Month: August 2023

BQATI urges SSGC to ensure supply

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Sui-Southern-Gas-Company

KARACHI: The Bin Qasim Association of Trade & Industry (BQATI) has asked the Sui Southern Gas Company (SSGC) to provide a stable and consistent supply of gas for the industrial sector, especially for the continuous industrial units that require uninterrupted operations. BQATI President Rasheed Janmohammed made the request during a meeting with SSGC Managing Director Imran Maniar at the BQATI office, according to a press release issued by the association. Janmohammed appreciated the efforts of SSGC to reduce its line losses (UFG) and endorsed its policy of 75 percent gas…

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Circular debt settlement: No communication from authorities so far: OGDC

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ogdcl

ISLAMABAD: A plan to reduce the gas sector circular debt by Rs543 billion through a dividends ploughing back scheme has drawn flak from major gas producer — OGDCL — who says it was not consulted by the previous PDM government. The proposal, which was shared with the International Monetary Fund (IMF), involves the government injecting funds into the state-owned gas companies Sui Northern Gas Pipelines Ltd (SNGPL) and Sui Southern Gas Company Ltd (SSGCL) to clear their outstanding dues to gas producers such as Oil & Gas Development Company Ltd…

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Cayman Grand Court allows Pak proceedings to continue in KE takeover battle

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K-Electric

LONDON: The Grand Court of the Cayman Islands has granted partial relief to Infrastructure and Growth Capital Fund SPV21 (IGCF) but also allowed the Pakistan proceedings to continue with the government of Pakistan through the Privatization Commission and Power Division Secretaries, Nepra and SECP in the battle for the takeover of Karachi Electric (KE). Mr Justice Segal, Judge of the Grand Court, made the order in Al Jomaih Power Limited and Denham Investment Ltd’s case against Infrastructure and Growth Capital Fund SPV21 (IGCF). In October 2022, the Sindh High Court…

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Court backs KE holding firm’s majority owner over board tussle

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circular-debt-K-electric-ceo

ISLAMABAD: Minority shareholders in an offshore holding company that owns most of K-Electric have been ordered to withdraw their petition in the Sindh High Court (SHC) that blocked main shareholder IGCF from joining the board, IGCF said on Friday. Infrastructure and Growth Capital Fund SPV21 (IGCF) told Reuters it had filed a case against the petition in a court in the Cayman Islands and received a positive judgment. The news agency said it was not immediately able to verify the court ruling. The IGCF owns a 53.8 per cent shareholding in Cayman…

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The Board of Directors of the Oil & Gas Development Company Limited (OGDCL) convened its meetings on August 10, 2023, and August 17, 2023, and wishes to share the following updates:

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ogdcl

Circular Debt Settlement: Several news articles have recently addressed the issue of circular debt settlement. We would like to clarify that, as of this date, we have not received any formal communication from the relevant authorities. Thus, any information in circulation about a settlement plan might be speculative. We encourage stakeholders and the public to rely exclusively on official communications for accurate information.KPD-TAY Compression Project: We are delighted to announce the Board’s approval for hiring the EPCC Contractor for the KPD-TAY compression project. The completion timeframe of the project is…

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