ISLAMABAD: The caretaker Minister for Petroleum and Power, Muhammad Ali, is likely to visit Tehran next week to attend 23rd International exhibition of electricity industry of Iran on November 14-16, 2023, well informed sources in Ministry of Foreign Affairs told Business Recorder. On November 6, 2023, the Ambassador of Iran to Pakistan Dr Reza Amiri Moghaddam called on caretaker Federal Minister…
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LONDON: Karachi Electric’s Saudi investors have filed a writ petition with the Islamabad High Court (IHC) requesting action against the perceived inaction of the Federal Investigation Agency (FIA) in response to a critical complaint they had previously submitted around the potential misappropriation of Rs10.5 billion of foreign investors’ funds, specifically, the sale proceeds from an investment firm in Pakistan. Represented…
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ISLAMABAD: The caretaker government, which is in loan review talks with the IMF, has decided to finalise a climate financing policy at the earliest and place three more crucial state-owned enterprises (SOEs) under the financial surveillance of the Ministry of Finance’s Central Monitoring Unit (CMU), which is yet to become operational. The entities slated for enhanced oversight include the Pakistan…
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Allows recovery of Rs1.72 tariff hike from K-Electric consumers ISLAMABAD: The interim government on Friday approved sovereign guarantees of Rs100 billion in favour of Pakistan State Oil (PSO) to help the company avoid bankruptcy and also allowed recovery of Rs1.72 per unit hike in electricity prices from K-Electric (KE) consumers. The decisions were made by the Economic Coordination Committee (ECC)…
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NEPRA asked to approve run-of-the-river project in Kohistan district ISLAMABAD: LSG Hydro Power Limited (LSG) is seeking concurrence of the National Electric Power Regulatory Authority (Nepra) for its 470-megawatt Lower Spat Gah Hydro Power Project, which is planned to be set up in Kohistan. Total cost of the project is estimated at $1.031 billion. LSG has submitted an application for…
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ISLAMABAD: Sui Northern Gas Pipeline Limited (SNGPL) said that it is facing grievous liquidity due to outstanding dues of Rs 176.302 billion against the power sector. “A huge amount of Rs 176.302 billion has piled up against power sector due to non-payment of outstanding dues by Wapda and Central Power Purchasing Agency –Guaranteed (CPPA-G),” said Chief Financial Officer SNGPL in…
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ISLAMABAD: Turkmenistan is said to have approached Washington for relaxation of sanctions on Afghanistan for financing of much talked about TAPI (Turkmenistan- Afghanistan- Pakistan- India) project, sources close to Secretary Petroleum told Business Recorder. This update was shared by Muhammetmyrat Amanov, Chief Executive of TAPI Pipeline Company Ltd with visiting Pakistani delegation led by Major General Tabassum Habib, Director General, Special…
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ISLAMABAD: Caretaker Prime Minister Anwaar-ul-Haq Kakar has constituted a four-member panel on conversion of the pay scale from MP-1 scale to last pay drawn of Chairman and MP-II to MP-1 scale of members of Nepra appellate tribunal, official sources told Business Recorder. The caretaker Prime Minister took this decision on a proposal of Ministry of Law and Justice in which the…
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November 8, 2023: Chairman WAPDA Engr Lt Gen Sajjad Ghani (Retd) today visited Mohmand Dam Project, being constructed across River Swat in Mohmand District of Khyber Pakhtunkhwa Province. He reviewed construction activities on different sites of the project – the spillway and the river diversion tunnels in particular. At present, construction works relating to excavation, stabilisation and concreting are being…
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LAHORE: Pakistan is planning to boost its installed power generation capacity by 40 percent in the next eight years, as it seeks to meet the growing demand for electricity and shift to cleaner sources of energy. The country aims to increase its power capacity from 45 gigawatts to 63 gigawatts by 2031, according to an official document. The plan, which…
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