Month: January 2023

K-Electric Comes Under Fire For Misrepresenting Financial Information

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k-electric

Recently, K-Electric found itself in the middle of another controversy and this time around, it wasn’t regarding its sale or extended hours of load-shedding, but for a rather unique instance, where one of its former directors, Asad Ali Shah, issued an official complaint against the misstatements in the company’s financial statements. Shah, in a letter dated January 10, 2023 to the Pakistan Stock Exchange, claimed, “As per latest quarterly financial statements issued by KE for the period ended September 30, 2022, the aggregate amount of revenue and receivables recognised in…

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Russia Remains Top Seaborne Oil Supplier To Europe Despite Sanctions

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While the European Union’s seaborne imports of Russian crude oil declined by just over 12% last year, Russia still enjoyed status as the top seaborne oil supplier to the bloc, despite sanctions. According to data from maritime sector brokerage firm Banchero Costa, last year saw the EU import 98.8 million tonnes of Russian crude via sea, down from 112.5 million tonnes in 2021 and 128.5 million tonnes in 2019. For 2022, Russia still accounted for 21.9% of European seaborne imports of Russian crude, followed by the North Sea, which accounted…

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EV Makers Brace For Another Tough Year

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Electric vehicle (EV) makers are facing a conundrum due to the uncertain outlook of the EV market in 2023. On the one hand, governments worldwide are pushing for a transition to green, with plans to roll out bans on the sale of new fossil fuel-powered cars across several cities within the next decade, which is encouraging more consumers to switch to EVs. On the other, the current uncertain geopolitical and energy outlook has sent much of the world into a recession, with soaring inflation and concerns about energy security, meaning…

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SolaX Signed a 100MW Strategic Cooperation Agreement with Fronus

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On Nov. 29, 2022, SolaX signed a 100MW strategic cooperation agreement with Fronus Solar Energy, a leading renewable energy company in Pakistan, to provide advanced inverter solutions in the Pakistan market in the following year. In addition, SolaX and BTA Technologies inked a partnership agreement, under which BTA Technologies would eventually take over the duties of SolaX’s Pakistani after-sales service center. This cooperation is another vital step for SolaX in promoting localization in Pakistan, which will give local clients more timely and targeted after-sales service. Fronus Solar Energy is a…

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Solar Power Day PML(N) Senator assures early resolution of LC issue to help solar companies in Pakistan

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Pakistan Muslim League-Nawaz (PML-N) Senator Capt. Shaheen Khalid Butt hoped that Letters of Credit (LCs) for imports will be opened soon, which will help facilitate the solar energy sector in the country. “The clean energy is absolutely vital not just for the environment but because it’s cost effective for the consumers. In this context, I talked to Prime Minister Shehbaz Sharif and Finance Minister Ishaq Dar, and they expressed the hope that the government would soon be able to open LCs for imports as soon as economy’s stabilization is ensured,”…

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