Year: 2023

Adoption of modern technology will improve Pakistan’s economic indicators and significantly increase GDP

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GDP

Islamabad, December 21, 2023: “Pakistan can achieve higher GDP growth and improve economic indicators, by adopting technology at government and private level,” this was stated by Saquib Ahmad, Managing Director of SAP Pakistan, Iraq, and Afghanistan, while talking to media representatives at SAP’s Islamabad Office. He emphasized the significance of embracing innovative technological solutions to drive sustainability both locally and on a global scale. Through partnerships and initiatives, SAP supports a network that drives sustainable practices across industries. Saquib said, “At SAP we do not set sales targets anymore, rather…

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Power tariffs for all raised by Rs1.15

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power-subsidy

• Karachi residents to pay Rs1.72 extra under quarterly tariff adjustment• Discos to rake in Rs22.3bn; lifeline consumers exempted from hike ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Wednesday approved an additional across-the-board charge of Rs1.15 per unit for electricity consumers throughout the country, including K-Electric, and also concluded the process of imposing another Rs1.72 per unit on K-E consumers for the next three months — January to March 2024. Effectively, K-Electric consumers would have to pay a cumulative additional cost of Rs2.87 per unit in the upcoming…

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ECC okays Rs320bn for power firms

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Finance-Minister

ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Wednesday approved payment of Rs320 billion to public sector power plants and K-Electric within a few days through supplementary grants and started phasing out export finance scheme to meet a condition of the International Monetary Fund (IMF). A meeting of the committee, presided over by caretaker Finance Minister Dr Shamshad Akhtar, also kept the minimum support price for wheat unchanged at Rs3,900 per 40kg and reprimanded the board of directors of Pakistan Steel Mills for mismanagement of huge assets of…

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Power generation hits 33-month low

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power-sector

Reaches 7547GWh, declining 21% compared to month of October 2023 KARACHI: Power generation in Pakistan plummeted to a 33-month low, reaching 7,547 Gigawatt-hours (GWh) in November 2023. This decline was attributed partly to the onset of the winter season and, more significantly, to the overall economic slowdown in the country. The dip in power generation has intensified the burden of capacity payments on end-consumers. The cost of fuel in power generation surged by almost 20% to Rs7.17 per megawatt-hour (MW). Several factors contributed to this increase, including the closure of…

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Attock refinery resumes operations of two plants after OGRA intervention

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oil-refinery

ISLAMABAD: Attock Refinery Limited (ARL) has restarted its two crude distillation plants that were shut earlier this month due to low demand for its products, its managing director said on Wednesday. The plants, which process local crude oil from the Khyber Pakhtunkhwa (KPK) and Potohar regions, were closed on Dec. 11 as the refinery faced a glut of petrol and diesel stocks amid reduced off-take by oil marketing companies (OMCs). “After intervention by OGRA (Oil and Gas Regulatory Authority), the off-taking by OMCs has improved and ARL management has made…

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