs

ISLAMABAD: The Oil & Gas Regulatory Authority (OGRA) has recommended an increase of up to 26% in gas tariffs to generate approximately Rs847.33 billion during the current fiscal year. The proposal, forwarded to the federal government on Tuesday, aims to recover the full cost of gas and address the growing circular debt in the energy sector. For Sui Northern Gas…

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Sindh govt drives Technological and Economic Empowerment with PITP and CRAIB

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sindh goverment

SUKKUR (Dec 17): In a significant effort to promote technological innovation and economic empowerment, the Sindh Government, in collaboration with Sukkur IBA University, celebrated two transformative initiatives: the People’s Information Technology Programme (PITP) and the establishment of the Centre of Excellence in Robotics, Artificial Intelligence, and Blockchain (CRAIB). This was stated by Sindh Chief Minister Syed Murad Ali Shah while…

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