ISLAMABAD: The wrangle between the Power Division and Chairman Senate Standing Committee on Power, Senator Saifullah Abro on ADB’s project of ACSR Bunting Conductor Lot II A over a reported suspicious contract has intensified and the latter has refused to withdraw recommendations of the Committee of October 17, 2023 including the letter written by Secretary Committee. “Letter has been written…
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ISLAMABAD: Water and Power Development Authority (Wapda) has challenged National Electric Power Regulatory AUTHOIRTY (NEPRA) decision on hydroelectric tariff determination for FY 2022-23, accusing the power sector regulator of denying justified costs. Wapda had sought increase of Rs 3.95 per unit on the basis of revenue requirement of Rs 123.315 billion for the FY 2022-23 whereas the regulator allowed an…
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ISLAMABAD: The federal government has reportedly scrapped the proposed Winter Package for industry across the country after its failure to secure nod from the International Monetary Fund (IMF), well informed sources told Business Recorder. Finance Division had also termed the “shelved” four-month electricity ‘winter package’ for industry on incremental consumption as “vague and in violation of international commitments.” Power Division had…
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Karachi (PR): Mr. Irfan Iqbal Sheikh, President FPCCI, has demanded that the federal government should announce a reduction of 18 – 20 rupees per liter in the prices of petroleum products as international oil prices are showing a declining trend despite the harrowing ongoing conflict and supply cuts announced by Saudi Arabia and Russia till December 2023. I can project…
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World Bank declares more than half of $6.7b project portfolio unsatisfactory or problematic ISLAMABAD: More than half of the World Bank-funded portfolio of federal projects worth $6.7 billion has been declared unsatisfactory or problematic by the lender, highlighting deep-rooted problems that have remained unaddressed for years due to serious governance issues. The Ministry of Economic Affairs and the World Bank,…
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ISLAMABAD: The prices of petrol and high-speed diesel (HSD) are expected to decline by Rs8 to Rs10 per litre each on Nov 15 for the next fortnight, mainly due to lower prices in the international market. Informed officials said that the international prices of both HSD and petrol had fallen over the past two weeks. However, the rupee depreciated against…
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Makes move to tackle risk of mounting debt crisis, default ISLAMABAD: Pakistan State Oil (PSO), grappling with severe financial challenges, is exploring a strategic path to acquire shares in state-owned oil and gas exploration companies and power firms. This move is aimed at addressing the pressing issue of the company’s burgeoning circular debt, which threatens to push it into default.…
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Caretaker Minister for Information and Broadcasting Murtaza Solangi has said that the government is focusing on alternate renewable energy resources to reduce dependence on imported expensive fuel, state-run Radio Pakistan reported on Sunday. Talking to newsmen in Lahore, he said the country produces 60 percent of electricity through thermal sources while one-fourth through hydel. “Generation of electricity from expensive imported fuel has…
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ISLAMABAD: The government has recovered Rs46 billion in just 53 days during its anti-electricity theft drive, tweeted Secretary Power Division Rashid Langrial. “We are working on the remaining problem space of Rs390 billion of which we are able to recover Rs46 billion in 53 days i.e. Rs867 million per day. We started our anti-power theft campaign on the 7th of…
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ISLAMABAD: The gas crisis in the country is likely to deepen in the peak winter month as a distressed LNG cargo from SOCAR, a state-owned company of Azerbaijan, may not land in January 2024, senior officials of the Energy Ministry told The News. Before the impending non-provision of LNG cargo, the country was estimated to brave the gas shortfall of…
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