August 2021
Day: August 26, 2021
Six New Projects In Petroleum Sector To Be Executed In FY 2021-22
As many as six new projects worth Rs1,775.857 million will be executed in petroleum sector during the current fiscal year 2021-22 in order to achieve self-sufficiency in the energy sector. According to official documents, the government has allocated Rs40 million in the Public Sector Development Programme (PSDP 2021-22) for a new project, under which development of Strategic Underground Gas Storage (SUGS), hiring of consultancy services for bankable feasibility study and transaction advisory services (PC-II) would be carried out. Similarly, a sum of Rs30 million has been specified for Legal Consultancy…
Read MorePLL ‘caused loss of Rs25b’ in LNG imports
The government has suffered a loss of over Rs25 billion because of the sate-run Pakistan LNG Limited’s (PLL) failure in making timely arrangement for the import of the commodity, the Public Accounts Committee (PAC) was informed on Wednesday. During the last few months, the PLL had cancelled cargoes and then awarded them to LNG traders after a few days at higher rates. The PAC meeting, held under the chairmanship of Rana Tanveer Hussain at the Parliament House, was further told that the PLL had failed to arrange LNG imports when…
Read MoreCCoE approves IGCEP with major focus on clean energy
Islamabad: Cabinet committee on energy (CCoE) on Thursday approved the Indicative Generation Capacity Expansion Plan – known as IGCEP 2021-30 which puts a major focus on clean energy (hydel, Solar, Wind, Nuclear) by the year 2030. It also puts emphasis on generating new electricity projects with the least cost basis. IGCEP envisions the commissioning of a portfolio of new generation projects including many hydropower projects, Thar coal-based projects, K-3 nuclear power plant, and over 4,000MW of solar and wind-based renewable energy projects. The Cabinet Committee on Energy (CCOE) held a…
Read MoreGovt seeks to cut power subsidies
The Monetary and Fiscal Policies Coordination Board on Wednesday agreed to reduce electricity subsidies by Rs170 billion and also discussed the possibility of scaling back grants for subjects that fall in provincial domains. The board meeting also discussed the southbound movement of the rupee and its future outlook, which the State Bank of Pakistan (SBP) governor described stable, sources told The Express Tribune after the meeting. The meeting was held the day Pak rupee lost another Rs1.08 value against the US dollar and closed at 166.28 – the lowest level…
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