Year: 2023

Gas tariff hikes disastrous for industry, warn business leaders

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Oil-and-Gas

KARACHI: Massive gas tariff hike in addition to rising power rates would cause a steep rise in production cost resulting in the closure of small- and medium-sized units, making exports uncompetitive and rendering thousands of employees jobless. Just a day ahead of the Federal Cabinet meeting last Monday, Caretaker Minister for Energy, Power and Petroleum Muhammad Ali had assured the members of the Karachi Chamber of Commerce and Industry (KCCI) of trying his level best in the cabinet’s meeting to bring down the gas tariffs which were being raised to stop circular debt from…

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Hydel projects at LoI stage: SIFC directs PD to streamline issues, policy limits

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Karot-Hydropower

ISLAMABAD: The Executive Committee (EC) of the Special Investment Facilitation Council (SIFC) has directed the Power Division that all hydel projects at the LoI stage from various provinces including Kalam Asrit 238 MW, Asrit Kedam 229 MW and 470 MW Lower Spatgah, be reviewed to streamline their issues and policy parameters in the working group. Well-informed sources told Business Recorder South Korean companies have approached SIFC Secretariat and shared their concerns regarding delay in different approvals, which came under discussion at EC of the SIFC on October 23, 2023. M/s…

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Solar panel advances will see millions go off grid, scientists predict

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solar-panel

Solar energy costs have fallen 90 per cent over the last decade, while new discoveries have seen efficiency rates rise More than 30 million homes in Europe could meet all their energy needs using rooftop solar panels alone, according to a new study. Researchers from the Karlsruhe Institute of Technology in Germany found that more than 50 per cent of Europe’s 41 million freestanding homes could have been self-sufficient in 2020 using just solar and batteries, with this figure expected to rise to 75 per cent by 2050. Advances with solar technology…

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IMF mission told: Hike in gas tariff to help govt collect Rs980bn

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IMF-board

ISLAMABAD: Top mandarins of the Petroleum Division on Friday told the visiting IMF mission that the recent hike in gas tariff will help the government mop up revenue of Rs980 billion in eight months, and this is how the new flow in existing circular debt would end. The relevant authorities of the Petroleum Division held technical level talks with the visiting IMF mission, headed by Nathan Porter. They said hike in gas tariff from November 1, 2023 would help the government collect revenue of Rs980 billion. The Fund was told…

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Need of NSC for change in shareholding: KES Power: Privatisation Div asked to seek advice

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k-electric

ISLAMABAD: A three-member Ministerial Committee has asked Privatisation Division to seek advice from the Ministry of Law and Justice on whether any change in shareholding of KES Power requires National Security Certificate (NSC), well informed sources told Business Reorder. The ministerial committee, composed of Minister for Energy (chair), Minister for Privatisation, and Minister for Law & Justice, has been assigned to assess any specific interest of the GoP in the matter of K-Electric (KE) regarding shares dispute and suggest a viable future course of action. The committee is also evaluating the…

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