Month: January 2024

Minister for Energy inaugurates Oil, Gas and Minerals Career Expo

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Career-Expo

Islamabad, January 31, 2024:Federal Minister for Energy, Mr. Muhammad Ali inaugurated the first-ever national level ‘Fuelling Futures Career Expo 2024’ on January 31 at Pakistan China Friendship Centre, Islamabad. The two-day Career Expo has been organised by the Ministry of Energy (Petroleum Division) in collaboration with Pakistan Petroleum Limited (PPL).The event witnessed an overwhelming attendance of students, faculty and company representatives. MD and CEO PPL Mr. Imran Abbasy welcomed the large number of students from across the country and thanked the participating companies and universities for making the two-day Career…

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Iranian team due soon to discuss IP gas line project

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iran-gas-pipeline

ISLAMABAD: An Iranian team, comprising legal and technical experts, is due to arrive in Pakistan soon after the general election to discuss the Iran-Pakistan (IP) gas pipeline project with the political government, an official of the Petroleum Division told Business Recorder on condition of anonymity. The official said the dates of the visit by the technical team from Iran are yet not finalised, it is expected that they will arrive in Islamabad later in February when a new political government is in place as a result of the 8th February general polls.…

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Q2 QTA: Discos seek hike of Rs4/ unit

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power-gride

ISLAMABAD: Power Distribution Companies (Discos) have sought positive adjustment of up to Rs. 4 per unit to recover additional amount of Rs 81.5 billion from consumers for second quarter (Oct-December) of FY 2023-40 under Quarterly Tariff Adjustment (QTA) mechanism. National Electric Power Regulatory Authority (Nepra) is scheduled to conduct a public hearing on February 14, 2024 on the petition of Discos filed by Central Power Purchasing Agency Guaranteed (CPPA-G). Of the total requested adjustment of 81.498 Rs 75. 139 billion is on account of capacity charges to be paid to…

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‘Innovative’ plan set to reduce circular debt

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Power-generation

ISLAMABAD: Caretaker Minister for Power and Petroleum, Muhammad Ali, has set an extremely ambitious circular debt reduction plan amounting to Rs 1,268 billion for caretaker Finance Minister Dr Shamshad Akhtar for onward sharing with the International Monetary Fund (IMF) for its concurrence, well informed sources in Finance Ministry told Business Recorder. “Concurrence from IMF shall be required highlighting a rare opportunity to settle energy sector CD stock of Rs 1,268 billion using funding from the government of Pakistan (GoP) for one to two days. The proposal is not contrary in any…

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Govt seeks $30b for gas production

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GOVT-gas

Aims to rein in swelling energy import bill that will double in seven years ISLAMABAD: Pakistan on Tuesday made a pitch for a $30 billion foreign and local investment in gas production aimed at puncturing a ballooning energy import bill projected to nearly double to $31 billion in seven years in a business-as-usual scenario. The appeal was made to foreign investors in presence of interim Prime Minister Anwaarul Haq Kakar and Chief of the Army Staff (COAS) General Asim Munir. If materialised, it will be the biggest investment in the…

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