Month: February 2024

PPIB Urges SBP to Settle $789 Million Outstanding Dues of IPPs

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ppib

The Private Power & Infrastructure Board (PPIB) has called upon the State Bank of Pakistan (SBP) to clear the outstanding payments of $789 million owed to power projects, including those under the China Pakistan Economic Corridor (CPEC), to ensure the seamless progress and operations of these projects. Sources close to the Managing Director (MD) of PPIB disclosed this information to Business Recorder. In a letter addressed to the Governor of SBP, Jameel Ahmed, MD PPIB Shah Jahan Mirza referred to previous communications, highlighting the urgency of resolving the issue. The…

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Aramco Refinery Likely to Join CPEC Framework

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CPEC-IPPs

According to well-informed sources within the Petroleum Division, the government is considering the inclusion of the $10 billion Saudi Aramco refinery project within the framework of the China Pakistan Economic Corridor (CPEC). A meeting held on December 22, 2023, between Pakistan’s Deputy Ambassador in Beijing and key officials from Sinopec Engineering Group (SEG) discussed Aramco’s proposal to involve Sinopec as a technical and equity partner in the Greenfield refinery and petrochemicals project. The SEG expressed willingness to move forward after being briefed on the Greenfield Refinery policy incentives approved by…

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Gas Price Hike Hits Unprotected Consumers Hard

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LNG-import

In line with the federal cabinet’s decision, the Oil and Gas Regulatory Authority (OGRA) has announced a significant increase in natural gas prices effective from February 1, 2024, with unprotected consumers facing the brunt of the hike. Protected consumers will experience a gradual increase in tariff slabs, ranging from Rs. 80 to Rs. 100 per Million British Thermal Units (MMBtu), with a cross subsidy of Rs. 108 billion. However, unprotected consumers will see a larger spike in prices, ranging from Rs. 200 to Rs. 300 per MMBtu. The monthly fixed…

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Foreign Office Rejects International Criticism of Election Process

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Foreign-Office

In response to international criticism of Pakistan’s 2024 general elections, the Foreign Office reiterated its stance, dismissing external scrutiny and labeling the polls as an internal matter. Foreign Office spokesperson Mumtaz Zahra Baloch, addressing concerns raised by countries such as the US, UK, and EU regarding the fairness and transparency of the election process, asserted that such criticism lacked constructive objectivity. Baloch reaffirmed Pakistan’s sovereignty over its electoral affairs, emphasizing that the election process is solely the concern of the Pakistani government. Despite calls for investigating alleged irregularities and concerns…

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Regulator Reduces RLNG Prices for February Due to Lower International Prices

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lng

In response to significant system losses and decreasing international prices, the Oil and Gas Regulatory Authority (Ogra) has announced a reduction in the sale price of Regasified Liquefied Natural Gas (RLNG) for Sui Southern Gas Company Ltd (SSGCL) and Sui Northern Gas Pipelines Ltd (SNGPL) for the current month, effective Feb 1. This marks the second consecutive month of decline in RLNG prices, following an 8% drop in the previous month, subsequent to a 10% increase in December 2023. For SSGCL, the transmission stage price has been reduced by 9.02%…

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