Year: 2023

Anti-power theft drive: Govt recovers Rs46bn in just 53 days: power secretary

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Power-control

ISLAMABAD: The government has recovered Rs46 billion in just 53 days during its anti-electricity theft drive, tweeted Secretary Power Division Rashid Langrial. “We are working on the remaining problem space of Rs390 billion of which we are able to recover Rs46 billion in 53 days i.e. Rs867 million per day. We started our anti-power theft campaign on the 7th of September. Today, results till 31st October have been collated. That day, we promised that no one would be spared, high or mighty, sacred or not-so-sacred,” he said. “The Power Division…

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Gas crisis likely to deepen amid non-availability of LNG cargo from Azerbaijan

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lng-1

ISLAMABAD: The gas crisis in the country is likely to deepen in the peak winter month as a distressed LNG cargo from SOCAR, a state-owned company of Azerbaijan, may not land in January 2024, senior officials of the Energy Ministry told The News. Before the impending non-provision of LNG cargo, the country was estimated to brave the gas shortfall of 360 million cubic feet per day (MMCFD) in the next month of December 2023, which will escalate to 470 MMCFD in January 2024 despite restricting the gas availability to the…

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Power minister to visit Iran next week

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power-minister

ISLAMABAD: The caretaker Minister for Petroleum and Power, Muhammad Ali, is likely to visit Tehran next week to attend 23rd International exhibition of electricity industry of Iran on November 14-16, 2023, well informed sources in Ministry of Foreign Affairs told Business Recorder. On November 6, 2023, the Ambassador of Iran to Pakistan Dr Reza Amiri Moghaddam called on caretaker Federal Minister for Power and Petroleum Muhammad Ali and extended invitation to him, the sources added. The caretaker Minister, who has already undertook several visits abroad since assuming the charge of both…

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Saudi investors approach IHC seeking action against FIA

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FIA

LONDON: Karachi Electric’s Saudi investors have filed a writ petition with the Islamabad High Court (IHC) requesting action against the perceived inaction of the Federal Investigation Agency (FIA) in response to a critical complaint they had previously submitted around the potential misappropriation of Rs10.5 billion of foreign investors’ funds, specifically, the sale proceeds from an investment firm in Pakistan. Represented by White Crystals Limited, these investors are now seeking a judicial order to compel the FIA to initiate a thorough investigation. White Crystals Limited, a subsidiary of the Saudi conglomerate…

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Three key SOEs being moved out of govt control

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IMF-board

ISLAMABAD: The caretaker government, which is in loan review talks with the IMF, has decided to finalise a climate financing policy at the earliest and place three more crucial state-owned enterprises (SOEs) under the financial surveillance of the Ministry of Finance’s Central Monitoring Unit (CMU), which is yet to become operational. The entities slated for enhanced oversight include the Pakistan National Shipping Corporation (PNSC), Pakistan Post, and Pakistan Broadcasting Corporation (PBC). The decision emerged after comprehensive discussions between the visiting IMF mission and the finance, planning and energy ministries, Nepra,…

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