Author: Admin

Debt Surcharge on Power Consumers to Continue for Up to Six Years

Admin
debt-surcharge

ISLAMABAD: The federal government has announced that the Rs3.23 per unit debt surcharge on electricity consumers will remain in place for the next five to six years, as it notified a revised uniform national base tariff for the current year without any change. In a statement issued alongside the tariff notification for all distribution companies (Discos) and K-Electric, the Power Division said the surcharge would be withdrawn once the circular debt is fully cleared. “After the elimination of circular debt, the Rs3.23 per unit debt surcharge will be removed, providing…

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Sui Gas Utilities Earn Over Rs300bn in Guaranteed Profits from Fixed Assets

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SSGC

ISLAMABAD: Pakistan’s two major state-owned gas utilities — Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company (SSGC) — have earned more than Rs300 billion in profits over the past seven years, largely through guaranteed returns on fixed assets, rather than improvements in operational efficiency, according to official documents of the Oil and Gas Regulatory Authority (OGRA). OGRA records show that from FY2019-20 to date, the two companies collectively earned Rs305 billion as assured returns on their regulated asset base. During this period, Sui Northern earned around Rs196…

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Masdar Highlights $11 Trillion Global Hydrogen Opportunity as WFES Opens in Abu Dhabi

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New-Project17

ABU DHABI: The 18th World Future Energy Summit (WFES) opened in Abu Dhabi on Monday with strong signals of accelerating global investment in clean energy, as Masdar projected a $11 trillion global green hydrogen opportunity by 2040 and the European Union announced a major expansion of its energy funding programme. Held under Abu Dhabi Sustainability Week and hosted by Masdar, the summit runs until January 15 at the ADNEC Centre, bringing together global policymakers, investors and industry leaders to advance renewable energy and climate solutions. A key announcement on the…

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$5bn Oil and Gas Investment at Risk as Government Extends Off-Grid Levy to Third-Party Gas Suppliers

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oil and gas

ISLAMABAD: A proposed $5 billion investment in Pakistan’s oil and gas exploration sector is facing serious uncertainty after the government extended the off-the-grid levy to third-party gas suppliers, industry stakeholders warned, saying the move has rendered private gas distribution commercially unviable. According to a report in The News, the levy has now been applied to private distributors that procure gas from exploration and production (E&P) companies through competitive bidding at auctioned prices. Previously, the off-the-grid levy was imposed only on Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas…

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High Taxes, Costly Energy Forcing Some Firms to Exit Pakistan, Admits Finance Minister

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Muhammad-Aurangzeb

ISLAMABAD: Finance Minister Muhammad Aurangzeb on Wednesday acknowledged that high taxation, expensive energy and financing costs have compelled some companies to exit Pakistan, while stressing that the government is fully aware of the economic challenges confronting businesses. Speaking at the Pakistan Policy Dialogue in Islamabad, the finance minister said that although some firms have left the country, new foreign investment is also flowing in. He revealed that around 20 foreign investors, including Google, Aramco, Wafi Energy and Turkish Petroleum, have entered the Pakistani market over the past 18 months. “There…

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