The distribution companies (Discos) have witnessed an increase in demand of 800 megawatt by the industrial consumers with suspension of gas supply by the government, said reliable sources. They said this rise in demand has occurred at the outset of the current week against the previous one, when the ministry of petroleum had suspended gas supply to the industrial units.…
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Pakistan Petroleum Limited (PPL) has sought government nod to produce additional 125 mmcfd gas from Kandhkot gas field to sell to any other buyer, revealing that Genco-IIs 747 MW unit is going to be sold to third party. In a letter to MD/CEO, Genco Holding Company Limited (GHCL), a senior official of PPL Abid Ashfaque Malick has also proposed constitution…
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Pakistan is teetering towards an energy-cum-economic crisis as natural gas supplies dry up, export-oriented factories that use the fuel close down and households that rely on it for heat and cooking are left in the cold. Critics blame short-sighted government policymaking as textile producers, the backbone of the export industry, warn of an indefinite shutdown from next month due to…
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Pakistan and Russia have reportedly agreed to develop bilateral financial infrastructure through their central banks aimed at facilitating trade, investment activities, etc., well informed sources told Business Recorder. This consensus was evolved at the 7th Session of Pak-Russia Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation held recently in Yekaterinburg city of the Russian Federation. Pakistani side was led by…
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Turkey’s lira gained more steam and was up 7% on Tuesday following a historic 25% recovery from record lows, after President Tayyip Erdogan unveiled a plan he said would guarantee local currency deposits against market fluctuations. The currency dipped then strengthened in volatile trade to 12.21 versus the dollar at 0559 GMT, from a close of 13.15. In a late…
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Energy Minister Hammad Azhar said on Monday the “expensive agreements and the installation of unnecessary power houses” during the Pakistan Muslim League-Nawaz (PML-N) government from 2013 to 2018 ruined the energy sector. The minister said in a video statement the rent of the expensive powerhouses, installed by the past government, increased by Rs100-300 billion annually, and ultimately the consumers had…
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Federal Information Minister Fawad Chaudhry in a recent presser hinted at deregulation of gas sector. This regime is showing intention to reduce its footprint in gas sector since the start. Nothing of the sort has been implemented to-date. Although there are developments on private sector lead terminals, the government is yet to cover the last mile. It cannot afford to…
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Attention of Authorized Dealers is drawn towards Para 27 of Chapter 14 of Foreign Exchange Manual in terms of which SBP notified the process of remittance for Petroleum Sector. 2. Based on representations received from various stakeholders, it has been decided to amend Para 27 of Chapter 14, as under: “27. Remittance for Petroleum Sector Operating under Petroleum Concession Agreement(s):Authorized…
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Electricity is the wheel that drives all facets of our daily lives such as production, consumption, communication, transportation and routine financial transactions. Despite its key role in powering the national economy, Pakistan’s electricity sector continues its struggle with significant challenges. Whether these manifest as costly energy production, overloaded infrastructure, high transmission and distribution losses, extraordinary load shedding, or mounting circular…
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The National Transmission and Dispatch Company Limited (NTDC) is expanding its infrastructure by constructing transmission lines and grid stations to meet the growing demand of electricity across the country expeditiously. In order to check the progress of the 500 kV substation Faisalabad West and 220 kV Lalian grid station, the Managing Director NTDC Engr. Manzoor Ahmad visited both sites of…
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