Month: March 2024

PM Shehbaz Sharif Urges Investment in Energy Sector

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Shehbaz-Sharif

ISLAMABAD: Prime Minister Shehbaz Sharif emphasized the critical need for investment in Pakistan’s energy sector, particularly in the exploration and development of tight gas and undersea oil and gas reserves. During a review meeting on Monday, he directed authorities to facilitate both local and foreign investors in the discovery, refining, and distribution of oil and gas resources. The Prime Minister underscored the importance of ensuring uninterrupted electricity and gas supply, especially during the month of Ramazan. He also called for measures to curb gas losses through smart metering and to…

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Industry Leaders Urge Government Action as Gas Prices Soar, Threatening Business Survival

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gas-prices

KARACHI: Business leaders have strongly criticized the staggering 220% surge in gas tariffs over the past year, calling upon the newly-elected government and the Special Investment Facilitation Council (SIFC) to intervene. They emphasize the urgent need for research and development (R&D) efforts to explore alternative fuel sources for the local industry. Adil Siddiqui, President of the Hyderabad Chamber of Commerce and Industry, stressed the importance of government-backed R&D initiatives to identify viable alternative fuel options, especially considering the limitations of solar and wind energy projects in certain regions. He pointed…

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Chinese Solar Firm Partners with Local Company in $700 Million Investment for Solar Projects in Pakistan

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solar-panel

The surge in demand for solar energy in Pakistan, driven by escalating electricity prices and governmental initiatives, has led to a significant partnership between a Chinese solar company, Hanersun Technologies, and a local firm, My Energy. The collaboration aims to introduce 500 MW solar projects, backed by a substantial investment of $700 million. The agreement outlines plans for establishing distribution networks, dealer networks, warranty and service centers, as well as flagship stores across the country. Tariq Wazir Ali, CEO of My Energy, emphasized the necessity of sustainable energy solutions in…

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Government Urges Gas Companies to Secure LNG Financing

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Gas-Prices

To maintain a steady supply of LNG, the government has instructed Sui Northern Gas Company Limited (SNGPL) and Sui Southern Gas Company (SSGC) to arrange financing from banks. This move aims to assist Pakistan State Oil (PSO) in managing Letters of Credit (LCs) for LNG imports, according to a senior official from the Energy Ministry speaking to The News. The financial strain on PSO has reached critical levels, with outstanding borrowings exceeding Rs461 billion and financing costs soaring to over Rs7 billion. With projections indicating a substantial increase in finance…

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Commerce Ministry Urges Chinese Firm to Form Joint Venture for Accelerated Localization of Solar Panels

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solar-energy

In a recent inter-ministerial meeting chaired by Rashid Mahmood Langrial, Additional Secretary Incharge of the Ministry of Industries and Production, the Commerce Ministry has encouraged M/s Sinotec Solar (Pvt) Ltd, a Chinese company, to consider establishing a joint venture (JV) with M/s Ghani Glass to expedite the localization of solar panel-related items. Langrial reviewed the progress made since the last meeting on February 26, 2024, emphasizing the need to address tariff and tax anomalies faced by the local solar industry. While he advocated for the removal of such barriers, he…

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