Month: January 2021

GENCOs, SNGPL, PIA have to pay Rs259 bn to PSO

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ISLAMABAD: The state-owned electric generation companies (GENCOs) have defaulted on payment of Pakistan State Oil (PSO) by Rs131.581 billion with Sui Northern Gas Pipelines Limited (SNGPL) also failing to clear the LNG payments of Rs107.093 billion. Pakistan International Airlines (PIA) is not behind in the race as it has so far defaulted on payment of Rs20.802 billion, unfolds the financial daily position of the Pakistan State Oil as of January 19, 2021 available with The News. Moreover, HUBCO and KAPCO owe PSO Rs65 billion. The data about the daily financial…

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Govt in a fix on pricier LNG bids for March

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ISLAMABAD: The government is currently in a fix on LNG bids it received for the month of March and is making its mind either to stick with the bids which are at higher side or go for retendering as the LNG availability in the international market has started improving. The LNG value has tumbled by $2 per MMBTU in recent days. Top sources in the Petroleum Division told The News that authorities concerned are thinking as to whether they should go for retendering or not. They said that although the…

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Govt to publish inquiry report on power breakdown

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ISLAMABAD: The government on Wednesday said it would publish the inquiry report on the recent countrywide power breakdown within a few days, insisting that no favour had been given to independent power producers (IPPs) in recent negotiations. “No NRO has been given to the IPPs; it’s all a misconception. We have to look into ways to rationalise the pacts signed under power policies of 1994, 2002 and 2006,” Minster for Energy Omar Ayub Khan told the National Assembly’s Standing Committee on Power. He was responding to the comments by members…

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Industrialists decry ban on gas supply

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Industrialists have expressed grave concern over the decision taken by the government to cut gas supply to all industrial units from February 2021, terming it a counterproductive move. In a statement, North Karachi Association of Trade and Industry (NKATI) President Faisal Moiz Khan, while opposing the decision taken by the Power Division, urged the federal government and Minister for Planning, Development and Special Initiatives Asad Umar to immediately withdraw the decision. Labelling it as unwise and anti-industry move, he requested the government not to make decisions that would hamper production…

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Wind projects may fetch $2b investment

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LAHORE: Pakistan has the potential to produce approximately 150,000MW of energy from wind energy sources, said Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) President SM Naveed. Speaking at a think tank session, he said that wind projects could fetch investment of around $2 billion. “Government should opt for short-term energy projects to curb the prevailing energy crisis that has crippled the national economy in general and the industrial sector in particular,” he said. He recalled that the government had planned to achieve generation of 2,500MW of energy from wind sources, 1,000MW through…

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