Day: October 27, 2023

Proposed increase in gas tariff not to affect 57% consumers, help stop increase in circular debt: Energy Minister

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ISLAMABAD, Oct 26 (APP): Minister for Energy Muhammad Ali on Thursday said the proposed increase in gas tariff would not affect 57 percent of consumers across the country rather it would help control and end the ever-increasing circular debt of the petroleum sector.“It will be a big achievement,” the minister said in a media briefing on the gas prices’ revision along with Minister for Information and Broadcasting Murtaza Solangi.The Energy Minister said the increase in gas prices had been approved by the Economic Coordination Committee (ECC) and now would be…

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Gas supply may be limited to eight hours a day in winter

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ISLAMABAD: The recent surge in gas prices would be instrumental in curbing the gas sector’s circular debt, which has swelled to Rs2,100 billion, Caretaker Energy Minister Muhammad Ali said on Thursday but painted a bleak picture for the coming winter, with gas supply duration limited to just eight hours a day. Briefing the media, Mr Ali said that the current circular debt for the entire energy sector was Rs4,500bn without interest payments and it included Rs2,300bn in the electricity sector. “There will not be a resurgence of the circular debt…

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Former Chinese premier Li Keqiang dies at 68

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Li-Keqiang

Former Chinese premier Li Keqiang, a reform-minded bureaucrat once tipped as the country’s future leader only to be eclipsed by President Xi Jinping, died on Friday. He was 68. He had a heart attack on Thursday and passed away in Shanghai just after midnight, state-run news agency Xinhua said. Interim Prime Minister Anwaarul Haq Kakar said he was “deeply saddened and shocked” to learn about Li’s passing and called him a “great friend of Pakistan”. “We fondly remember his visit to Pakistan in 2013. Our thoughts and sympathies are with late premier…

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Economic crisis affected performance in FY23: KE

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K-Electric

Company plans to add 2,272MW from renewable, indigenous sources KARACHI: The economic crisis, driven by factors like high inflation, increased policy rates and economic contraction, significantly affected the performance of K-Electric (KE) in financial year 2023 as the company recorded a loss of nearly Rs31 billion. It was observed during KE’s annual general meeting, chaired by Chief Executive Officer Moonis Alvi. As a result of the economic woes, KE said it experienced a 7.3% reduction in units sent-out and a substantial decline in gross profitability by Rs15.72 billion. Its exchange…

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Power sector debt soars to Rs2.54tr

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IMF review signals delays in energy deals, debt reduction measures ISLAMABAD: Despite an increase in electricity prices, Pakistan’s power sector circular debt reached Rs2.54 trillion by the end of September. However, this debt remains within the maximum ceiling agreed upon with the International Monetary Fund (IMF). The Ministry of Finance, on Thursday, conducted a review of the $3 billion Stand-By Arrangement with the IMF, concluding that the country’s performance was largely satisfactory. Nevertheless, there was a delay in reopening and finalising energy deals with Chinese power plants. Pakistan had also…

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