Year: 2023

SIFC body seeks ‘Merit Order’ for gas supply

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SIFC-sparks

ISLAMABAD: The Executive Committee of SIFC has directed Petroleum Division to prepare ‘Merit Order’ for supply of gas to industry, fertilizer, power generation, commercial, and domestic consumers, economic benefits of which will be reviewed by the caretaker Minister for Finance, sources close to Secretary Petroleum told Business Recorder. Caretaker Finance Minister, Minister for Industries and Production and Minister for Energy as well as other relevant Secretaries will define the course for ensuring rational energy pricing and reliability of supply for export industry with the particular focus on: (i) introduction of industrial…

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Power projects: Chinese again refuse to renegotiate PPAs

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CPEC-Project

ISLAMABAD: Chinese power projects have, once again, refused to renegotiate Power Purchase Agreements (PPAs) with the Government of Pakistan, a longstanding wish of dollar-hungry Islamabad. The government has to clear about Rs 350 billion of Chinese power projects dues which is why Chinese state-owned insurance company, Sinosure, is reluctant to extend insurance coverage to any new power project. M/s Sinosure has also sent a “displeasure” letter to Islamabad after the strong rumour doing the rounds in Islamabad that the government is urging Chinese IPPs to renegotiate “expensive PPAs.” CPEC power…

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Move to settle Al-Jomaih-KES dispute: Ministerial body to meet on 16th

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k-electric

ISLAMABAD: The Power Division has convened a meeting of three-member ministerial committee on October 16, 2023 to find an amicable way out in the dispute between Al-Jomaih and KES Power on shares of K-Electric, well-informed sources told Business Recorder. A ministerial committee, composed of Minister for Energy (chair), Minister for Privatisation, and Minister for Law & Justice, will meet to assess any specific interest of GoP in the matter of K-Electric regarding shares dispute and suggest a viable future course of action, the sources added. The committee would also evaluate the…

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Petroleum Div proposes upto 172pc raise in gas rates for domestic use

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Petroleum-prices

ISLAMABAD   –  Petroleum Division has proposed a hike of 3900 percent in fixed monthly gas charges for the poorest protected consumers and up to 193.33 percent in gas tariff for various categories of consumers effective from October 1, while an increase of. The Petroleum Division has proposed a hike from 29 percent to 172 percent domestic gas consumers, up to 193.33 percent for industries and a hike of 143 percent has been proposed for CNG sector, official documents available with The Nation reveals. For non-protected gas consumers using from 0.25hm3…

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PRL achieves historic production levels

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PRL-eyes

KARACHI: Pakistan Refinery Limited (PRL) has achieved historic production levels in September 2023, marking a significant milestone. The successful strategic shifts and efficient operations led to the highest ever sales and production in a month, bolstering profitability, material information sent to Pakistan Stock Exchange on Wednesday said. PRL achieved an unprecedented average feed rate of 5340 tons, demonstrating operational excellence and efficiency. The production of middle distillate soared over 77,000 tons, with diesel accounting for 73,423 tons, an all-time high in the refinery’s history. Diesel sales reached an astounding figure…

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