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


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…

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


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…

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


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…

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


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…

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


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…

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Side pact with coal-fired IPPs: ECC refuses to extend support to Power Division


ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has reportedly refused to extend support to the Power Division to sign side agreement with other coal-fired IPPs except Port Qasim Electric Power company (PQEPCL), insisting that the case of Sahiwal coal power plant be submitted separately, well informed sources told Business Recorder. Sharing the details, sources said at a recent meeting…

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KE expresses its ‘limitation’ towards implementing integration plan


ISLAMABAD: K-Electric has expressed its limitation in implementing the approved integration plan as it is unable to provide feedback on the test-run report. Responding to the test-run report of the CPPA-G, K- Electric has requested separate deliberations with the CPPA-G and on KE integration plan by NEPRA as agreed by CPPA-G. The Cabinet Committee on Energy (CCoE) recently approved the…

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Petrol, diesel likely to become cheaper by Rs10


ISLAMABAD: The petrol price is estimated to decline by about Rs9-10 per litre on Jan 15 for the next fortnight due to a combination of lower international prices, exchange rate gains and a decline in premium. High-speed diesel (HSD) is also expected to be cheaper by around Rs2 per litre. Informed sources said the prices of all petroleum products had…

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Economy stable, but challenges persist: IMF


WASHINGTON: The IMF Executive Board’s decision to disburse around $700 million to Pakistan reflects a positive review of the country’s economic reform programme. While economic activity has stabilised, challenges persist, contingent on the effective implementation of sound policies. Macroeconomic conditions have shown improvement, with a projected two per cent growth in FY24. The fiscal position strengthened in 1QFY24, achieving a…

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