Month: February 2022

Yousaf Weaving Mills Limited (YOUW) has awarded a contract to Prism Energy (Private) Limited for the installation of a solar system to provide 2MW electricity, a bourse filing said on Thursday. The system will provide electricity for a period of 15 years at a rate of Rs9.90/kWh, which will be raised by 3 per cent per annum, it added. Under the contract agreement, Prism Energy will make all the investment in this project. The installation work has been commenced and it is expected that the project will be completed by the second…

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Key officials of the energy ministry drew ire of the Public Accounts Committee (PAC) on Thursday after they failed to provide exact figures about the annual production and consumption of gas in Khyber-Pakhtunkhwa and Sindh. PAC Chairman Rana Tanveer and other members of the committee were flabbergasted when the top officials of the ministry kept evading the simplest of the questions from the members, when they discussed the audit paras of the Petroleum Division and report of the Sui Northern Gas Pipeline Limited (SNGPL) for 2019-20. Since it appeared to…

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The Petroleum Division told the Public Accounts Committee Thursday that circular debt of Sui Southern Gas Company (SSGC) and Sui Northern Gas Pipeline Limited (SNGPL) had reached Rs1.3 trillion (Rs1,300 billion). The Public Accounts Committee (PAC) expressed its annoyance at the Petroleum Division for non-completion of gas schemes and ordered a one-year audit to ascertain the losses. During Thursday’s meeting, PAC Chairman PAC Rana Tanveer asked the SNGPL MD about his salary to which he could not give an answer. He said there was no precedent for the package being…

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The oil industry has warned the government of supply chain disruption and increase in oil sector’s circular debt if it maintained product rates despite rising international prices. “Based on the critical condition of the industry and increasing trend in POL prices, we urge you to ensure that no further petroleum differential claim (PDC) is imposed on the industry as it will have an unmanageable impact on the cash flows of the industry and may also lead to catastrophic disruption in the POL supply chain,” said the Oil Companies Advisory Council…

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Textile exports in Pakistan are on the rise – 26 percent increase to $9.4 billion in the 1HFY22. The growth in exports has continued in January to $1.55 billion – up by 17 percent YoY as has been indicated by government officials. ATPMA is celebrating this achievement which the commerce minister has attributed to a shift in export orders from India and Bangladesh to Pakistan. It’s heartening to witness this growth, however, this growth in textile exports is not confined to Pakistan only. In fact, the textile exports in Jan…

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