Year: 2023

K-Electric inks deal to double national grid supply

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power-tariff

ISLAMABAD: K-Electric (KE) has reached an agreement with the federal government for an almost 100 per cent boost in supply from the national grid, the power utility said on Thursday. The announcement comes amid stiff opposition from Karachi-based business leaders who have objected to KE’s push for a higher quarterly tariff. They have also raised concerns over KE’s six-year power acquisition plan, which forecasts an addition of 2,050 megawatts, predominantly from local coal and renewable sources. The National Electric Power Regulatory Authority (Nepra) conducted two public hearings on Thursday and…

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Markets fall again and oil rises on Middle East, Fed fears

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Oil price

Asian markets fell and oil prices extended gains Friday on worries that an expected ground invasion of Gaza by Israel will spark a wider conflict in the Middle East. Risk aversion was compounded by Federal Reserve boss Jerome Powell, who indicated a pause in interest rates at the bank’s next meeting but left open the prospect of another hike later. Traders are keeping a fearful eye on developments in the Middle East as Israel presses on with its bombing of Gaza after Hamas militants killed at least 1,400 people in Israel on October…

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Central Power Purchasing Agency seeks 55-paisa FCA for Discos

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power-subsidy

ISLAMABAD: The Central Power Purchasing Agency (CPPA) on Thursday sought about 55 paise per unit additional fuel cost adjustment (FCA) for ex-Wapda distribution companies (Discos) to mop up another Rs7bn from consumers next month, despite a record 77pc electricity generation from cheaper domestic fuels, on top of a 26pc increase in the annual base tariff and an 18pc hike under the currently in-place quarterly tariff adjustment (QTA). In a petition filed before the National Electric Power Regulatory Authority (Nepra), the CPPA acting as commercial agent of the Discos, demanded an…

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Deal inked for port development

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Anwaarul-Haq

China will provide support to develop Gwadar Port in better, faster way ISLAMABAD: Pakistan and China have signed a new advisory deal for faster development of Gwadar Port aimed at giving a push to the strategically important pillar of the China-Pakistan Economic Corridor (CPEC) that is facing inordinate delays. The advisory deal was among 20 agreements and memoranda of understanding (MoUs) that Pakistan and China signed mostly in areas recommended by China. Two Chinese state institutes would provide technical, intellectual and consultation support “to help develop Gwadar Port in a…

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PRL signs long-term deal with Russia for crude oil supply

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oil-russia

KARACHI: Pakistan Refinery Limited (PRL), one of the country’s largest oil refineries, has entered into a long-term agreement with Russian companies for the supply of crude oil, the company’s chief executive officer said on Wednesday. “PRL is negotiating with the Russian companies for the next cargo of crude oil in December this year,” a source in the oil sector said. The deal was finalised during the Russian Energy Forum, which was held last week in Moscow and attended by the caretaker Energy Minister Mohammad Ali. Minister Ali said that Pakistan…

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