Year: 2023

FBR asked to probe solar panel import scam

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Solar power

ISLAMABAD: The Senate Standing Committee on Finance directed the Federal Board of Revenue (FBR), on Wednesday, to conduct a thorough inquiry into the money laundering by solar panel importers and submit it a report. On Wednesday, a meeting of the Senate Standing Committee on Finance presided over by Senator Saleem Mandviwala was informed that seven companies have been identified in the money laundering scam by solar panel importers and six more FIRs have been registered against them. Member Customs (Operations) said as the chairman and entire team of the FBR…

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K-Electric seeks $2bn from Shanghai Electric for stake sale

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k-electric

KARACHI: K-Electric (KE), Pakistan’s only private sector power utility, said on Wednesday it wants Shanghai Electric Power (SEP) to raise its offer to buy a majority stake in the company to $2 billion, citing improved performance and growth prospects. The SEP had previously offered to acquire 66.40 percent shares in KE for $1.77 billion, but the deal has been delayed for years due to regulatory hurdles and legal disputes. Shan Ashary, Chief Investment Officer (CIO) of Al-Jomaih and a director at KE, told a group of journalists in Karachi that…

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Minister spells out govt strategy to meet energy needs

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Energy-Minister-1

ISLAMABAD, Oct 4 (APP): Caretaker Minister for Energy Muhammad Ali has spelled out the government strategy to meet the future oil and gas needs in an efficient manner by stepping up hydrocarbon exploration activities in potential areas across the country. “We are coming up with a policy for tight gas, policy for shale gas, we have already announced bids for onshore exploration and in December for offshore exploration,” he said in an interview with the Emirates News Agency (WAM) on sidelines of the ADIPEC Conference at Abu Dhabi. He said…

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Renewable energy benefits: Leveraging local capacity for small-scale hydropower

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renewable-energy

In the pursuit of a sustainable energy future, small-scale hydropower is emerging as a transformative force with the potential to revolutionise the energy landscape while strengthening local capacities and capabilities. This new comprehensive study focuses on the entire value chain of small-scale hydropower, from production and installation to operation. It highlights the critical role of human resources and skills, enabling informed decisions on domestic value creation opportunities to pave the way for a brighter, more sustainable future. The report also underscores the direct link between small-scale hydropower deployment and the…

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Petroleum sales fall to 44-month low

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petroleum-group

Record high prices drive down oil demand to 1.06m tons in Sept KARACHI: The demand for petroleum products in Pakistan hit a 44-month low at 1.06 million tons in September 2023, primarily due to a surge in prices in line with global uptrend. Topline Research analyst Myesha Sohail, in a commentary, said sales of petroleum products declined to the lowest level since the Covid-19 lockdown in March 2020, with petrol sales down 23% month-on-month (MoM) and diesel sales down 28% MoM. The decrease was primarily attributed to record high prices,…

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