Month: June 2023

Lesco tops the list: Zorlu eyes stakes in Discos

Admin
Lahore-Electric

ISLAMABAD: Turkish firm M/s Zorlu has shown interest in acquiring stakes in power Distribution Companies (Discos) especially in Lahore Electric Power Company (Lesco), well-informed sources told Business Recorder. The federal government is already developing bidding documents of Discos, aimed at handing over to the respective provinces which have already conveyed their intentions to take them over with come conditions. Privatisation Commission has nominated its senior Consultant (Energy) Salman Amin to facilitate Power Division as part of the team to develop bidding documents for engagements of transaction advisor for acquisition of Discos…

Read More

Saudi Wafi Energy Co: Potential front-runner to acquire Shell PLC’s stake in Pakistan?

Admin
Shell-PLC

June 19, 2023 (MLN): Pertaining to Shell PLC’s announcement to exit Pakistan, intense speculation has been sparked about the potential buyer who will acquire Shell PLC’s stake in the country. Amidst the uncertainty, all eyes are now focused on Saudi Wafi Energy Co., which made headlines with its agreement to enter the Saudi mobility market via trademark licensing with Shell Global last year. The partnership between these two industry giants has raised hopes that Saudi Wafi Energy Co. could be the frontrunner to purchase Shell PLC’s stake in Pakistan or even…

Read More

ACWA Power and Energy China Signs EPC Contract for Solar PV Project

Admin
Energy-China

ACWA Power, a leading Saudi developer, investor, and operator of power generation, water desalination and green hydrogen plants worldwide, announced the signing of an Engineering, Procurement, and Construction (EPC) contract with Energy China Group Corporation (CEEC) for a solar photovoltaic (PV) project in Tashkent, Uzbekistan. The Power Purchase Agreement of the project has been signed earlier in March 2023, between ACWA Power and (JSC) National Electric Grid of Uzbekistan (NEGU) and Ministry of Investment, Industry and Trade. The project will form part of Uzbekistan’s ambitious targets to transition to a…

Read More

NJ station to resume generation by end-July

Admin
power-sector

ISLAMABAD: Efforts are underway at the Neelum Jhelum hydel power station to complete the necessary remedial works in the tail race tunnel, with the aim of resuming electricity generation by the end of next month. Chairman of the Water and Power Development Authority (WAPDA), Lt Gen Sajjad Ghani (Retd), was briefed on the progress during his visit to the project site. During the visit, the WAPDA chairman inspected the 3.5kilometer long tail race tunnel, focusing on the affected section. The consultants provided a detailed update on the rehabilitation works, highlighting…

Read More

Rs10m fine sought for illegal oil storage

Admin
oil-storage

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has proposed a rigorous imprisonment of up to 10 years or a fine of Rs10 million on the oil marketing companies or private parties which commit the unauthorised storage and handling of petroleum for the purpose of sale, resale, transport or distribution to any consumer. The Pakistan Penal Code (Amendment) Act 2023, moved by Ogra, has already been vetted by the Ministry of Law and sent to the Cabinet Division for approval. The addition of Sections 285-A, 285-B and 285-C to the…

Read More