Month: January 2024

PSO wins govt approval to import HSD on behalf of all OMCs

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oil-and-gas

KARACHI: Pakistan State Oil (PSO), the country’s largest oil marketing company, has received approval from the government to exclusively import high speed diesel (HSD) to meet the domestic demand, an official document showed. The Petroleum Division of the Ministry of Energy has agreed to PSO’s proposal, made in September last year, to import HSD on behalf of all oil marketing companies (OMCs) in the country. The Oil and Gas Regulatory Authority (OGRA) has been asked to consult with the oil industry and finalize a framework for the arrangement, which is…

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969MW NJ project closed till first week of March

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Neelum-Jhelum

ISLAMABAD: The 969 MW Neelum-Jhelum Hydropower project (NJHPP) was closed down on Wednesday night till the first week of March 2024 for inspection of its 3.5-km Tail Race Tunnel and maintenance of turbines. This will aggravate the ongoing electricity load-shedding. However, the period of closure will be revisited after the inspection of the tunnel, a senior official of Wapda told The News. “The closure of the project till the first week of March 2024 will not only cause more reliance on thermal power generation, which is costlier if compared with…

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Renewable Energy Capacity Must Triple Before the End of the Decade

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Renewable-Energy

Renewable energy output needs to increase three-fold by 2030 to help prevent global warming exceeding 1.5°C, with governments being urged to step up rapid action. The United Arab Emirates’ COP28 presidency, along with two renewable energy organisations, the International Renewable Energy Agency (IRENA) and the Global Renewables Alliance, have released a joint report which revealed capacity for renewable energy has to “reach more than 11,000 GW” by 2030. The report has been released ahead of the COP28 climate summit, to be held at the end of November, which strives for global transformative climate action. Countries…

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Karachi’s industrialists pin hopes for revival on 2024

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Karachi-industrialists

Call for clear industrial policy, prioritising domestic investment over foreign investment KARACHI: Leading industrialists in Sindh have labelled 2023 as lacklustre and troublesome, plagued by energy crises, economic meltdown, strikes, and a lack of government support. Despite these challenges, they maintain an optimistic approach in 2024 and hope for the best. “2023 was tumultuous, with industrialists facing numerous challenges, including skyrocketing gas and electricity tariffs, almost doubling, causing a severe economic slowdown, impacting cash flow, and rendering the industry uncompetitive compared to regional countries. It was an uphill battle,” remarked…

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Govt eyes major gas policy reforms

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gas-prices

Seeks to reverse industry exodus, boost local production ISLAMABAD: The interim government has decided to make major changes in Pakistan’s two gas exploration and production policies, aiming to reverse an exodus of foreign firms and lessen reliance on expensive imported fuels that have consumed more than $23 billion in less than a decade. A meeting of the Council of Common Interests, the country’s highest constitutional body dealing with issues jointly owned by the Centre and the provinces, is expected to be convened soon to approve amendments in the Petroleum Policy…

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