Year: 2023

The European Union will provide EUR 87 million to Pakistan aiming to support green and inclusive economic growth, access to clean energy and enhance the skilled labour force in Pakistan. The programmes are part of the European Union‘s support for Pakistan in post-flood rehabilitation and reconstruction process. The programmes will improve agricultural value chains, provide access to clean energy and enhance the availability of the skilled labour force, especially in Khyber Pakhtunkhwa, Gilgit Baltistan and Balochistan. Dr. Kazim Niaz, Secretary Ministry of Economic Affairs and Dr Riina Kionka, Ambassador of the European Union have signed agreements for three new development programmes with funding of EUR87 million by the European Union. The three programmes are designed…

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Amidst economic challenges and fluctuating fuel prices the world over and within the country, exploring alternate energy resources has become imperative for curtailing fuel import bill and providing cheaper energy to domestic, commercial and industrial consumers. With most of world nations already using solar, wind and hydel power as major chunk of their energy base, time is also ripe for Pakistan to shift to alternate modes of power generation to save precious foreign exchange and boost agriculture and industrial sectors. Since, very less was done in this sector in recent…

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The Petroleum Division’s top mandarins have carved out a multi-pronged strategy to resolve the circular debt in the oil and gas sector that has surged to Rs1,500 billion, mainly through improving the balance sheets of Public Sector Entities (PSEs) involved in the petroleum sector, a senior official of the Energy Ministry told The News. Through netting off dividends of the government in profit-making entities to loss-making entities, the circular debt of Rs850 billion will be settled in the balance sheets and the remaining Rs650 billion will be settled with an…

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Pakistan on Monday raised more than $9 billion at an international conference seeking support for its recovery from last year’s devastating floods — a billion more than requested. The pledges came as the International Conference on Climate Resilient Pakistan kicked off in Geneva. Prime Minister Shehbaz Sharif co-hosted the conference along with United Nations Secretary General Antonio Guterres. The purpose of the day-long moot — attended by heads of state and government and other stakeholders — was to marshal international support to rehabilitate the population affected by super floods and reconstruct damaged…

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Chairman National Electric Power Regulatory Authority (Nepra) Tauseef Hassan Farooqi, while expressing sheer disappointment over the performance of Discos across Pakistan including K-Electric (KE), stated that KE, being a private entity was better as compared to other Discos as KE has drastically brought down Transmission & Distribution (T&D) losses from more than 40 percent to 15.5 percent but the biggest dilemma was that they have failed to improve the power generation. “Technology and competition were the only way forward. Technology is already there but the competition is missing. As KE’s…

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