Month: January 2023

Karachi’s business community comes down hard on SBP governor

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At least half a dozen members of Karachi’s business community severely criticised the role of the State Bank of Pakistan (SBP) in the ongoing crisis with regards to difficulty in opening letters of credit (LCs). “At least tell the banks to open LCs for wheat and pulses so that people have something to eat,” one businessman pleaded to Jameel Ahmad, the SBP governor who paid a visit to the Karachi Chamber of Commerce and Industry on Wednesday. Earlier in the day, the SBP governor had also visited the Federation of…

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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

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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 against each other before LCIA, wherein NTDC’s claim was dismissed and it was found in breach of terms of PPA in making payment of liquidated damages. Thereafter, SHPL filed case…

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

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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. He, however, made it clear that the results would start accruing in three to four years due to the time-consuming exploration process. He said it would be unwise to give…

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NATIONAL EXCHEQUER SUFFERS RS 1.226 BLN DUE TO DISCOS’ PERFORMANCE

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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, Discos’ including Gujranwala Electric Power Company (GEPCO), Faisalabad Electric Supply Company (FESCO), Multan Electric Power Company (MEPCO) the national exchequer got benefited. On the other hand, the inefficiency of Peshawar,…

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

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Karachi Electric

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 Prime Minister, Shehbaz Sharif, Minister for Power and Minister for Law and Justice. The legal notice has been served by Al-Jomaih Power Limited and Denham Investments Limited, upon the Islamic…

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