January 18, 2023 -

The Private Power Infrastructure Board (PPIB) has approved the name of law firm M/s Howard Kennedy for representing the government of Pakistan in LCIA Arbitration in M/s Star Hydropower Limited (SHPL) case

January 18, 2023January 18, 2023 Admin

The fee of law firm will be £230,000 whereas fee of barrister will be finalized by the Attorney General Office, the sources added. Recently, MD PPIB, Shah Jahan Mirza apprised the Board that Star Hydro Power Limited (SHPL) and NTDC entered into dispute over delay in installation of Power Purchaser Inter-Connection Facility by NTDC. Both parties filed counter arbitral claims…

Gas shortage, ban on new connections to stay for years, Senate told

January 18, 2023January 18, 2023 Admin

Speaking during the question hour, Minister of State for Petroleum Musadik Malik told the house that two new policies aimed at overcoming the problem of gas shortage were almost ready and would be unveiled in a couple of weeks. He said one of these was about reopening the closed wellheads while the other was related to exploration of tight gas.…

NATIONAL EXCHEQUER SUFFERS RS 1.226 BLN DUE TO DISCOS’ PERFORMANCE

January 18, 2023January 18, 2023 Admin

The National Electric Power Regulatory Authority (NEPRA) on Tuesday expressed serious concern over electricity distribution companies (Discos’) as national exchequer lost Rs1.226 billion, ARY News reported. The deteriorating performance of the Discos’ in several cities of Pakistan due to which the national treasure suffered at least 1.226 billion in total. NEPRA report unveiled that the due to the efficient distribution,…

Delay in resolving pending issues: Two key investors’ groups give govt deadline

January 18, 2023January 18, 2023 Admin

The two key foreign investors’ groups of KE have given one-month deadline to Islamabad for withdrawal of all litigation, clearance of outstanding payments and signing of three long-awaited pacts or face litigation at international forum. The deadline was given on January 5, 2023 through a legal notice to Attorney General for Pakistan. Copies of notice have also been sent to…

Q1 of July-Sept 2022-23: Nepra allows Discos to recover Rs41.938bn under QTA mechanism

January 18, 2023January 18, 2023 Admin

The National Electric Power Regulatory Authority (Nepra) has allowed power distribution companies (Discos) to recover Rs 41.938 billion from their consumers for the first quarter of (July-September) 2022-23 under the QTA mechanism. The impact on IESCO consumers will be of Rs 1.97 per unit, LESCO Rs 2.76 per unit, GEPCO Rs 4.06 per unit, FESCO Rs 3.26 per unit, MEPCO…

CPEC second phase instrumental in achieving SDGs: govt

January 18, 2023January 18, 2023 Admin

Minister of State for Finance Dr Aisha Ghaus Pasha has stated that the second phase of the China-Pakistan Economic Corridor (CPEC) would be instrumental in achieving the SDGs. Speaking at the launch of a report titled, “All Pakistan Chinese Enterprise Association (APCEA) Sustainable Development Report 2022”, she said that it would also supplement Pakistan’s socioeconomic development. The minister added that…

OPEC Expands Control Of Oil Markets As Shale Growth Stalls

January 18, 2023January 18, 2023 Admin

After a decade of exponential growth, the U.S. shale patch is no longer the swing producer on the global markets. That role is now back in the hands of OPEC and its largest and most influential members in the Middle East, analysts and industry executives say. From growth of over 1 million barrels per day (bpd) in oil production annually…

The Nord Stream Pipeline Could Be Repaired Within A Year

January 18, 2023January 18, 2023 Admin

The Nord Stream pipeline can be repaired within a year, but it’s unclear whether Germany would want to receive Russian natural gas at all, said Klaus-Dieter Maubach, the outgoing CEO at German energy giant Uniper, which was Russia’s top gas customer before Moscow cut off supply via Nord Stream. “The first question that needs answering: what’s the political will on…

Aramco CEO: Low Spare Capacity Should Worry World

January 18, 2023July 10, 2024 Admin

Saudi Aramco CEO Amin Nasser has sent a stark warning about the lack of spare oil production capacity, telling the Energy Intelligence Forum that an uptick in demand could cause a supply crunch and price volatility similar to that seen in the gas market. With benchmark crude prices falling by around $30 per barrel since June, Nasser said the market…

Govt revises decision to promote solar projects

January 18, 2023July 4, 2024 Admin

The government on Tuesday amended a policy in favour of Fauji Foundation to facilitate the acquisition of a stake in a power plant while revising its earlier decision to promote solar projects. The decision was taken by Finance Minister Ishaq Dar-led Economic Coordination Committee (ECC) of the cabinet. The ECC allowed equity investment of $4.9 million by Fauji Foundation for…