China Mandates State Companies To Reduce Energy Consumption

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Chinese authorities have asked that state companies reduce their energy consumption and carbon dioxide emissions by 2025 compared to 2020 levels as part of China’s plan to have its CO2 emissions peak before the end of this decade. State-controlled firms in China must slash their energy consumption per 10,000 yuan ($1,570) of output value by 2025 to 15 percent below…

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Prices of petroleum products likely go up

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Due to the tough conditions of the International Monetary Fund (IMF), the prices of petroleum products likely to go up following the passage of mini-budget to be presented by the government led by Pakistan Tehreek-e-Insaf (PTI) in the National Assembly on Wednesday.  According to sources, the prices of power, gas and petroleum products will increase due to the mini budget…

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Viewpoint: LNG Term deals in focus amid volatile year

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Chinese state-owned CNOOC’s recent LNG term supply deal with US supplier Venture Global marks at least the 22nd term supply agreement signed by a northeast Asian buyer this year, reflecting a growing trend among the region’s LNG buyers to move away from spot transactions towards term deals. This indicates a radical shift from just about a year earlier, when buyers…

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Investment process in special zones simplified, says Asad Umar

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Federal Minister for Planning, Devel­opment and Special Initi­atives Asad Umar has said that Pakistan has simplified the process of investment in Special Economic Zones (SEZs) not only for Chinese companies but also for other international companies. Speaking at a ceremony held for the distribution of awards among 27 outstanding Pakistani staff of CPEC projects at the Chinese Embassy, he said…

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50 Buses for Karachi to Arrive by January 31, says Wahab

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Barrister Murtaza Wahab announced on Wednesday that the Sindh government will buy 240 buses to resolve the transport woes of the city, and 50 of them will arrive by January 31. Wahab, who is the city’s administrator, the provincial government’s spokesman and the chief minister’s law adviser, also made the assurance that the Supreme Court’s decision on the Askari Park…

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Shares acquisition: KE receives fresh PAI from Shanghai Electric

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K-Electric has received “withdrawal” of Public Announcement of Intention (PAI) for acquisition of up to 66.40 percent voting shares of K-Electric Limited by Shanghai Electric Power Company Limited. With reference to the Public Announcement of Intention (PAI) made by Shanghai Electric Power Company Limited (acquirer) dated June 30, 2020 to directly or indirectly acquire up to 18,335,542,678 ordinary shares of…

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Suspension of gas supply: Two power companies issue OFME notices to CPPA-G

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M/s Rousch (Pakistan) Power Limited and M/s Liberty Power have reportedly declared Other Force Majeure Event (OFME) notices to CPPA-G due to suspension of gas, citing individual reasons, well informed sources told Business Recorder. Both power companies have written separate letters to the Chief Executive Officer (CEO) CPPA-G and other concerned officials to bring the gas situation into their notice. According…

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Govt Seeks SSGC’s NOC to fast-track Steel Mills sale

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It is to be noted that the government has targeted to hold bidding of the majority stakes’ sale of the Pakistan Steel Mills Corporation (PSMC) in March-April 2022. On Wednesday, Federal Minister for Privatisation Mohammedmian Soomro and Federal Minister for Energy Hammad Azhar jointly chaired a meeting regarding transactions of the PSM and Heavy Electrical Complex (HEC). Federal secretaries of…

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Gas crisis for Karachi’s industry to be resolved

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The issue of gas crises, being faced by the business community of Karachi, will be addressed by the government and it will be resolved on a priority basis to aid the overall economy, assured President Arif Alvi. During his visit to the Karachi Chamber of Commerce and Industries (KCCI) on Wednesday, he said that participation of women in business activities…

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Power tariff hike of Rs4.33 on cards

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The National Electric Power Regulatory Authority (Nepra) is likely to allow ex-Wapda distribution companies an increase of up to Rs4.33 per unit in power tariff on account of fuel cost adjustment for November 2021. In this regard, Nepra conducted public hearing on a petition of the Central Power Purchasing Agency-Guarantee (CPPA-G) on Wednesday. Nepra Chairman Tauseef H Farooqi presided over…

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