ISLAMABAD: The circular debt owed by Independent Power Producers (IPPs) of Chinese companies has crossed the Rs400 billion mark, making it hard for the Chinese to continue other power sector projects vigorously. The circular debt for the overall power sector had escalated and crossed the Rs2.6 trillion mark by the end of October 2023. “There is no possibility to restrict…
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ISLAMABAD: The accumulated receivable of state-owned Pakistan State Oil (PSO) has reached Rs27.512 billion including late payment charges against Pakistan International Airlines (PIA) till December 7, 2023. Recently, the PSO suspended fuel supplies to the PIA over a dispute regarding unpaid dues. As a result of this standoff, the PIA was compelled to cancel domestic and international flights leading to…
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ISLAMABAD: Infrastructure Growth Capital Fund LP (IGCF) SPV 21 claims to own 53.8 per cent shares of KES Power Limited and in that capacity has approached Special Investment Facilitation Council (SIFC) and caretaker Minister for Privatisation, Fawad Hassan Fawad for asserting its position with respect to K-Electric (KE). In a letter to Minister for Privatisation, a copy of which has…
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ISLAMABAD: China Power Hub Generation Company Limited (CPHGCL) has urged Central Power Purchasing Agency–Guaranteed (CPPA-G) to make payment of Rs 25.4 billion to clear liabilities and other debt servicing. In a letter to Chief Executive Officer (CEO), CPPA-G, the Chinese company’s Chief Financial Officer, has cited the reference of previous correspondences and meetings, in which the company has noted that…
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KARACHI (Dec 8): The Sindh government has decided to induct 180 electric buses -to be powered by solar energy- on the feeders of the BRTs so that cleaner and more efficient public transportation solutions could be established in addition to bringing an end to the operational subsidy. This was disclosed in a meeting held between Sindh Chief Minister Justice (retd)…
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In a prestigious event, the Pakistan Stock Exchange (PSX) recently unveiled the winners of the highly anticipated Top 25 Companies Awards for the year 2022. The awards celebrate businesses that have demonstrated outstanding financial performance, operational excellence, and a commitment to sustainability and ESG initiatives.The Top 25 Companies Awards highlight PSX’s commitment to steering listed companies toward financial growth while…
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ISLAMABAD, December 08, 2023: As a result of the aggressive exploration strategy, the Oil & Gas Development Company Limited (OGDCL) has successfully discovered gas and condensate at Dars West Well #02, located in the Tando Allah Yar district of Sindh province.The exploratory efforts at Dars West Well #02, part of the Dars West Development and Production Lease Joint Venture, were…
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The suggested hike could raise the security deposit for RLNG consumers to Rs50,000, up from the current Rs15,000 for those using over 1.67 cubic meters of gas per month ISLAMABAD: The Sui Northern Gas Company Limited (SNGPL) has requested a significant security deposit increase for domestic gas consumers in a proposal submitted to the Oil and Gas Regulatory Authority (Ogra).…
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ISLAMABAD: Chief Executive Officer (CEO), Jamshoro Power Company Limited (JPCL) has asked Power Division to take informed decision on conversion of plant from imported coal to Thar coal with specific consideration on environmental impacts, and financial close of the conversion option. CEO, JPCL, Tanzil Rahim, in a letter to Power Division stated that he has been directed and authorized by…
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ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) conducted a public hearing to deliberate the grant of concurrence application submitted by Korean firm M/s LSG Hydro Power Limited. The company is seeking NEPRA’s approval for the concurrence and compliance of technical standards for the Lower Spat Gah Hydro Power Project, along with proposing the determination of the power purchaser at…
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