Month: October 2022

Pakistan Will Soon Start Using Domestic Coal To Generate Electricity

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The government, in collaboration with Independent Power Producers (IPP), is set to agreement on using 10% indigenous coal to generate electricity. The initiative will help in reducing the electricity generation cost in the country. IPPs demonstrated their willingness to generate electricity by using up to 10% of domestic coal. The private Power and Infrastructure Board (PPIB) is planning to switch IPPs to Thar Coal. As the indigenous coal is far cheaper than imported coal. According to various sources, utilizing up to 10% of the Thar coal for power generation will…

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Reconstitution of BoDs of three Discos challenged in court

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The reconstitution of Board of Directors (BoDs) of three distribution companies (Discos) has been challenged in the court of law, said the sources. The sources said the reconstitution of the Boards of Faisalabad, Islamabad and Lahore electric supply companies (Fesco, Iesco and Lesco) on the ground that they were constituted for a period of three years back in December 2020 by Pakistan Tehreek-e-Insaf (PTI) government and the present government cannot remove them before the expiry of this period. Reliable sources said the petition was filed by one member of Fesco…

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Pakistan, KSA agree to increase cooperation in energy, other sectors

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Pakistan and Saudi Arabia are said to have agreed to activate the agreement on financing and providing crude oil and petroleum products and exploring possibilities of supply of LNG to Pakistan, well informed sources in Board of Investment (BoI) told Business Recorder. This was agreed during a first virtual meeting of the Joint Economic Sub-committee of the Saudi-Pakistan Supreme Coordination Council. Pakistani team was headed by Finance Minister Senator Ishaq Dar whereas Saudi side was led by Prince Abdulaziz bin Salman bin Abdulaziz, Minister for Energy. Sharing details, sources said while…

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KE Q1 results shows considerable decline

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KE’s financial results for Q1 FY 23 showed a considerable decline owing to the impact of multiple macroeconomic and geopolitical factors. The company reported losses per share of PKR 0.59 in Q1FY23 compared to earnings per share of PKR 0.11 for same period last fiscal. Gross profitability also decreased while the units dispatched to Karachi shrank by 8.9%. EBITDA decreased from PKR 11.8 billion to a loss of PKR 2.6 billion. Tough economic conditions including but not limited to a depreciating rupee, increased inflation, high prices of fuel and non-availability…

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Windfall tax must change in face of ‘excessive’ oil profits, Alok Sharma says

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The UK’s windfall tax on oil and gas profits must be changed to raise billions more and to stop companies using loopholes to invest in further fossil fuel extraction, the outgoing president of global climate talks has said. “These are excessive profits, and they have to be treated in the appropriate way when it comes to taxation,” said Alok Sharma, the president of the Cop26 UN climate summit. “We ought to be going further and seeing what more can be done in terms of raising additional finance [from the profits].…

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