Day: February 24, 2024

Cnergyico Plans $1 Billion Refinery Upgrade, Nears Resolution on Rs47.5 Billion Levy Dispute

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Cnergyico-Ltd

KARACHI: Cnergyico Ltd. aims to resolve a prolonged dispute over unpaid Rs47.5 billion petroleum levy (PL) on petroleum products while embarking on a massive overhaul of its refinery, investing over $1 billion. The move aligns with the new Oil Refining Policy, aimed at modernizing Pakistan’s oil refining sector, the company announced on Friday. Amidst challenges, including pending receivable claims of approximately Rs60 billion from government-controlled entities, Cnergyico has struggled to provide upfront payments for a portion of the Petroleum Levy. Nevertheless, the company ensures regular payment of current levies collected…

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Chinese IPPs’ Dues Soar to Record $1.8 Billion, Straining Pakistan-China Relations

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CPEC-likely

ISLAMABAD: Pakistan’s outstanding dues to Chinese-backed power projects under the China-Pakistan Economic Corridor (CPEC) have surged to a record Rs493 billion or $1.8 billion as of last month, marking a staggering increase of 77% within seven months. The significant rise in dues during the caretaker government’s tenure poses a serious challenge for Pakistan’s economic ties with Beijing. Sources revealed to The Express Tribune that by the end of January, Pakistan owed approximately Rs493 billion to Chinese power generation and transmission projects, up by Rs214 billion or 77% from June last…

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Nepra Shows Leniency Towards Discos, Delays Show-Cause for Overbilling

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power-e-unit

ISLAMABAD: Despite confirming significant over-billing by power distribution companies (Discos) during July-August 2023, the National Electric Power Regulatory Authority (Nepra) opted for a lenient approach on Friday, refraining from issuing show-cause notices to the errant companies. Instead, Nepra directed the Discos to compensate consumers for the excess charges through upcoming bills. In December, Nepra’s investigation revealed that all Discos, including K-Electric, had overcharged consumers by up to 100%, citing discrepancies in billing cycles and other irregularities. The regulator’s findings raised concerns about the integrity of revenue collection processes across Discos…

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Investigation Launched into Rs7.13 Fuel Cost Adjustment Hike

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petroleum-group

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has initiated an inquiry into the unprecedented Rs7.13 per unit additional fuel cost adjustment (FCA) proposed by distribution companies (Discos). Nepra announced its decision during a public hearing on an FCA petition filed by the Central Power Purchasing Agency (CPPA) on behalf of Discos. The aim is to extract an additional Rs57 billion from consumers for electricity consumption in January. Nepra Chairman, Waseem Mukhtar, expressed astonishment at the substantial tariff increase request, especially considering the absence of any change in fuel prices…

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Outrage Over Proposed Benefits for Newly Elected MNAs

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National-Assembly

In a recent development reported by The Express Tribune on February 23, 2024, a staggering proposal has emerged, suggesting a budget of Rs1.5 billion for the salaries and perks of the newly elected members of the 16th National Assembly. The proposed benefits include lavish allowances, extensive travel privileges, and even blue passports for the MNAs and their families. According to the outlined plan, MNAs are set to receive a plethora of benefits, including 25 business class air tickets, travel vouchers worth Rs300,000, and various daily allowances amounting to thousands of…

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