ISLAMABAD: Struggling to recover over Rs1.3 trillion in outstanding dues from chronic private defaulters, the government has proposed an immediate additional cost of Rs1.45 per unit to be charged to paying power consumers for three months, aiming to raise an additional Rs52 billion. At a public hearing led by National Electric Power Regulatory Authority (Nepra) Chairman Waseem Mukhtar, the Power…
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WAPDA Chairman Visits Diamer-Bhasha Dam Site
GILGIT: WAPDA Chairman, retired Lt Gen Sajjad Ghani, visited the Diamer-Bhasha Dam site on Friday to review the ongoing construction activities and assess the progress of the work. During the visit, Mr. Ghani was informed that work is actively underway at 14 key sites of the project, which is located across the Indus River, 40 km downstream of Chilas town…
Read MoreKarachi German Consul General Assured to Prioritize Visas to Businessmen Atif Ikram Sheikh
Karachi: Mr. Atif Ikram Sheikh, President FPCCI, has said that the German Consul General in Karachi, H. E. Rüdiger Lotz, has apprised the business, industry and trade community from the apex platform of FPCCI that the business visas will be given priority in the visa issuance to Pakistani citizens as economic relations top the agenda. It is pertinent to note…
Read MoreOGDCL ANNOUNCES PRODUCTION ENHANCEMENTAT NASHPA WELL-10 IN DISTRICT KARAK
ISLAMABAD, May 17, 2024: Oil and Gas Development Company Limited (OGDCL) has announced a significant production enhancement at Nashpa Well-10, located in the Karak District of the Khyber Pakhtunkhwa as part of its production enhancement campaign. Through a production enhancement strategy, OGDCL has implemented rigless intervention techniques in various formations, resulting in a significant increase in hydrocarbon production. With the…
Read MoreKorean Firm Wins Arbitration Case Against NTDC Over Patrind Hydropower Project
ISLAMABAD: In a significant legal setback for the Government of Pakistan, the Korean firm Star Hydro Power Limited (SHPL) has triumphed in its case against the National Transmission and Despatch Company (NTDC) in the London Court of International Arbitration (LCIA). The dispute centered on the inclusion of escalated costs in the true-up tariff and NTDC’s failure to evacuate electricity from…
Read MorePakistan Seeks Extension on $15.36bn Chinese IPPs Debt Amid IMF Review
ISLAMABAD: As an IMF team arrives to assess Pakistan’s debt repayment capabilities, the country is considering a 5-year extension on the $15.36 billion debt owed to Chinese Independent Power Producers (IPPs). This move requires approval from the Chinese government and its IPPs, necessitating extensive negotiations. A top official confirmed to The News that reducing consumer tariffs by Rs1.1 from 2024-2029…
Read MoreOGRA Endorses PSO’s Exchange Rate Adjustment Claim
ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has validated Pakistan State Oil’s (PSO) claim for an exchange rate adjustment of Rs1.43 per litre on high-speed diesel (HSD) and 32 paisa per litre on petrol. This adjustment will be incorporated in the petroleum price review for May 16-31. During the first half of May, PSO’s exchange rate adjustment was negative…
Read MoreGovt Plans Conversion of Imported Coal-Run Power Plants to Thar Coal
ISLAMABAD: The government intends to convert three power plants currently running on imported coal to utilize Thar coal, in collaboration with the Chinese government, according to sources from Business Recorder. Minister for Planning, Development, and Special Initiatives, Ahsan Iqbal, who recently visited China, has been tasked with engaging the National Development and Reform Commission of China (NDRC) to facilitate the…
Read MoreGovernment Proposes Carbon Tax on Fuel to Secure IMF Support
Insiders say move will facilitate green bonds, cheaper loans from multilateral institutions Withholding tax on bank transactions for non-filers likely to be hiked; carrot-and-stick approach to broaden tax baseFiscal adjustment of Rs1.6 trillion likely through additional revenue measures, privatisation ISLAMABAD: In a bid to secure continued support from the International Monetary Fund (IMF), the government is considering introducing a carbon…
Read MoreSITE industries welcome cut in POL prices
KARACHI: Muhammad Kamran Arbi, President of the SITE Association of Industry has welcomed the mark able reduction in petrol & diesel prices by up to Rs.15/- per litre by the government. He has requested the government to reduce electricity and gas tariff as well so as to take the industries & economy out of prevailing crisis and added that this…
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