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Month: February 2025

Lesco Cracks Down on 87 Defaulting Furnaces: Bank Accounts Frozen, SIMs Blocked

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Power-sector

ISLAMABAD: The Lahore Electric Supply Company (Lesco) has launched a major crackdown on 87 defaulting steel furnaces, freezing their bank accounts and blocking mobile SIMs to recover outstanding dues, sources told Business Recorder. Lesco has already disconnected these defaulters and conducted thorough site inspections, documenting all locations with photographic evidence. Awareness campaigns, including banners and wall chalking, have been carried…

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SNGPL Faces Severe Liquidity Crisis as Power Sector Dues Hit Rs148.5bn

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SNGPL-Office

ISLAMABAD: Sui Northern Gas Pipelines Limited (SNGPL) is grappling with a severe liquidity crisis due to outstanding dues from the power sector, which have surged to Rs148.5 billion. The company has warned that the alarming situation threatens its financial stability and ability to meet commitments to upstream gas suppliers. According to SNGPL, key receivables include Rs29.4 billion from Guddu Power,…

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Tariff Subsidy Dispute Drags On as Mediation Faces Delays

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K-Electric-3

ISLAMABAD: The tariff differential subsidy dispute involving K-Electric (KE), the government, and state-owned enterprises (SOEs) remains unresolved, as mediation efforts continue to face hurdles. The Karachi Water and Sewerage Board (KWSB) has refused to cooperate, further delaying the resolution process. The government had appointed a mediator to address KE’s claims for tariff differential subsidies and payables from entities such as…

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PM Shehbaz to Meet IMF Chief in Dubai Ahead of $1 Billion Loan Review

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Shahbaz-Sharif1

ISLAMABAD: Prime Minister Shehbaz Sharif will meet International Monetary Fund (IMF) Managing Director Kristalina Georgieva today (Tuesday) in Dubai, just weeks before the March 3 review talks for Pakistan’s $1 billion second loan tranche. The high-stakes meeting will take place on the sidelines of the World Governments Summit, where global leaders, policymakers, and private sector figures are gathering to discuss…

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Business Leaders Oppose Security Deposit Hike, Urge NEPRA to Reject Proposal

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Nepra-KE-1

KARACHI: Business leaders have strongly opposed the proposed hike in security deposit rates by electricity distribution companies (DISCOs), urging the National Electric Power Regulatory Authority (NEPRA) to reject the move, which they argue would severely impact industrial growth and economic competitiveness. Karachi Chamber of Commerce and Industry (KCCI) President Muhammad Jawed Bilwani warned that the proposed increase—such as the rise…

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Oil Prices Rise Amid US Tariff Concerns

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Oil-Price

SINGAPORE: Oil prices edged higher on Monday despite investor concerns over US President Donald Trump’s latest tariff threat on steel and aluminium imports, which could slow global economic growth and energy demand. Brent crude futures rose 51 cents (0.7%) to $75.17 per barrel by 0444 GMT, while US West Texas Intermediate (WTI) crude climbed 45 cents (0.6%) to $71.45 per…

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Serious Anomalies Found in Coal Procurement for Sahiwal Power Plant

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Power-Plants

ISLAMABAD: A fact-finding committee of the National Electric Power Regulatory Authority (Nepra) has uncovered significant irregularities in the coal procurement process for the Sahiwal Power Plant. The committee has recommended a series of corrective measures, including the establishment of an independent regulatory authority to safeguard electricity consumers from unjustified costs. The four-member committee was formed last year following complaints from…

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Chinese CG donates 38 solar-powered systems to Balochistan

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solar energy

KARACHI: The Consulate General of China in Karachi has donated Balochistan province with 38 solar-powered systems, extensively covering areas such as Kalat, Kohlu, Dera Bugti, Zhob, Nushki, and Khuzdar in Balochistan. This initiative benefits schools, hospitals, mosques, and tribal communities, with aim to significantly reduce the reliance of remote areas on unstable power grids, alleviate the local energy shortage issues,…

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Chinese company to purchase 120MW electricity

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120MW electricity

PESHAWAR: Chinese Investment Company (China Century Steel Mills) has contacted the Khyber Pakhtunkhwa government for purchase of 120 MW cheap hydropower from Chakdara Swat Corridor, showing interest in the energy sector for establishment of steel mills in province. In this connection, a delegation of Chinese investment company “China Century Steel Mills” had a special meeting with the Special Assistant to…

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Oil prices advance despite concern over more US tariffs

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Oil prices

LONDON: Oil prices rebounded on Monday despite lingering fears over a potential global trade war after U.S. President Donald Trump’s latest tariff plans, this time targeting steel and aluminium. Brent crude futures were up $1.05, or 1.4%, at $75.71 a barrel by 1301 GMT. U.S. West Texas Intermediate crude added 1.5%, also rising $1.05 to $72.05. Monday’s gains could be…

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