Month: June 2023

Government to provide Rs322bn in power subsidy in FY24

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power-subsidy

KARACHI: Federal Minister for Energy Khurram Dastgir on Friday said the government would provide Rs322 billion in tariff differential subsidy (TDS) to power consumers through distribution companies (discos) across the country. Addressing a press conference along with National Transmission and Dispatch Company Managing Director Rana Jabbar, the minister said that consumers of Karachi would receive Rs171 billion in TDS via KE in the next financial year. “Moreover, Rs151 billion were allocated in the budget 2023-24 for other parts of the country including Balochistan, Azad Jammu and Kashmir and merged ex-FATA…

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GHPL MD appointment criteria raise eyebrows

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oil-and-gas

ISLAMABAD: The Board of Directors (BoD) of Government Holding (Private) Limited (GHPL), the fifth largest oil and gas exploration and production (E&P) company in Pakistan, has established unique criteria for the appointment of a Managing Director. The criteria deviate from conventional norms by reducing the required experience and age by half compared to previous standards and industry counterparts. The company recently issued an advertisement for the position. Curiously, the chairperson of the BoD of GHPL and the current Managing Director, who formulated and approved the criteria for the appointment, have…

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Gas supply to industries restored

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Gas-supply

KARACHI: Sui Southern Gas Company (SSGC) has decided to restore gas supply to industries and their power generating units, effective from 8:00am on Saturday, June 17, 2023, it said on Friday. According to SSGC, after the change in the direction of Cyclone Biparjoy, weather has improved and the LNG terminals have become operational. Taking this change into consideration, the management of SSGC has decided to restore the supplies to industries and their power generation units. The company had stopped gas supplies to all industries, including their units for power generation,…

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SNGPL gets gas supply from Wali

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gas-supply

LAHORE: Injection of gas supply into SNGPL’s network from a newly discovered gas field namely Wali (Bettani) in District Lakki Marwat of Khyber Pakhtunkhwa has started on Friday, a statement said. The Oil and Gas Development Corporation (OGDCL) discovered Wali gas field last year. Prime Minister Shehbaz Sharif and Federal Ministry of Energy (Petroleum Division) had directed Sui Northern Gas Pipelines Limited (SNGPL) to lay pipelines for injection of gas from the newly discovered gas field. The gas flow from Wali gas field will be processed at OGDCL’s facility before…

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SBP gets $1bn from China

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Pak-china

KARACHI; The State Bank of Pakistan (SBP) on Friday night announced that it has received $1 billion from China, without sharing any other details about the nature of this inflow. Pakistan reportedly paid $1bn to China last Monday against a reportedly due amount of $1.3bn. Finance Minister Ishaq Dar was hopeful for the return of $1bn. The dwindling foreign exchange reserves and IMF’s reservations about budgetary measures have created problems for the finance minister who recently claimed that the Fund wants to see Pakistan default like Sri Lanka. Despite these serious reservations, Pakistan is…

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