Power policy proposes cost recovery at every stage

ISLAMABAD: The government has finalised National Electricity Policy 2020 that seeks ‘balanced development’ of power generation, transmission and distribution through full cost recoveries at every stage and to gradually bring an end to use of all imported fuels. The draft policy that would pass through the next meeting of the Council of Common Interests for approval also envisages that “the agreed upon amounts owed by Provinces and/or their departments to the power sector, shall be automatically adjusted from the NFC award and departmental budgets”. Under the policy, the National Electric…

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FBR, ministries of communications and energy blamed for hindering exports

LAHORE: The Ministry of Commerce (MoC) has blamed the Federal Board of Revenue (FBR), the Ministry of Communications (MoC) and the Ministry of Energy’s Power Division for hampering the country’s exports, sources told Profit on Sunday. The commerce ministry took up its reservations at a recent meeting headed by Prime Minister Imran Khan that reviewed the ministry’s performance regarding the country’s exports, sources added. The MoC officials during the meeting requested the premier to issue instructions to all the ministries and departments that no decision about the country’s exports should be taken without…

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When disaster yields dividend

Investors started to dump shares as panic gripped the market, making the Shanghai Composite index close nearly eight per cent lower, its biggest one-day drop in more than four years. Losses spread to the US and European markets. The Pakistan stock market fell 2.4pc in the preceding week and the KSE-100 index suffered a steep drop of 1,222 points or nearly 3pc last Monday, representing the steepest single-day decline in 14 months. But the meltdown was largely on the inflation figure for January, which came out at an alarming 12-year…

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National Electricity Policy 2020: Govt to recover power dues owed by provinces from NFC Award

ISLAMABAD: The government has planned to recover from the National Finance Commission (NFC) Award the outstanding amount owed by the provinces or their departments to the power sector. The full cost of service that also includes full general cost will also be passed on to consumers. The incumbent government will also reduce reliance on imported fuel for electric power generation and will move towards optimal utilisation of local resources such as coal, water, renewable sources, local gas and nuclear. This intention of the Power Division has been included in the…

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After 15 years: Pakistan may have found largest gas reserves

ISLAMABAD: Amid a growing energy crisis which has forced the country to rely on imported gas, Pakistan may have found one of the largest hydrocarbon reserves, with potential deposits of one trillion cubic feet, in Balochistan’s Margand block owned by Pakistan Petroleum Limited (PPL). PPL, which operates the block with 100% working interest, has already announced a hydrocarbon discovery in its first exploratory well Margand X-1, located in Kalat district, Balochistan. However, PPL – a state-run oil and gas exploration company – has not yet announced the actual size of the…

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Pakistani military rescues Finnish beauty queen off mountain

A Pakistani army helicopter on Sunday rescued an American and a Finnish climber stranded on a mountain peak in the country’s north, according to news agency AP. Hintsa and an American climber were stranded during the ascent due to sickness, the American news agency said. On Sunday afternoon, Hintsa took to Instagram to say, “I was perfectly capable and willing to walk out on my own feet at the end of the expedition. The Pakistan Military helicopter pilots who were there to evacuate my climbing partner Don were gracious enough to invite…

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Pakistan Petroleum Limited found one of the largest ever gas reserves in history of Pakistan

SLAMABAD – Pakistan Petroleum Limited found one of the largest ever gas reserves in history of Pakistan. Pakistan Petroleum Limited (PPL) has found huge gas reserves in Margand block at Kalat, Balochistan. According to details, PPL owns 100% of the drilling rights of the block and had been drilling at Margand X-1 block since 30 June 2019. PM Imran Khan chairs high level special meeting in Islamabad Last year, PPL carried out a Modular Dynamics Testing (MDT) at a depth of 4,500 meters at the block. MDT proved the presence of large gas reserves.…

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Vestas company keens to set up wind turbine factory in Pakistan

World Wind Turbine leading manufacturer Denmark based company Vestas has expressed deep interest in establishing Wind Turbine factory in Pakistan and started ground work for exploring the feasibilities.This was revealed in a meeting of delegation of Vestas Company led by Danish Ambassador Rolf Holmboe with Federal Minister for Power and Petroleum Omar Ayub Khan here Thursday, said a press release.Special Assistant to the Prime Minister on Petroleum Nadeem Babar and Secretary Power Division Irfan Ali also participated in the meeting.The meeting was informed the keeping in view the targets set…

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