Day: January 23, 2024

SAI President demands early issuance of 9 cents power tariff notification

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Power-Tariff

KARACHI: The President, SITE Association of Industry Muhammad Kamran Arbi, while welcoming the decision of the federal government to allow power tariff @ 9 cents / KWh to industrial consumers, has demanded the Govt. to issue the Notification of the same immediately.He said that power tariff reduction to 9 cents/kWh will not only help in restoration of industrial competitiveness and reigniting the engine of the economy but would also go a long way in boosting the confidence of industrialists. Such a move would boost exports across all sectors and stimulate…

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Commitment for CPEC success renewed

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New-CPEC

ISLAMABAD: Pakis­tan and China on Monday renewed their commitment for the success of China-Pakistan Economic Corridor (CPEC) as the two sides expressed their desire for enhanced cooperation in the areas of information technology, economy, agriculture, and human resource development. Both sides expressed this resolve during a series of meetings of visiting China’s Vice Foreign Minister Sun Weidong with President Arif Alvi, caretaker Prime Minister Anwaarul Haq Kakar, caretaker Foreign Minister Jalil Abbas Jilani and Chief of the Army Staff (COAS) Gen Syed Asim Munir. President Alvi, in his meeting with…

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SAP and K-Electric join hands

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K-Electric

KARACHI: K-Electric has decided to upgrade it SAP platform to S/4HANA Rise which is a Cloud Computing SAP software. The purpose of this data migration is to enhance the overall productivity of the company. The agreement was signed between Systems Limited, SAP and K-Electric, during SAP’s Discovery Day event, held in Karachi. K-Electric will shift the entire SAP landscape onto the Cloud, making it one of the largest data migrations in the region. Moonis Alvi, Chief Executive Officer, K-Electric; stated, “At K-Electric, we remain committed to placing our customers at…

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Financial close: PPIB board grants 4-month extension to Turkish firm

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PPIB-Zorlu

ISLAMABAD: The Board of Private Power and Infrastructure Board (PPIB) has granted extension of four months to Turkish firm M/s Zorlu Solar Pakistan Limited (ZSPL) in financial close without doubling the Performance Guarantee (PG), well-informed sources told Business Recorder. ZSPL, in its letter of November 16, 2023 requested the PPIB for grant of four-month extension in the FC date under the Tripartite Letter of Support (TLoS) due to factors beyond the control of the ZSPL that have adversely affected its ability to achieve FC, and progress made by ZSPL to achieve…

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Shanghai Electric extends deadline for K-Electric deal by 90 days

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circular-debt-K-electric-ceo

KARACHI: China’s Shanghai Electric Power Company Limited (SEP) has extended its deadline to buy a majority stake in K-Electric Limited (KEL) by 90 days, the brokerage house managing the deal said on Monday. SEP, which agreed to acquire 66.40 percent of KEL’s shares for $1.77 billion in 2016, has faced delays in obtaining regulatory approvals from both China and Pakistan. The brokerage house, Arif Habib Limited (AHL), said in a notice to the Pakistan Stock Exchange (PSX) that SEP had requested more time to make the public announcement of the…

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