Month: February 2020

Karachi, January 30, 2020: The Government of Pakistan has notified the achievement of Financial Closing by Thar Energy Limited (TEL), a subsidiary of Pakistan’s largest Independent Power Producer, The Hub Power Company Limited (Hubco) [at a ceremony chaired by Federal Minister for Energy, Mr. Umar Ayub Khan in Islamabad]. Hubco incorporated TEL to set up a 330MW mine-mouth lignite-fired power Plant, one of the first power project to utilize the local lignite at Thar Coal Block II for power generation and was joined by Fauji Fertilizer Company Limited (FFC) in 2018. While Hubco currently holds 60% of the equity…

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ISLAMABAD, Feb 3 (APP):Special Assistant to the Prime Minister (SAPM) on Petroleum Nadeem Babar Monday said Pakistan was an agrarian country and needed to focus on producing clean bio fuels aimed at meeting its energy requirements indigenously. “The bio fuel is a natural advantage that we have been blessed with by Allah Almighty but we have chosen to ignore it and squander so far. We must stop doing that…We need to start harnessing it,” he said while addressing a conference titled “Clean Fuels – Bio Fuels 2020.” The conference, held…

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ISLAMABAD, Feb 02 (APP):The government has released funds amounting to Rs 293.257 million during first seven months of the of current fiscal year to execute petroleum projects under the Public Sector Development Programme (PSDP 2019-20) against the total allocation of Rs581.812 million. According to the official data as of January 24, an amount of Rs 8.442 million has been provided to explore and evaluate coal in Nosham and Bahlol areas of Balochistan, for which Rs10.553 million have been earmarked in the PSDP. While, Rs 54 million have been released against…

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ISLAMABAD: Instead of brining approximately 1,500 Liquefied Petroleum Gas (LPG) bowsers in the tax net, the Oil and Gas Regulatory Authority (OGRA)’s Member Gas has allegedly held in abeyance the directive of the Deputy Executive Director to all companies regarding obtaining license for each bowser. OGRA’s Deputy Executive Director LPG Aziz Ullah Khan, through a letter (dated January 1, 2020), had directed all LPG bowser companies to apply with the Authority within 15 days to obtain a license for each of their bowser(s). “The companies that will not apply within the…

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The Independent Power Producers (IPPs) are reportedly on the verge of default due to exhausting of their credit lines as the government is not honouring obligations on payment due to which receivables are now hovering at around Rs 450 billion. Background interviews with officials and power sector stakeholders indicate that there is lack of interest on the part of government with respect to resolution of financial issues of the power sector. Commercial banks are also reluctant to further increase their exposure to the power sector due to prevalent circumstances. The…

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