Pakistan is bearing an annual loss of Rs240 billion due to the smuggling of Petroleum products, according to the Petroleum Commission’s report which was made public on Tuesday after the federal cabinet’s approval. Petroleum products, especially motor spirit (MS) and high speed diesel (HSD), are smuggled into Pakistan from the western border of Taftan, Iran. The tax department during the…
Read More
While the situation at external front has been improving, the foreign direct investment climate is dreary as usual. Where COIVD-19 pandemic has adversely affected FDI flows across the globe including Pakistan, the situation at home has been worrisome much before the pandemic hit. The continuous decline in FDI since after FY17 is the evidence. Central bank’s latest data shows that…
Read More
By 31 March 2021, new power generation projects under construction stood at 463 gigawatts (GW) across the region’s 16 key power markets, up 5% from the previous quarter, reported IHS Markit. “With countries aiming to further reduce their carbon emissions, it is not surprising that the share of renewables in planned power projects increased in the last quarter,” said Xizhou…
Read More
The honest power consumers are likely to pay an additional Rs1.1 trillion to the powerful independent power plants (IPPs) including idle generation companies on account of rising capacity payments. The capacity payments have continued to increase and are expected to touch a high of Rs1.6 trillion in 2023. During the tenure of Pakistan Tehreek-e-Insaf (PTI) government, the capacity payments have…
Read More
ISLAMABAD: Federal Minister for Energy Muhammad Hammad Azhar on Wednesday took detailed briefing on matters relating to Power Sector. The Federal Minister was apprised on the current stock of circular debt which stood at Rs. 2300 billion approximately. Power Division has devised monthly circular debt reporting which also indicated different factors contributing in its build up, said a press release.…
Read More
ISLAMABAD: Chairman National Electronic Power Regulatory Authority (NEPRA) along with member NEPRA Balochistan on Wednesday called on Chairman Senate Muhammad Sadiq Sanjarani here at Parliament House to brief him on power supply in the province. While exchanging views on the overall energy situation in the province the Chairman Senate said that the power system in Balochistan should be improved further.…
Read More
WASHINGTON: US President Joe Biden will host a global climate summit on Thursday and Friday, during which he is expected to unveil a plan to cut carbon emissions by at least 50 percent by 2030, from 2005 levels. “We expect action at this meeting. We’re looking for people to make announcements to raise their ambition to indicate next steps that…
Read More
The federal government has allowed the incumbent chief executive officer (CEO) of GENCO Holding Company Limited (GHCL), Muhammad Imran, to continue working on his post for a period of twelve months based on this satisfactory performance. Moreover, the managing director of the Private Power and Infrastructure Board (PPIB), Shah Jahan Mirza, has been allowed to continue working as CEO of…
Read More
ISLAMABAD: The budget-making process for 2021-22 has kick-started as the Ministry of Finance has shared Indicative Budget Ceiling (IBC) with the Ministry of Planning for allocation of Rs800 billion for Public Sector Development Programme (PSDP) in the next budget 2021-22. “Yes, the Ministry of Finance has shared the IBC for allocation of development funds under the PSDP to the tune…
Read More
Japan has publicly pledged its support for overseas LNG project finance as it sees LNG as a transitional energy source that can supplement renewables and help replace coal in its efforts towards 2050 carbon neutrality goals, just days ahead of the climate change summit to be hosted by US President Joe Biden. State-owned Japan Oil, Gas and Metals National Corporation…
Read More
