Author: Admin

Power Ministry Urgently Seeks Rs400 Billion to Meet IMF Circular Debt Target

Admin
New-IMF

ISLAMABAD: The Ministry of Power has issued an urgent appeal for the release of Rs400 billion in subsidies by December 2024 to meet the International Monetary Fund’s (IMF) conditions under the $7 billion Extended Fund Facility (EFF). Failure to comply risks escalating the circular debt beyond the agreed threshold, jeopardizing financial stability and IMF commitments. So far, only Rs82 billion of the allocated Rs1,229 billion subsidy for FY2024-25 has been disbursed by the Ministry of Finance. To meet IMF requirements, another Rs318 billion must be released immediately. Under the Circular…

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K-Electric CEO Advocates for Balanced Tariff to Support Investments

Admin
Moonis-Alvi

ISLAMABAD: K-Electric (KE) CEO Moonis Alvi expressed willingness to revise the company’s proposed multi-year tariff during ongoing discussions with the National Electric Power Regulatory Authority (Nepra). He emphasized the need for a sustainable tariff structure to support investments in Pakistan’s power sector while addressing consumer concerns. Speaking on Geo Television’s “Aaj Shahzeb Khanzada Kay Sath,” Alvi stated, “We are open to healthy debate and ready to adjust any abnormal elements in the tariff.” He highlighted that the proposed tariff of Rs44.69/unit for 2024–2030, filed two years ago, reflected a higher…

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Government Suspends CEOs of Three Gencos Over Asset Disposal Delays

Admin
Power genration

ISLAMABAD: The government has suspended the Chief Executive Officers (CEOs) of three Generation Companies (Gencos) following Prime Minister Shehbaz Sharif’s dissatisfaction with delays in disposing of dead assets. The suspended CEOs are: Abdul Vakeel, CEO of JPCL (Genco-I)Junaid Ahmed Baig, CEO of Genco-IISabeeh Uz Zaman Faruqi, CEO of Genco-IIIDuring a high-level meeting on the Indicative Generation Capacity Expansion Plan (IGCEP), the Prime Minister directed Power Minister Awais Khan Leghari to suspend officials obstructing the disposal of redundant Genco assets and delaying human resource absorption or retirement processes. The Prime Minister…

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Pakistan and Iran to Negotiate Extension of Power Sale Agreement

Admin
Pak-iran-1

ISLAMABAD: Pakistan and Iran are gearing up for negotiations to extend their electricity sale agreement, set to expire on December 31, 2024. Sources indicate that both sides aim to finalize the renewal to ensure continued power supply to Pakistan’s Balochistan province. Pakistan currently imports 100 MW of electricity from Iran, primarily for bordering areas of Balochistan, with payments managed through informal channels or barter trade agreements. The annual import stands at approximately 18 million units, priced at over Rs. 27 per unit—significantly higher than electricity generated from imported coal or…

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Poland Set to Double Investments in Pakistan: Ambassador

Admin
Poland-Pakistan

ISLAMABAD: Poland’s Ambassador, Maciej Pisarski, announced that the Polish Oil and Gas Company (POGC) plans to double its investments in Pakistan in the coming years, building on its current $450 million commitment. Speaking to the media, Ambassador Pisarski emphasized POGC’s long-standing presence in Pakistan. Operating through its Pakistan branch since 1997, the company has been actively exploring and producing gas, particularly in the Kirthar concession since 2005. It has made three significant tight gas discoveries—Rehman, Rizq, and Rayyan fields—pioneering unconventional gas extraction in the country. The ambassador revealed that POGC…

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