Day: April 17, 2024

Ali Rathore Appointed as CEO of Engro Fertilizers Limited

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Ali-Rathore

Engro Fertilizers Limited (EFERT) announced Ali Rathore’s appointment as its new Chief Executive Officer (CEO), effective April 26, 2024, for an 11-month term. The decision was approved by the company’s Board of Directors and shared in a notice to the Pakistan Stock Exchange (PSX). Ali Rathore, who currently serves as the Chief Financial Officer (CFO) of Engro Fertilizers Limited, brings over 25 years of extensive experience in financial management and operations, with a career spanning across the USA, UK, Australia, and the MENA region. His qualifications include an MBA from…

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Petrol Goes Up By 5% in 2 WeeksStatus Quo in Petroleum Prices Should’ve Been MaintainedAtif Ikram Sheikh

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oil-and-gas

Karachi (PR): Mr. Atif Ikram Sheikh, President FPCCI, has maintained that the government should have kept the petroleum prices unchanged – given the slide in international oil prices by $1 per barrel on the back of relative calm in West Asian region after Iran – Israel conflict did not go out of hand as expected; and, the demand destruction due to lowered economic & trade activities. Mr. Atif Ikram Sheikh maintained that the trend in rupee-dollar parity is visible for all to see that rupee value will remain largely stable…

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Government Allows Exchange Rate Adjustment for PSO Fuel Prices

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Petrol-price

The federal government has approved Pakistan State Oil (PSO) to make a per litre exchange rate adjustment of Rs1.34 on petrol and 26 paisa on high-speed diesel (HSD) for the fortnight starting April 16, 2024. According to documents obtained by Business Recorder, this adjustment marks an increase of Rs1.01 per litre for petrol compared to the previous fortnight, while HSD sees a reduction of 30 paisa per litre compared to the previous adjustment of 56 paisa. The average Platts price, including incidentals and duty, has risen by Rs1.73 per litre…

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NTDC Claims $13 Million Liquidated Damages from SEL for Delay in Achieving COD

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ntdc-logo

The National Transmission and Despatch Company (NTDC) has asserted its right to Liquidated Damages (LDs) exceeding $13 million from Siddiqsons Energy Limited (SEL) due to delays in achieving Commercial Operation Date (COD). Sources familiar with the matter revealed that NTDC is entitled to LDs as per the Power Purchase Agreement (PPA) and a decision by the Cabinet Committee on Energy (CCoE) prior to signing the PPA. The Managing Director of NTDC referred to a committee meeting regarding pending issues related to the 330-MW Thar Coal Power Plant by SEL. During…

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PFREIF Accuses Power Division of Misguiding SIFC on Renewable Energy Projects

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power-sector

The Pakistan Foreign Renewable Energy Investors Forum (PFREIF) has raised concerns about the Power Division’s handling of thirteen “withheld” renewable energy projects, accusing it of misleading the Special Investment Facilitation Council (SIFC). In a letter addressed to the Prime Minister and Chief of Army Staff, the President of PFREIF, Mustafa Abdullah, commended SIFC’s decision to allow 300MW solar projects at GENCO-III/NPGCL’s site, emphasizing the potential for cheap and fuel-free electricity generation. However, PFREIF criticized the Power Division’s bureaucracy for misguiding SIFC regarding the status of these projects. The Forum highlighted…

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