Year: 2022

National Accountability Bureau (NAB) has initiated action in a case against appointment of Chairman Board of National Transmission and Despatch Company (NTDC) Naveed Ismail, well informed sources told Business Recorder. NAB Karachi, sources said, has written a letter to Power Division in connection with a complaint being processed by the Bureau, requesting to provide a copy of Naveed Ismail’s personal file along with all documents pertaining to his appointment as Chairman of the company. In addition to his personal file, Power Division has been requested to provide details of advance metering…

Read More

Khurram Dastgir Khan, Federal Minister for Energy, visited NESPAK House, Lahore, on Monday to have an overview of the working of the company. Dr. Tahir Masood, Managing Director NESPAK, welcomed the Minister and gave him a detailed corporate presentation highlighting the objectives of the creation of NESPAK, its scope of services and achievements. The basic objectives of NESPAK’s creation were achievement of self-reliance in Engineering Consultancy, development of indigenous human resources and minimizing dependence on foreign consultants as well as creation of employment opportunities for professionals. During the presentation, the…

Read More

Several legal disputes in the exploration and production (E&P) sector of Pakistan have caused delay in injecting 250 million cubic feet per day (mmcfd) of cheaper gas into the national network, industry officials say. Currently, there are around 62 cases between various companies and the government. The litigation in energy sector has also discouraged the inflow of new investment as the previous governments received a poor response from the E&P companies to the bids invited for the award of exploration licences. Even the Pakistan Tehreek-e-Insaf (PTI) government, which stepped down…

Read More

Prime Minister Shehbaz Sharif ordered on Monday to immediately disburse Rs50 billion to the Chinese power producers to save them from default and also open a revolving fund to protect them from the circular debt in future. The premier gave the instructions during a meeting with Chinese investors who for the past few years had been trying to secure their rights guaranteed under the China-Pakistan Economic Corridor (CPEC) framework agreement. The prime minister assured the Chinese investors that all the commitments made by the previous government would be honoured, said…

Read More

With the gas sector’s circular debt at Rs1.5 trillion, the Petroleum Division on Monday said the gas companies would go bankrupt without a hike in gas tariff that was now inevitable in view of the amended Oil and Gas Regulatory Act. Minister of State for Petroleum Musadik Malik and Secretary Ali Reza Bhutta while testifying before the Senate Standing Committee on Petroleum said the government did not have money for bailouts and gas tariff increase could not be avoided under the revised Ogra Act passed by the previous government under…

Read More