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Month: January 2025

Senate Panel Briefed: Talks with 16 IPPs Nearing Conclusion, Farmers Demand Lower Tariffs

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New-IPPS

ISLAMABAD: Negotiations with 16 Independent Power Producers (IPPs) are expected to conclude by the end of January, following the termination of contracts with five IPPs, a senior Power Division official informed the Senate Standing Committee on National Food Security and Research on Wednesday. The termination of these agreements is projected to save Rs440 billion annually, with further benefits anticipated from…

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Government to Establish ‘Minerals Division’ for National Development

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Minerals-Division

ISLAMABAD: The federal government has decided to establish a dedicated Minerals Division to accelerate the development of the country’s mineral sector, informed sources revealed. Prime Minister Shehbaz Sharif has formed an Inter-Provincial Committee (IPC) to oversee this initiative. Chaired by Federal Minister for Law and Justice Azam Nazir Tarar, the committee includes Federal Minister for Investment Bilal Azhar Kayani, secretaries…

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Nepra Questions Feasibility of Gepco’s Rs100bn Investment Plan Amid Privatization Drive

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New-NEPRA

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has raised concerns over the Gujranwala Electric Power Company’s (Gepco) ambitious Rs100 billion five-year investment plan, citing potential financial burdens on consumers and doubts about its feasibility. The investment plan, spanning FY2025-26 to FY2029-30, was discussed during a public hearing chaired by the Nepra chairman. The hearing comes as the government moves…

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Gas Theft in KP Reduced by 64% in FY24

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Gas-SNGPL

PESHAWAR: Khyber Pakhtunkhwa’s southern region witnessed a significant reduction in gas theft and line losses, which dropped from Rs8.8 billion in FY20 to Rs3.17 billion in FY24. However, approximately Rs8.684 million worth of natural gas continues to be stolen daily in the districts of Karak, Hangu, and Shakardara, resulting in monthly losses of Rs264.66 million. The consistent decline in losses…

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OMC Sales Drop 19% MoM in December but Show 4% Growth in 1HFY25

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Oil-Price

KARACHI: The oil marketing companies (OMC) sector reported sales of 1.28 million tons in December 2024, reflecting a 3% year-on-year (YoY) increase but a sharp 19% decline compared to November, attributed to seasonal fluctuations, according to Maaz Azam, Research Head at Optimus Capital Management. In the first half of FY2024-25 (1HFY25), OMC sales rose by 4% YoY to 8.03 million…

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Industrialists Urge Immediate Reduction in Oil Prices Amid Economic Transformation Plan

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Pakistan Petroleum Ltd makes third discovery in Sujawal

KARACHI: Industrialists have strongly criticized the recent hike in petrol and diesel prices, calling it contradictory to the government’s economic transformation agenda. They urged Prime Minister Shehbaz Sharif to intervene and roll back the increases to align with the “Uraan Pakistan” initiative. As per a notification by the finance ministry, the price of high-speed diesel (HSD) was raised by Rs2.96…

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Era of Russian Gas to Europe Ends as Ukraine Transit Stops

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Russian-Gas

MOSCOW: Russian gas exports through Soviet-era pipelines via Ukraine officially ceased on New Year’s Day, marking a historic end to Moscow’s decades-long dominance over Europe’s energy supply. The gas flow, which persisted even amidst nearly three years of war, stopped at 0500 GMT after Ukraine declined to renew a transit agreement, according to Russian energy giant Gazprom. While the halt…

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Govt Pushes for Energy-Efficient Building Codes to Combat Energy Crisis

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Power-Division

Islamabad: The Ministry of Energy (Power Division) has urged all provinces to implement the revised Energy Conservation Building Code-2023 (ECBC-2023) to address Pakistan’s escalating energy crisis. In a letter dated January 1, 2025, Federal Minister for Energy Sardar Awais Ahmed Khan Leghari emphasized the critical role of energy-efficient building designs in reducing the nation’s power consumption, which is predominantly driven…

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BBoIT and FPCCI to organise Balochistan Summit 2025 in January

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New-FPCCI

Karachi: Atif Ikram Sheikh, President FPCCI, has apprised that FPCCI and Balochistan Board of Investment & Trade (BBoIT) will be jointly organizing Balochistan Summit 2025 on January 27-28, 2025 in Islamabad – aimed at promoting business, investment, joint ventures industrialization and trade promotion activities in Balochistan on an international-scale. It is pertinent to note that top civilian and military leadership…

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Pakistan Launches Ambitious “Uraan Pakistan” Initiative to Transform Economy

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Uraan-Pakistan

Islamabad, January 1, 2025 — Pakistan has officially unveiled the Uraan Pakistan initiative, an ambitious roadmap to propel the country towards becoming a $1 trillion economy by 2035 and a $3 trillion economy by 2047. Built on the transformative 5Es Framework, the initiative emphasizes five key pillars: Exports, E-Pakistan, Environment, Energy & Infrastructure, and Equity, Ethics & Empowerment. Prime Minister…

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