Day: January 2, 2024

S M Tanveer pledges FPCCI as truly representative apex body

Admin
SM-Tanveer

Patron In-Chief of United Business Group (UBG) S M Tanveer extends warm congratulations to all UBG members across Pakistan for the monumental triumph achieved in the FPCCI Elections 2024-25, marked by a record-breaking historical margin. This victory stands as a testament to the unwavering commitment, tireless efforts, and wholehearted dedication of UBG members who tirelessly worked day and night to secure this remarkable success. Central President ZubairTufail, Chairman Khalid Tawab and Secretary General Sindh Zone HanifGohar have also congratulated the business community across Pakistan on the unprecedented success of the…

Read More

Fuel oil exports jump 116pc in first half as domestic demand slumps

Admin
oil-export

KARACHI: Pakistan exported a record amount of fuel oil in the first half of the current financial year, surpassing the total exports of the previous year, as domestic demand plunged due to a shift to cleaner energy sources, data from the oil sector showed on Monday. The country exported around 600,000 tonnes of fuel oil from July to December 2023, surpassing the total exports of 277,000 tonnes for the entire fiscal year that ended June 30, 2023, the data showed. Fuel oil exports surged in November and December, when local…

Read More

Privatisation of power plants urged

Admin
power-generation

Policymakers seek to curb circular debt, note challenges in way of sell-off ISLAMABAD: As a major portion of Pakistan’s sovereign debt comprises loans of power sector, policymakers have stressed the importance of privatising state-owned electricity producers to rein in the runaway circular debt. They voiced serious concerns that a considerable amount of foreign loans were outstanding against the government power producers (GPPs), which should be recovered from the payments proposed to be made to those generation companies (Gencos). Sources in the Ministry of Energy (Power Division) pointed out that Gencos…

Read More

Solar IPPs: Hike in benchmark competitive tariff proposed

Admin
solar-panel

ISLAMABAD: Ministry of Planning, Development and Special Initiatives (M/o PD&SI) has proposed increase in benchmark competitive tariff of solar IPPs to Cents 5/kWh from Cents 3.4108/kWh determined by Nepra to replace costlier thermal power through large scale solar IPPs, well informed sources told Business Recorder. According to M/o PD&SI, power generation capacity of Pakistan has significantly increased in the last decade. As of June 2022, the total installed capacity was around 43,775MW and power generation was 153,874 GWh. Two-thirds of the net dispatched energy is generated through import based costlier…

Read More

IMF board to review Pakistan tranche on Jan 11

Admin
IMF-board

WASHINGTON/KARACHI: The Inter­national Monetary Fund (IMF) has included Pakistan on its Executive Board agenda for January 11, as reported on its updated website. During this meeting, the board is set to deliberate and potentially grant final approval for the disbursement of the next $700 million tranche under the existing $3 billion Stand-By Arrangement (SBA). According to the IMF Executive Board calendar, upcoming meetings are scheduled for Jan 8, 10 and 11, with Pakistan’s case slated for discussion on the last day. The current IMF programme, amounting to $3bn, is expected…

Read More