Month: October 2023

K-Electric receives highest federal subsidy of Rs169bn

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k-electric

ISLAMABAD: The privately-run K-Electric company has been getting the highest Rs169 billion in subsidy from the federal government as compared to the state-run Power Distribution Companies (Discos), as per the Ministry of Energy (Power Division) statistics. The net required subsidy of K-Electric is Rs169 billion and is being fulfilled by the federal government budget. Among the Discos, three are Islamabad Electric Supply Company (Iesco), Lahore Electric Supply Company (Lesco) and Faisalabad Electric Supply Company (Fesco), which are subsidising the remaining seven Discos with a total amount of Rs156 billion per…

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Minister of Energy as Chief Guest at 40 Years of Friendship-Past, Present and Future between Republic of Korea and Pakistan

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Friendship-Past

Minister of Energy Mr. Muhammad Ali attended the event of “40 Years of Friendship-Past, Present and Future between Republic of Korea and Pakistan” as chief guest today at Marriot Hotel Islamabad. Followed by the address of Korean Ambassador to Pakistan Mr. Suh Sangpyo and the introductory note, the minister delivered a keynote address at the event. He expressed his gratitude to the Embassy of Republic of Korea and the Institute of Strategic Studies Islamabad (ISSI). He said that the remarkable journey of diplomatic collaboration between the two countries that was…

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NTDC revises its three-year investment plan

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Nepra-tariff

ISLAMABAD-National Transmission and Despatch Company Limited (NTDC) has revised its three years investment plan, seeking NTDC NEPRA nod for investment of Rs 510 billion. Delay by the company in the execution of 42 projects has resulted in cost escalation of Rs 180 billion.In its revised investment plan for tariff control period from FY2022-23 to FY2024-25 National Transmission and Despatch Company Limited (NTDC) has sought NEPRA nod for the investment of Rs30.269 billion in five Special Economic Zones under China Pakistan Economic Corridor (CPEC).In the revised plan, NTDC has sought NEPRA…

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Chevron to buy Hess Corp for $53b in all-stock deal

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oil-and-gas-1

Recent deals a financial flex by US oil, gas firms that keep investing in fossil fuels HOUSTON: Chevron agreed to buy US rival Hess for $53 billion in stock in a deal that reflects top US energy companies drive for oil and gas assets in a world seeking lower-risk future fossil supplies and higher shareholder returns. The proposed deal amps up competition between Chevron, the No 2 US oil and gas producer, and Exxon, its larger rival. It also makes Chevron a partner with Exxon in Guyana’s booming oilfields expected…

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World Bank’s Banga says geopolitics pose biggest, but not the only, risk to world economy

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world-bank

Geopolitical tensions heightened by the Middle East conflict pose the biggest threat to the world economy right now but other risks are also at play, World Bank President Ajay Banga said on Tuesday. “The US 10-year Treasury (yield) just crossed 5 per cent briefly yesterday, these are areas we haven’t seen. So yes, that is right there lurking in the shadows,” Banga said, referring to a rise in the benchmark for borrowing costs around the world which further threaten an economic slowdown. “And then, how long before the next pandemic?”…

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