Securities and Exchange Commission (SECP) has reportedly sought explanation from Karachi Electric (KE) on purported deal of sale of shares of KES to Sheryar Chishiti, who owns M/s Daewoo in Pakistan. Background interaction with senior officials in Power Division, SECP and KE indicate that they are not aware of the deal of KES stakes through British court, but strong rumours…
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Pakistan’s precarious financial situation, persisting for the last many decades, has landed it into a deep debt trap where an overwhelming part of tax revenue is consumed in debt servicing alone. This is done at the expense of developmental and social protection reforms, which are eventually ignored. Pursuant to section 13(i) and (r) of Fiscal Responsibility and Debt Limitation Act,…
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As Europe prepares for a winter without Russian gas, the Kremlin is looking to move its natural gas sales farther to the east. Although China and India remain Moscow’s most important export destinations in Asia, Russia seems to have found a new buyer, the Islamic Republic of Iran. Why would a country that holds some of the world’s largest proven…
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A major power breakdown caused by what was described as an “accidental fault” on Thursday morning piled miseries on people across the city, as well as other parts of southern Sindh, on Thursday. Normal supply could not be restored till late in the evening. Almost the entire city remained without electricity for hours, causing a great deal of inconvenience and…
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The U.S. should set a price cap on U.S. LNG going to Europe, as American gas is being delivered to Europe at prices four times higher than the price for domestic consumption, Russian Deputy Prime Minister Alexander Novak said in an interview with Russian state television. “We would advise our US partners to set a certain cap price for the resources they…
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President Malpass expressed his condolences for the loss of lives and livelihoods due to the devastating floods. President Malpass highlighted that Pakistan is among the countries most affected by climate change causing devastating damage to infrastructure and agriculture production. President Malpass reaffirmed the World Bank Group’s (WBG) ongoing commitment to support urgent needs in health, food, shelter, and cash transfers,…
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Oil falls on fe Oil prices fell about 2% on Tuesday, extending the previous session’s almost 2% decline, as recession fears and a flare-up in Covid-19 cases in China raised concerns over global demand. World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said inflation…
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Our government has recently announced that it intends to install 10,000 MW of photovoltaic (PV) systems in the country on a fast-track basis. According to media reports, these installations will include rooftop PV systems in residential, commercial, and government buildings, agricultural tube-wells, and on a couple of thousand 11 kV distribution feeders. The motivation behind this initiative is the government’s desire to…
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The federal cabinet on Tuesday decided to form a committee for preparing long-, medium- and short-term strategies for energy conservation in the country.https://5ce35a8fb791039a2c509244b4f2ad52.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html The committee, headed by Minister for Defence Khawaja Asif, will review the energy efficiency and conservation measures implementation roadmap prepared by the Ministry of Power. The committee would also include federal ministers Syed Naveed Qamar, Syed Murtaza Mahmood, Khawaja…
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Sui Southern Gas Company (SSGC) on Tuesday denied reports regarding plans to increase the duration of gas loadshedding to 18 hours from October 15. SSGC termed a schedule floating on social media as “fake news” and shared that the company had devised a gas management plan, which has been postponed. Speaking to Geo News, the State Minister for Petroleum Musadik Malik…
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