Day: June 3, 2023

ISLAMABAD: Starting from July 2023, consumers can expect a potential 50 per cent increase in natural gas prices in Pakistan. On Friday, the Oil and Gas Regulatory Authority (Ogra) concluded its determinations for two struggling state-run gas utilities and submitted them to the government for issuance of a notification. For the upcoming fiscal year 2023-24, Ogra has calculated an estimated revenue requirement (ERR) of Rs697.4 billion to be collected from gas consumers. The Sui Northern Gas Pipeline Limited (SNGPL), responsible for gas supply to consumers in Punjab and Khyber-Pakhtunkhwa (KP),…

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KARACHI: Pakistan’s power generation fell by 22.8 percent in April 2023 to 10,010 GWh from 12,960 GWh a year earlier, as industries faced the brunt of an economic slowdown. The decline was compounded by reduced coal and hydel-based generation and diminishing output from multiple sources. “Power generation is affected by economic slowdown due to multiple factors such as policy tightening, flood impacts, import limitations, high borrowing, fuel costs and political uncertainty,” said analyst Muhammad Awais Ashraf at Foundation Securities Limited. Lower generation from fuel oil (-86 percent YoY), wind (-31…

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ISLAMABAD: The 6th edition of Islamabad Business Summit concluded in the capital on Friday with multiple sessions, addresses, and panel discussions. Nutshell Conferences Group and Martin Dow Group in a strategic partnership with Overseas Investors Chamber of Commerce and Industry and Unity Foods Limited organised the summit with a theme of ‘The Big Rethink’. The second day witnessed 4 sessions, which comprised 11 addresses, 2 conversations and 2 panel discussions; topics varied from the digital future to the landscape of education, and from shaping narratives to climate change. Senator Sherry…

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ISLAMABAD: Privatisation Commission has nominated its senior Consultant (Energy) Salman Amin to facilitate Power Division as part of team to develop bidding documents for engagements of transaction advisor for acquisition of power Distribution Companies (Discos) to provinces, well informed sources told Business Recorder. Privatisation Commission had requested that the scope and outcome envisaged for this transaction may be defined by Power Division and NEPRA as per policy and regulatory framework. The federal government is mulling over handing Discos to respective provinces with their consent like other organisations devolved to provinces as…

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Govt tries to manage balance of payments crisis amid record inflation KARACHI: Pakistan has passed a special order to allow barter trade with Afghanistan, Iran and Russia for certain goods, including petroleum and natural gas, the Ministry of Commerce said on Friday. Left with barely enough foreign exchange reserves to cover one month’s imports, Pakistan’s government is desperately trying to manage a balance of payments crisis and curb inflation after it hit a record of nearly 38% last month. The government order, called the Business-to-business (B2B) Barter Trade Mechanism 2023…

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