Year: 2023

Govt okays changes in energy deals

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cpec

ECC agrees Pakistan will not slap arbitrary penalties on power plants ISLAMABAD: Pakistan on Thursday approved amendments to the energy deals signed with Chinese power plants to end arbitrary penalties but deferred decision on bringing a quad-nation gas pipeline project under the special foreign investment protection regime. The Economic Coordination Committee (ECC) of the cabinet authorised the energy ministry to sign supplementary power purchase agreements with the Chinese power plants set up under the China-Pakistan Economic Corridor (CPEC). According to these agreements, Pakistan will not slap liquidating damages on the…

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Solar panel imports: PCA South uncovers another money laundering offence

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Solar power

KARACHI: The Directorate of Post Clearance Audit (PCA) South has uncovered another trade-based money laundering involving over Rs16 billion under solar panel imports. According to an FIR, after an extensive investigation of a suspicious company, the Directorate found that this trade-based money laundering involved a cartel of 12 fictitious importers connected to this company. The trade-based money laundering is estimated to have cost the national exchequer over Rs.16 billion as the cartel utilized an elaborate setup of non-existent businesses, misuse of customs procedures, and trade-based money laundering to import solar…

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First half of Jan’24: POL products’ prices may be sustained

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Petroleum-prices

ISLAMABAD: The interim government may sustain the prices of petroleum products in the first half of January 2024 following a marginal increase in the prices of Brent globally. According to the estimates of Oil Marketing Companies (OMCs), the prices of petrol and kerosene oil (SKO) would go down by Re1 per litre, whereas, the prices of high-speed diesel (HSD) and light diesel oil (LDO) may go up by Rs2 per litre. The estimates of OMCs are based at zero adjustment in exchange rate and current petroleum levy (PL) rates and…

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OGDCL Organizes Three-Day Free Surgical Eye Camp at Chak Naurang Oil Field in Chakwal

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ogdcl-Project

ISLAMABAD, December 28, 2023: The Oil and Gas Development Company Limited (OGDCL), as part of its Corporate Social Responsibility (CSR) initiatives, organized a three-day Free Surgical Eye Camp at its CSR Dispensary in Chak Naurang, located in the Chakwal district of Punjab in collaboration with the Al-Shifa Eye Trust Hospital. The eye camp, held from December 24 to 26, aimed to provide essential eye care services to the local community.During the free eye camp, a total number of 1290 patients were screened at the OPD and received essential preliminary assessments.…

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NEPRA considers hike of Rs4.66/unit

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power-tariff

Attributes rise to FCA; will put additional burden of Rs33b on consumers ISLAMABAD: As the calendar flips to 2024, consumers are bracing themselves for yet another blow to their household budgets. The National Electric Power Regulatory Authority (Nepra) has signalled a potential surge in electricity prices, with a proposed increase of up to Rs4.66 per unit in the electricity bills for January 2024. This anticipated hike, attributed to the fuel adjustment for the month of November, could collectively burden power consumers with an additional Rs33 billion. Nepra held a public…

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