Month: February 2024

Cabinet Committee Seeks Legal Opinion on Transfer of OGDCL Shares Held by Privatisation Commission

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ogdcl

The Cabinet Committee on Privatisation (CCoP) has initiated steps to seek legal counsel regarding the proposed transfer of Oil & Gas Development Co. Ltd. (OGDCL) shares currently held by the Privatisation Commission (PC). This move comes as part of a broader strategy to determine the appropriate recipient for these shares, whether the Petroleum Division or the Sovereign Wealth Fund (SWF). The decision to seek legal opinion was made during a recent CCoP meeting chaired by caretaker Minister for Privatisation, Fawad Hasan Fawad. The proposal, initially put forward by the Petroleum…

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US Lawmakers Urge Caution in Recognizing Pakistan Election Results Amid Allegations of Irregularities

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General-Election

In a bipartisan call for vigilance, several United States lawmakers have advised the Biden administration to refrain from recognizing the recent election results in Pakistan until alleged irregularities are thoroughly investigated. This stance, echoed by members from both sides of the aisle, underscores concerns about potential interference and fraud in the electoral process. The US State Department’s spokesperson emphasized the importance of investigating claims of interference or fraud, echoing sentiments expressed by credible international and local election observers. Notably, House Foreign Affairs Committee Chairman Michael McCaul and Ranking Member Gregory…

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“SIFC Urges Accelerated Progress on Wind Energy Projects to Foster Renewable Growth”

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solar-panel

The Executive Committee of the Special Investment Facilitation Council (SIFC) has issued directives to the Private Power and Infrastructure Board (PPIB) to expedite the competitive bidding process for 300 MW of category-III wind projects within a week. This move comes as part of efforts to enhance Pakistan’s renewable energy sector and reduce dependency on imported fuels. While category-III solar projects are deferred pending the finalization of the Indicative Generation Capacity Expansion Plan (IGCEP) and Transmission System Expansion Plan (TSEP), the focus remains on advancing wind energy initiatives. The decision follows…

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“Overhaul of Electricity Act Sought by Government to Modernize Power Sector”

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power-sector

The caretaker government in Pakistan has issued directives to the Power Division to amend the outdated National Electricity Act of 1910 in order to align with the evolving dynamics of the power sector. The aim is to facilitate the introduction of a competitive electricity market, primarily through the implementation of wheeling charges, to enable private consumers to directly access electricity from power producers. Despite successive governments’ efforts to implement the Competitive Trading Bilateral Contracts Market (CTBCM), progress has been sluggish. This market model aims to combat issues such as rampant…

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