Day: August 24, 2023

Minister for Energy vows to aggressively pursue the TAPI project

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TAPI-gas

Ambassador of Turkmenistan H.E. Atadjan Movlamov called on Interim Federal Minister for Energy Muhammad Ali here today.Ambassador extended his congratulations to Minister on assuming his new portfolio and exchanged pleasantries.Minister for Energy expressed his gratitude and passed on the regards from Caretaker Prime Minister of Pakistan Anwaar-ul-Haq Kakar. “PM is pleased that the TAPI project is dealt on priority basis.”Both sides agreed to speed up the TAPI gas pipeline project. Mr Muhmmad Ali underscored the importance of gas for the economy of Pakistan. “With increasing energy demand of the country,…

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Govt seeks to raise power rate by Rs3.55 per unit

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NEPRA

• Wants to extract Rs146bn in quarterly tariff adjustment from consumers in six instalments to minimise ‘price shock’ ISLAMABAD: The rising electricity costs appeared to have put the power companies in a vicious cycle of declining consumption and shifting resultant additional capacity charges to consumers, compelling the government to seek staggered imposition of Rs146 billion quarterly charges in six months, instead of three months to minimise the ‘price shock’. The situation emerged at a public hearing organised by the National Electric Power Regulatory Authority (Nepra) on the government request for…

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PSO posts Rs4.6bn loss in 4QFY23

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Pak-state

KARACHI: The bottom line of Pakistan State Oil (PSO) turned negative in the last quarter of 2022-23 as its unconsolidated loss amounted to Rs4.6 billion versus a three-month profit of Rs21.4bn a year ago. In the preceding quarter of January-March, the state-owned oil marketing company recorded a net profit of Rs13.6bn. As a result, PSO’s earnings totaled Rs5.6bn in 2022-23, down 93.4pc from the preceding fiscal year, the company told investors on Wednesday. The company also announced a final cash dividend of Rs7.50 per share. According to AKD Securities, the…

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Pakistan’s economic problems a hurdle to joining BRICS

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President-of-Brazil

Many countries interested in becoming part of emerging economies’ bloc JOHANNESBURG: The 15th BRICS Summit kicked off on August 22 in Johannesburg, South Africa. The theme of this year’s event is “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism.” “The meetings being held from August 22 to 24 are very important where some key decisions are expected to be announced. I think the most essential thing that the summit is likely to discuss is the expansion of BRICS,” said Amjad Zarin, Associate Professor at Riphah…

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CPEC firms ask govt to ensure timely payments to operationalise powerhouses

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CPEC-Project

ISLAMABAD: The CEPC firms in the power sector here on Wednesday urged the government to ensure their timely payments against sale of electricity to the Central Power Purchase Agency (CPPA) as they have started injecting their equities to make the powerhouses operational. This issue was agitated by Chinese enterprises during a media interaction arranged by Infodor Salon on the CPEC energy sector. The CPEC power projects are partially paid by the government off and on against the invoices they generate and according to estimates their overdue payments have now exceeded…

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