Month: June 2023

PM reviews policy on alternative energy

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alternative-energy

LAHORE: Prime Minis­ter Shehbaz Sharif has reviewed the process to formulate a policy regarding the use of alternative energy sources, especially solar energy. Chairing a meeting on Saturday, he said the government had ensured the implementation of measures regarding alternative sources of energy, including solar energy, in the budget. He said the process of converting public buildings to solar power should be expedited. This would not only reduce the electricity cost but save precious foreign exchange, he said, adding that the policy on solar energy should be finalised as soon…

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Hike in power tariff widely expected

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power-tariff

ISLAMABAD: The federal government is mulling an increase in electricity tariff of up to Rs 5 per unit through rebasing to be implemented from July 1, 2023, as Power Purchase Price (PPP) payments will touch over Rs 3 trillion during FY 2023-24, well informed sources in Power Division told Business Recorder. The proposed rebasing to raise tariff between Rs 4 -5 per unit from next fiscal year is based on different assumptions including further Rupee devaluation, which according to one assumption will touch Rs 382/ $ during the last quarter of…

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PPL seeks recovery of dues

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PPL-Pak

ISLAMABAD: Pakistan Petroleum Limited (PPL) has requested Secretary Petroleum to recover Rs 6.186 billion dues from Power Division on account of Take or Pay (ToP) mechanism. In a letter to Secretary Petroleum, Managing Director/ CEO PPL, Imran Abbasy has cited the reference of para on Take-or-Pay amount before the Public Accounts Committee (PAC) and the series of meetings between PPL and CPGCL under guidance of the Ministry of Energy. In the last meeting held on May 22, 2023 at Ministry of Energy (Power Division) it had been agreed between PPL…

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Shell Pakistan’s share price has soared over 24% in 3 days after parent company’s intent to sell

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shell-pakistan

Shell Pakistan Limited’s (SPL) share price has surged over 24% in the last three trading sessions, a rise triggered by its announcement on Wednesday that Shell Petroleum Company Limited (SPCo) intends to sell its shareholding in SPL. From Rs82.95 to Rs103.05 on Friday, the price has surged 24.23%, hitting upper locks (the maximum increase allowed by the stock exchange on any particular day) on all three trading sessions along the way. While the announcement did not disclose the amount of shareholding SPCo intends to sell – it had a 77.42% stake in…

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Trade, energy, transport: Pakistan, Iran agree to deepen cooperation

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Pakistan-Iran

ISLAMABAD: Pakistan and Iran have agreed to deepen cooperation in trade, energy, transport, connectivity, cultural exchanges and educational linkages. The understanding was reached during wide-ranging discussions between Pakistan’s Foreign Secretary Dr Asad Majeed Khan and Iran’s Deputy Foreign Minister Ali Bagheri Kani during the 12th round of bilateral consultations between the two countries in Tehran, Foreign Office said here Sunday. According to Foreign Office, the two sides held fruitful talks on entire spectrum of relations. “The two sides reviewed the entire spectrum of relations and agreed to deepen cooperation in…

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