Day: January 13, 2024

Iran serves new notice on Pakistan for delay in IP gas line project

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iran-gas-pipeline

Pakistan received the latest notice almost 10 days ago, top government officials told The News ISLAMABAD: Iran has issued a third notice to Islamabad, renewing its intention to move the arbitration court for not laying the pipeline as part of the IP gas line project. The project has been facing delays since 2014. Pakistan received the latest notice almost 10 days ago, top government officials told The News. “Iran earlier asked Pakistan in Nov-Dec 2022 in its second notice to construct a portion of the Iran-Pakistan gasline project in its territory…

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Gohar Ejaz at FPCCI10,000 Acres Industrial Zone Announced for Karachi

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President-FPCCI

Karachi Atif Ikram Sheikh, President FPCCI, has apprised that Dr. Gohar Ejaz, Federal Caretaker Minister for Commerce & Industries, has announced a new industrial zone of a whopping 10,000 acres for Karachi; which will be aligned with international standards during his maiden visit to FPPCI – the apex body of trade and industry of Pakistan. He added that the minister has also offered his full support in taking top economists on board as advisers of FPCCI to formulate its policy recommendations. Mr. Atif Ikram Sheikh also maintained that FPCCI has…

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INDUSTRIES AT VERGE OF CLOSURECaretaker setup made highest hike of 191 percent in Industrial Gas tariff: President KCCI

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gas-supply

KARACHI: President Karachi Chamber of Commerce and Industry (KCCI) Iftikhar Ahmed Sheikh has said that the caretaker setup has surpassed the elected Governments in terms of raising industrial gas tariff which has been raised by 118 percent since August 2023 from Rs1100 per MMBtu to Rs 2400 per MMBtu whereas further 40 percent addition of RLNG cost has taken gas tariff to a whopping and historically highest level of Rs 3200 per MMBtu which indicates an overall hike of 191 percent.In a statement issued, President KCCI informed that Since October…

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NEPRA awards 10-Year Licence to PPIB to run power auctions in Pakistan

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Nepra-KE-1

ISLAMABAD: The National Power Regulatory Authority (NEPRA) has granted a 10-year licence to the Private Power & Infrastructure Board (PPIB) to act as an independent auction administrator (IAA) in the country’s power sector. The licence will allow PPIB to implement a competitive market regime, known as the Competitive Trading Bilateral Contract Market (CTBCM), to procure electricity through transparent and efficient bidding. PPIB will be intended to facilitate state-run ex-Wapad distribution companies (XW-DlSCOs)/Suppliers of Last Resorts (SoLR) in meeting their capacity obligations by procuring new capacity and energy to fulfill their…

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9-cent tariff: Govt yet to cross several bridges?

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Power-generation

ISLAMABAD: The government is yet to cross several bridges including the challenge of convincing the International Monetary Fund (IMF) before it can slash industrial tariff to cents 9/kWh, which would require further burdening all category of consumers, including vulnerable domestic consumers, well-informed sources told Business Recorder. According to the press release issued by the IMF dated 11 January 2024 after its Executive Board completed the First Review of the Stand-By Arrangement (SBA) for Pakistan, the program is focused on implementation of FY 24 budget to facilitate Pakistan’s needed fiscal adjustment, and…

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