Year: 2020

FPCCI wants forensic audit of IPPs

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KARACHI: Welcoming the agreement between the government and independent power producers (IPPs) for lowering generation costs, President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Mian Anjum Nisar on Thursday also called for forensic audit of these firms to save industries. He further sought impeachment of those who were responsible without any discrimination in the larger national interest. While urging for bringing down power and gas tariffs for domestic as well as export sectors at par with regional and neighbouring countries, he said industries in Pakistan pay around Rs24…

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Parties vow to ensure CPEC progress, guard it against threats

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ISLAMABAD: Leading political parties on Thurs­day vowed to ensure a conducive political environment and favourable public opinion for the progress and development of the China-Pakistan Economic Corri­dor (CPEC), besides shielding it from threats. The political parties at the conclusion of the Second Conference of the China-Pakistan Economic Corri­dor (CPEC) Political Parties Joint Consultation Mechan­ism (JCM), through a joint statement, denounced the “slander on and disturbance in CPEC development by external forces” and pledged to “shape and safeguard the enabling political environment and favourable public opinion for CPEC development”. The JCM…

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Turkey’s pursuit of contested oil and gas reserves has ramifications ‘well beyond’ the region

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An intensifying dispute in the Eastern Mediterranean over oil and gas exploration rights at sea has seen tensions flare between Turkey and Greece, with one regional expert describing the situation as the “most dangerous” in years. Turkey and Greece, both members of NATO, are at loggerheads over competing claims to energy reserves in contested Eastern Mediterranean waters. The countries and territories of this region include Greece, Turkey, Cyprus, Syria, Lebanon, Jordan, Israel, Palestine, Egypt and Libya. Last week, Turkey sent the Oruc Reis survey vessel, escorted by warships, to conduct…

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Pending dues, tariff adjustments

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ISLAMABAD: Karachi Electric (KE) has decided to make a public appeal to the federal government for clearance of its pending dues immediately and adjustment in its tariff, well-informed sources told Business Recorder. Karachi’s power tariff is Rs 2.89/unit less than the rest of the country and must be brought in line with the prevalent Uniform Tariff Policy across Pakistan. The sources said K-Electric will invest $ 2 billion over the next three years across its power value chain, including a 900 MW RLNG-fired power plant. However, financial viability is a critical component of continued investments.…

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China pivots to old ally Pakistan for coal after Australia spat

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KARACHI — As tensions grow between China and Australia, the superpower’s main coal supplier, work is being stepped up in Pakistan’s largest coalfield on a project conceived to feed local power plants, but which some experts believe might provide Beijing with an option for an alternative source of coal.  After months of delay due to the COVID-19 pandemic, some 500 employees of Shanghai Electric Power arrived in Pakistan earlier this month to work on the $1.9 billion Thar Block-I integrated coal mine and power project located in the country’s southeastern desert region of…

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