You are here

Day: February 24, 2024

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

Admin
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…

Read More

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

Admin
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…

Read More

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

Admin
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…

Read More

Investigation Launched into Rs7.13 Fuel Cost Adjustment Hike

Admin
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…

Read More

Outrage Over Proposed Benefits for Newly Elected MNAs

Admin
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…

Read More