Year: 2020

Circular debt of power sector touches Rs2.3tr, PAC told

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ISLAMABAD: The Public Accounts Committee (PAC) on Monday was informed that that country’s circular debt of the power sector had reached at Rs2.3 trillion till now and the record increases witness in circular debt of Rs1.139 trillion, which is almost double in last two years of the PTI government. It was informed that an increase of Rs116 billion was witnessed in last three months, while in first six months of fiscal year 2018-19, it was increased by Rs288 billion and Rs198 billion in last six months of the fiscal year…

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PM’s directives disregarded: ECC decides to slash industrial power tariff by 30pc

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ISLAMABAD: While disregarding the directives of the prime minister for reducing the power tariff for industrial sector, especially for Small and Medium Enterprises (SMEs) by 50 percent, the ECC on Monday decided to partially reduce the power tariff in the range of 25 to 30 percent. The ECC left its final approval with the cabinet that is scheduled to meet on Tuesday (today) under the chairmanship of Prime Minister Imran Khan for the final decision. The ECC has also directed the Power Division to fine-tune categories of its different slabs…

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SSGC’s receivable against PSM, KE swells to Rs154bn

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ISLAMABAD: Combined receivable of the Sui Southern Gas Company (SSGC) against the Pakistan Steel Mills (PSM) and K-Electric has swelled to Rs154 billion. A sub-committee met under Khawaja Asif on the implementation on Monday. The committee examined the audit paras of the Petroleum Division for financial year 2004-2005 to 2009-2010. The committee was apprised that receivable of Rs54 billion against the PSM was recoverable, and Rs100 billion dues had pilled up against the K-Electric. The committee was informed that the gas utility company was facing financial difficulties because of receivable…

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Vitol places best offers for 4 of 6 LNG cargoes

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ISLAMABAD: Global trader Vitol on Monday placed the best offers for four of six cargoes of liquefied natural gas (LNG) sought by Pakistan in December, a source at Pakistan’s procurement body said. Vitol offered 16.9720%, 16.5513%, 15.9759% and 15.8761% of the price of Brent crude – known as a slope rate – for four deliveries in December, said the source at Pakistan LNG Limited. The lowest offers for the two other cargoes were won by Trafigura and Socar which offered Brent crude slope rates of 16.9870% and 16.8403% respectively. Slope…

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PSO warns of gas supply disruption in winter

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ISLAMABAD: Protesting over the inordinate delay in price notification of liquefied natural gas (LNG), Pakistan State Oil (PSO) has warned the government of disruption in the gas supply chain in coming winters. The “situation is seriously affecting the LNG supply chain in the country as PSO and other stakeholders in the LNG supply chain will not be able to claim their receivables in the absence of determination of prices by Ogra,” PSO wrote to the regulator and the federal government. It said the country’s largest fuel supplier had been highlighting…

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