Day: June 1, 2023

E&P firms seek Rs500bn tariff differential subsidy to bridge revenue gap in gas sector

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Rs500bn-tariff

ISLAMABAD: Oil and gas exploration and production (E&P) companies have sought a budgetary grant or tariff differential subsidy of at least Rs500 billion in the 2023-24 fiscal year to partially adjust the accumulated revenue shortfall of state-owned gas companies. They said that recovering the past years’ revenue shortfall from the consumer will take considerable time. “This will greatly facilitate E&P companies in meeting operating expenditures and planned exploration and development activities for enhancing indigenous gas production,” Pakistan Petroleum Exploration and Production Companies Association (PPEPCA) said. Local oil and gas exploration…

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Ecnec clears four projects worth Rs120bn

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Ecnec-clears

ISLAMABAD: The Exe­cutive Committee of the National Economic Council (Ecnec) on Wednesday approved four development projects in Azad Kashmir, Gilgit-Baltistan and Khyber Pakhtunkhwa with a total estimated cost of Rs120.185bn. Presided over by Fina­nce Minister Ishaq Dar, the meeting of the committee was also attended by Minister for Planning and Develop­ment Ahsan Iqbal, SAPM on Finance Tariq Bajwa, Senator Nisar Ahmed Khuhro from Sindh and federal secretaries and other senior officers from federal ministries and provincial governments. The Ecnec approved a project of the AJK government to be executed by…

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Gas tariff concession for export sector extended till June

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Gas-tariff

ISLAMABAD: The government has extended a concessionary tariff of $9 per million British thermal units (MMbtu) for the supply of gas to five export-oriented sectors for the months of May and June 2023, the Ministry of Energy said. A supplementary grant of Rs4.0 billion will be provided to Sui Northern Gas Pipelines Limited (SNGPL) to facilitate the disbursement of a subsidy worth Rs2.0 billion for each of the two months mentioned. The ministry has written an order letter stating that, “based on the actual subsidy claim for the month of…

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Nepra likely to allow Discos to charge Rs1.61/unit more

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NEPRA

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) Wednesday hinted at allowing the state-run power distribution companies (discos) to collect an additional Rs1.6076/unit, while the K-Electric was directed to reimburse a meager Rs0.0472/unit to the consumers in June bills.This preliminary calculation was expressed in a public hearing on these companies’ petitions on account of their monthly fuel charges adjustments (FCAs) for April 2023. It is to be noted that the discos had asked for permission to collect Rs2.01/unit, while the Karachi-based utility sought Nepra’s permission for an additional collection of…

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Rethink for Sustainability and Progress – 6th Edition of LEADERS IN ISLAMABAD BUSINESS SUMMIT

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LEADERS-IN-ISLAMABAD

Islamabad, May 31, 2023: Nutshell Conferences Group and Martin Dow Group, in strategic partnership with Overseas Investors Chamber of Commerce and Industry, and Unity Foods Limited, hosted Day 1 of the 6th Edition of LEADERS IN ISLAMABAD BUSINESS SUMMIT, with the theme “The BIG Rethink.” The sub-themes on Day 1 varied from the need for the Big Re-Think, to Leadership in the Age of Disruption, to Disrupting the Future. The day comprised nine individual addresses, three panel discussions, and one conversation Addressing the Inaugural Session, Prof. Ahsan Iqbal, Federal Minister…

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