Month: August 2020

KARACHI: The country should take full benefit of the relaxations under arrangement of special and emergency clauses allowed by the global trading system under World Trade Organisation, said Federation of Pakistan Chambers of Commerce and Industry Vice President Sheikh Sultan Rehman. Speaking at a webinar on “Covid-19: Trade and Trade Related Measures”, he said that the trade and trade facilitated allowances should also be capitalised for making appropriate pressure on public sector to structure the temporary policies towards the gain economy in the present crisis generated by declining world trade…

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ISLAMABAD: A Senate panel was informed on Tuesday that latest memorandums of understanding (MOU) with power producers did not include circular debt. The committee was also informed that K-Electric had caused a loss of Rs144 billion to the federal government and is holding back Rs44bn of consumers’ money through stay orders. This was the crux of a meeting of the Senate Standing Committee on Power presided over by Senator Fida Muhammad. Senator Nauman Wazir of PTI, who had led a sub-committee of the senate panel that recommended investigations against independent…

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As the Nation’s own Oil Marketing Company (OMC), PSO continues to revolutionize the industry by becoming the first OMC to upgrade Pakistan’s fuel standard from Euro 2 to Euro 5. PSO’s Hi-Octane 97 Euro 5 was launched at a grand ceremony held at PSO Service Station-2, Diplomatic Enclave, Islamabad. Minister for Energy, Mr. Omar Ayub Khan and Special Assistant to the Prime Minister on Petroleum, Mr. Nadeem Babar were Chief Guests at the ceremony. PSO’s Euro 5 standard Hi-Octane 97 RON fuel is available at PSO retail outlets in all major cities…

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August 17, 2020 (MLN): Prime Minister Imran Khan had disclosed that after negotiation with IPPs, they reached an understanding of reduction in the capacity payments, late payment surcharge (LPS), and sharing of savings on account of plant efficiencies while Government would make payment of outstanding receivables. Government and Independent Power Producers (IPPs) signed a new Memorandum of Understanding (MoU) agreement to pave the way for a reduction in power generation cost and future circular debt. In addition to this, the government and WPPs signed an MoU to increase the term of…

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IN what is being described as a breakthrough, the government got what it had long been seeking: wind power plants/IPPs set up under the 1994 and 2002 power policies have agreed on revising their power purchase agreements to give up part of their overall returns. Shortly after the MoUs between the government and the power producers had been signed, the prime minister took to Twitter to “congratulate the nation because we are fixing the damaging structure we inherited in our power sector”. The agreement will help bring down generation costs…

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