Author: Admin

Saudi Arabia Acquires 15% Stake in Reko Diq for Over Rs150 Billion

Admin
Reko-Diq

ISLAMABAD: The federal cabinet has approved the sale of a 15% stake in the Reko Diq copper-gold project to Saudi Arabia for $540 million (approximately Rs150.27 billion) under the Inter-Governmental Commercial Transactions Act. This landmark deal underscores deepening economic ties between Pakistan and the Kingdom. The Kingdom of Saudi Arabia (KSA) will acquire the stake in two phases. In the first phase, a 10% stake will be purchased for $330 million, with the remaining 5% acquired in the second phase for $210 million. Following the cabinet’s approval, formalities for the…

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Nationwide Crackdown on Power Theft Targets Losses, Protects Consumers

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Nationwide-Crackdown

KARACHI: Power theft in Pakistan is causing widespread harm, with its financial burden either passed on to consumers as higher tariffs or added to the country’s growing circular debt, warns safety organisation Mehfooz Pakistan. This systemic issue threatens future generations while also straining the power sector. To address theft-related losses, power distribution companies are often forced to impose outages, even when electricity generation exceeds demand, disproportionately penalising law-abiding consumers. Mehfooz Pakistan, in a statement issued Monday, called for urgent measures to curb these practices. In December 2023, an ordinance amended…

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Petroleum Division Holds Key Meeting on Sales Tax Exemption for Petroleum Products

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Petroleum-Sector

KARACHI/ISLAMABAD: The Petroleum Division has convened an important meeting with oil sector stakeholders to discuss the challenges posed by sales tax exemptions on petroleum products. This meeting, taking place today (Tuesday), follows directives from the Special Investment Facilitation Council (SIFC) urging swift action on refinery upgradation agreements. Representatives from refineries, oil marketing companies, the Oil Companies Advisory Council (OCAC), and the Federal Board of Revenue (FBR) are participating in the discussions. The focus is on resolving the tax exemption issue, which has delayed significant infrastructure investments in refinery upgradations. Industry…

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Construction of Chashma Nuclear Power Plant Unit 5 Begins, Strengthening Pak-China Energy Collaboration

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Nuclear-Power

ISLAMABAD: Pakistan achieved a significant milestone in its energy sector as the construction of Chashma Nuclear Power Plant Unit 5 (C-5) officially began with the first concrete pouring ceremony. The event, held on Monday, was attended by key dignitaries including Chinese Ambassador Jiang Zaidong, Minister for Planning, Development & Special Initiatives Ahsan Iqbal, and Chairman of the Pakistan Atomic Energy Commission (PAEC), Dr. Raja Ali Raza Anwar. The groundbreaking ceremony for this ambitious project was presided over by Prime Minister Shehbaz Sharif in July 2023. With Chinese support, C-5 is…

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K-Electric Seeks Rs 4.98/kWh Relief for November FCA

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K-Electric-3

KARACHI: K-Electric has submitted a provisional monthly Fuel Charge Adjustment (FCA) request for November 2024, proposing a relief of Rs 4.98 per kilowatt-hour (kWh) for its customers. The National Electric Power Regulatory Authority (NEPRA) will conduct a public hearing on January 15, 2025, to determine the FCA amount and specify the period for its application in customer bills. In a related development, the Central Power Purchasing Agency-Guaranteed (CPPA-G) has sought a negative adjustment of 0.63 paisa per unit in XWDiscos’ tariffs for November. Notably, this marks the third consecutive month…

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