Day: February 16, 2023

POL import deal: Pakistan seeks UAE response over IGA draft

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electric

Pakistan has sent a reminder to the UAE asking for a response to the IGA (Inter-governmental Agreement) draft for the import of POL products, officials of the Energy Ministry told The News. We have sent the reminder through MOFA (Ministry of Foreign Affairs) to the UAE government, seeking its response to the IGA draft Petroleum Division had sent to the government in December 2022,” the spokesman of the Petroleum Division confirmed to The News. “We want sustainable supply of POL products in the country under the GtG agreement with the…

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OGRA Issues Gas Price Revision Notification

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ogra

Oil and Gas Regulatory Authority (OGRA) on Wednesday issued a notification of gas sale price for domestic, commercial and industrial sectors, which would be effective from January 1. Under the “protected category,” as per the notification, the authority has determined Rs 121 per Million British Thermal Unit (MMBTU) gas for domestic consumers using up to 0.25hm3 (in cubic hectometers) gas per month; Rs 150 per MMBTU for users of up to 0.5hm3; Rs 200 per MMBTU for consuming up to 0.6 hm3; and Rs 250 per MMBTU for up to…

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Hike in petrol, diesel prices challenged in LHC

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lhc

A petition was filed in the Lahore High Court (LHC) on Thursday seeking reversal of recent increase in prices of petroleum products. The petition has been filed by a citizen named Munir Ahmed through his lawyer Azhar Siddique. He has made the petroleum minister, the Oil and Gas Regulatory Authority (Ogra) and others in the case. The petitioner argued that the increase in petroleum prices was illegal and pleaded the high court to declared the notification issued by the governments to jack up the prices null and void. In an…

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Fixed electricity charges unfair on industries

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powertariffs

The National Electric Power Regulatory Authority (Nepra)’s Maximum Demand Indicator (MDI) initiative that imposes fixed charges for electricity are causing industries to shut down, said the Lahore Chamber of Commerce and Industry (LCCI) on Wednesday. Speaking to the CEO of the Lahore Electric Supply Company (Lesco), LCCI President Kashif Anwar urged the Lesco chief to aid in the immediate removal of MDI fixed charges. “This is affecting the business community very badly, especially those companies which shut down their industrial units or work on a seasonal basis.” “Since Lesco is…

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Lesco selects 100 feeders to produce solar power

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feeders

He said 100 feeders have been selected in this regard with the investment estimate of Rs170 million. He was addressing members of the Lahore Chamber of Commerce and Industry. He said that there are many rumours regarding solar net metering, in which it is being said that the rate of net metering is being reduced but the rate is not being reduced at all. He said that the government is installing solar on all the government buildings and subsidising solar tube-well. Conventional bulb factories are closing down and energy saving…

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Pakistan’s solar planning too rigid and high-cost

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solar-pannel

The Institute for Energy Economics and Financial Analysis (IEEFA) has published analysis warning against specifics of Pakistan’s plans to incentivise gigawatts of solar project development across the country. IEEFA’s commentary, prompted by a recent public hearing concerning one 600 MW solar plant in Muzaffargarh, criticizes the 25-year PPA at a dollar-indexed tariff, calling it reminiscent of Pakistan’s excessively expensive 1990s deals for thermal power plants, and saying it will do nothing to push developers to innovate on price. Per IEEFA, a 14-year PPA – as opposed to 25-year – would…

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One Of The World’s Hottest Oil Plays Prepares For New Auction

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guyana

Guyana, one of the world’s hottest frontier oil plays, is expected to have its new oil production sharing agreement (PSA) model ready in time for its auction that runs through mid-April, according to Guyana’s VP. The oil and gas industry has been eagerly waiting for Guyana to draft new contract terms that have been a long time in coming after Guyana made it clear that oil companies wouldn’t be getting what it considered to be a sweetheart deal like the Exxon consortium did. Guyana expects the new contract model to…

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Alberta Is Fighting To Send Its Oil Abroad

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oil

Despite efforts from Canada’s Prime Minister Justin Trudeau to move away from oil sands – long hailed as the – Alberta, the country’s largest oil-producing region, is pushing to open new energy corridors with the U.S. to export its fossil fuels. As the global demand for oil and gas continues, and countries look closer to home to secure their energy needs, Alberta believes it can promote its oil sands as a means of providing the energy needed until enough green alternatives are being produced to meet the rising global energy demand.…

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Absolutely Not We are not Consulted for Mini Budget President FPCCI

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fpcci

Irfan Iqbal Sheikh, President FPCCI, has criticized the government for the total lack of consultation in the mini budget with the business, industry and trade community – the real stakeholders of the economy & taxation system; and, the real engines of economic growth, employment creation and revenue generation. Had we been consulted, we could have helped the government with a more practical &inoffensive approach to meet the prior actions’ requirements of the IMF, he added. Mr. Irfan Iqbal Sheikh also expressed the collective anxieties & concerns of the business community…

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