Month: December 2021

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 to M/s Rousch, its entire complex was shutdown at 10:15 hours on December 13, 2021 due to SNGPL curtailing gas supply. The company declared a 100% other Force Majeure Event…

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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 privatisation, Power Division, Petroleum Division, Industries and the representatives of the Ministry of Industries & Production, Finance, SSGC, HEC and financial advisors also attended the meeting. The government has already…

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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 of Pakistan should increase. He also informed the businessmen that the K-IV water pipeline project for Karachi will be completed by December 2023 and termed it necessary for the business…

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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 the hearing. Taking notice of increase in electricity bills sent by distribution companies to their consumers, he said that his own bill had shocked him. He directed the power distribution…

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Despite passing 30 long years to the award of exploration license of Kohlu Block-28 to Tullow Pakistan, drilling at site could not take place allegedly owing to less attention of the Energy Ministry and Petroleum Division’s Directorate General Petroleum Concession (DGPC). According to sources, Kohlu Block has estimated gas reserves of 16Trillion Cubic Feet (TCF) and this Block 28 was awarded to Tullow Pakistan Developments Limited in 1991. However, despite passing 30 years to the award of Block 28 to Tullow Pakistan, drilling could not take place at the site…

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