Day: December 9, 2023

DEA GROUP OF COMPANIES CELEBRATES A RESOUNDING SUCCESS AT ITS 15TH ANNIVERSARY EVENT

Admin
Dynamic-Engineering

An Evening of Reflection, Recognition, and Resilience Karachi, Pakistan – December 2, 2023 – Dynamic Engineering and Automation (DEA) Group of Companies is thrilled to announce the overwhelming success of its 15th-anniversary celebration, held on December 1, 2023. The event was a heartwarming testament to DEA’s journey of excellence and innovation over the past 15 years. Highlights of the Celebratory Evening: DEA welcomed esteemed guests, partners, and colleagues to an evening that encapsulated the company’s rich history and promising future. The event, held on December 1, unfolded as follows: Journey…

Read More

No let-up in rise of circular debt: Amount owed to Chinese IPPs crosses Rs400bn mark

Admin
Chinese-power

ISLAMABAD: The circular debt owed by Independent Power Producers (IPPs) of Chinese companies has crossed the Rs400 billion mark, making it hard for the Chinese to continue other power sector projects vigorously. The circular debt for the overall power sector had escalated and crossed the Rs2.6 trillion mark by the end of October 2023. “There is no possibility to restrict piling up of circular debt which is going up by Rs75 billion on a monthly basis,” top official sources confirmed while talking to The News here on Friday. The pace…

Read More

Receivables of PSO against PIA reach Rs27.5bn

Admin

ISLAMABAD: The accumulated receivable of state-owned Pakistan State Oil (PSO) has reached Rs27.512 billion including late payment charges against Pakistan International Airlines (PIA) till December 7, 2023. Recently, the PSO suspended fuel supplies to the PIA over a dispute regarding unpaid dues. As a result of this standoff, the PIA was compelled to cancel domestic and international flights leading to inconvenience for hundreds of passengers. Now the PIA had suspended its flights to loss making domestic destinations to minimise the financial losses. PSO restores fuel supply to at least 20…

Read More

SPV 21 seeks govt help to assert its position regarding KE

Admin
circular-debt-K-electric-ceo

ISLAMABAD: Infrastructure Growth Capital Fund LP (IGCF) SPV 21 claims to own 53.8 per cent shares of KES Power Limited and in that capacity has approached Special Investment Facilitation Council (SIFC) and caretaker Minister for Privatisation, Fawad Hassan Fawad for asserting its position with respect to K-Electric (KE). In a letter to Minister for Privatisation, a copy of which has also been sent to Lt General Muhammad Saeed, National Coordinator SIFC, Mark Skelton stated on behalf of the IGCF Fund GP that SPV 21 is 53.8% shareholder of KES Power…

Read More

Debt servicing: CPHGCL urges CPPA-G to make Rs25.4bn payment

Admin
China-Pakistan

ISLAMABAD: China Power Hub Generation Company Limited (CPHGCL) has urged Central Power Purchasing Agency–Guaranteed (CPPA-G) to make payment of Rs 25.4 billion to clear liabilities and other debt servicing. In a letter to Chief Executive Officer (CEO), CPPA-G, the Chinese company’s Chief Financial Officer, has cited the reference of previous correspondences and meetings, in which the company has noted that CPPA-G has to make payments of Rs 25.4 billion against debt servicing and operational needs till the end of the current month. Of total amount of Rs 25.4 billion, Rs…

Read More