Month: June 2023

PM aides appointed to Parco board

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Parco-board

ISLAMABAD: The government has appointed two independent directors to the board of Pak Arab Refinery Limited (Parco) in a dubious way that has raised eyebrows. Sources told The Express Tribune that the board of directors of Parco was reconstituted recently, though its term was going to expire in August 2023. The government has appointed Ahad Cheema, Adviser to the Prime Minister with the status of federal minister, as an independent director to the Parco board. Dr Jahanzeb, Special Assistant to the Prime Minister (SAPM) with the status of minister of…

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SolaX Power Successfully Hosted Global Partner Summit 2023

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SolaX-Power

SolaX Power, a renowned player in the photovoltaic industry, successfully hosted its highly anticipated Global Partner Summit 2023 in Tonglu, Hangzhou. More than 150 distinguished guests from over 30 countries joined SolaX Power in sharing achievements and discussing the future of solar energy. Anwar Naveed, CEO of Fronus, the most important partner of SolaX in Pakistan, was also invited to this grand event and received Global Platinum Partner Award. Established in 2012, SolaX has become a leading provider of solar inverters and energy storage solutions. Over the years, SolaX has…

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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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