Year: 2023

Special forensic audit of SSGCL, Pesco, Hesco ordered

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Shamshad-Ather

ISLAMABAD: Finance Division has directed the authorities to conduct special forensic audit of Peshawar Electric Supply Company (PESCO) and Hyderabad Electric Supply Company (HESCO). At a recent meeting presided over by the caretaker Finance Minister, Dr Shamshad Akhtar, it was decided to conduct special audit of SSGCL, PESCO and HESCO. Power sector quagmire: Implementation of 3-pronged strategy begins Finance Division has drafted the following Terms of Reference (ToRs) for the special forensic audit of both power sector entities where losses are too high as compared to other power Distribution Companies:…

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Solar panels import scam: FBR, SBP heads to brief Senate panel today

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solar-panel

ISLAMABAD: Chairman Federal Board of Revenue (FBR) and Governor State Bank of Pakistan (SBP) will brief Senate Standing Committee on Finance today (Wednesday) on the various reports with regard to massive money laundering by solar panel importers. A meeting of the Standing Committee on Finance and Revenue will also be given briefing on the effectiveness of solution of political exposed persons’ (PEP) issue, proposed by the Committee and the resultant efficacy of the specialised desk to resolve the issue. The committee will also be given briefing on the causes of…

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Pakistan expects $10bn refinery deal with S Arabia this year

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Refinery_akhbar

ISLAMABAD: Pakistan is expecting finalisation of the much-awaited $10 billion deal with Saudi Arabia’s oil giant Aramco for the construction of a refinery at Hub within the ongoing calendar year 2023, it was learnt. The Special Investment Facilitation Council (SIFC), jointly run by the military and civilian side, is also contemplating options to secure around $7 billion from Saudi Arabia, which will get stakes in the Reko Diq project. Top official sources confirmed to The News that the required policy incentives were approved under Greenfield Refinery Policy 2023 in order…

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KCCI, NUTECH ink MoU to agree upon principles for establishing NUTECH Karachi Campus

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KCCI-MOU

KARACHI: The Karachi Chamber of Commerce & Industry (KCCI) and National University of Technology (NUTECH) inked a Memorandum of Understanding (MoU) wherein both institutions have mutually agreed upon principles for establishment of NUTECH Karachi Campus (NKC) to be constructed on a 50-acres land provided by the Airport Security Force (ASF) at M-9 Superhighway.According to the MoU signed by President KCCI Iftikhar Ahmed Sheikh and Rector NUTECH Islamabad Lt. Gen. (Retd.) Moazzam Ejaz, NUTECH and KCCI will also jointly develop NKC academics, research & skills system based on exports-supported strategies. Moreover,…

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Circular debt grows despite tariff hikes

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Circular-debt

ISLAMABAD: Power sector circular debt continues to grow despite all the repeated tariff increases on a monthly, quarterly and annual basis as the government takes a strategic move towards billing in the consumer tariffs capacity charges payable to power producers. This came to light when the National Electric Power Regulatory Authority (Nepra) on Monday notified a flat Rs3.2814 per unit additional quarterly tariff adjustment (QTA) in electricity bills of all consumer categories (except lifeline consumers) and companies including (K-Electric) for the next six months — October to March 2024. The overall revenue…

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