Month: April 2024

Ogra, oil industry propose phased deregulation of fuel prices

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Petroleum-prices

ISLAMABAD: Amid warnings about supply chain challenges and ret­ail prices increasing by up to Rs27 per litre in Gilgit-Baltistan, the major oil sector stakeholders — the regulator and the industry — have proposed gradual deregulation of petroleum prices over a period of two years to avoid the political pressure associated with pricing. The government has also been advised to end its engagements with petroleum dealers and cartage contractors over their commissions and leave them to the oil industry to set their margins on a “competitive basis”. It should also strengthen…

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Patrind AJK Hydro Power Project Secures Landmark Arbitration Victory

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Karot-Hydropower

In a significant legal development, RIAA Barker Gillette, in collaboration with a leading English Law Firm, has achieved a decisive victory in arbitration proceedings against the Government of Pakistan (GOP) on behalf of Star Hydro Power Limited (SHPL). The final award, issued by the London Court of International Arbitration (LCIA), mandates the GOP to pay substantial amounts to SHPL within 21 days: PKR 2,019,318,458, USD 16,452,807, USD 2,727,240, and GBP 51,180.02. The arbitration revolved around the GOP’s responsibilities under a sovereign guarantee related to a 147 MW hydro power project…

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Longi Solar and Netline Group Partner to Launch Green Hydrogen Technology in Pakistan

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Longi-1

Longi Solar, a global leader in renewable energy technology, and Netline Group of Companies, a premier renewable energy solutions provider in Pakistan, have signed a groundbreaking Memorandum of Understanding (MOU) to introduce advanced green hydrogen technology in Pakistan. This strategic partnership, announced in Abu Dhabi on April 17, 2024, marks a significant step towards promoting sustainable energy solutions in the country. Green hydrogen technology, which produces hydrogen fuel through water electrolysis using electricity from renewable sources like wind, solar, and hydro, offers a pollution-free alternative to conventional methods reliant on…

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Saudi Arabia Nears $1 Billion Investment Deal in Reko Diq Mining Project

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Reko-Diq

Saudi Arabia is edging closer to finalizing a potential deal to acquire a minority stake in the Reko Diq gold and copper mining project, according to sources familiar with the matter, as reported by Bloomberg. Manara Minerals Investment Company, backed by the Saudi sovereign wealth fund, is in discussions to invest a substantial sum of at least $1 billion into the Reko Diq project, currently under the control of Canadian mining giant Barrick Gold Corporation. Reports suggest that Manara Minerals Investment Company could announce a preliminary agreement on transaction terms…

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Government Acknowledges Systemic Overbilling by Power Distribution Companies

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power-sector

In a significant admission, the government has acknowledged the recurring issue of overbilling by power distribution companies (Discos), highlighting a lack of awareness about the extent of faulty meters within the system. Power Minister Awais Ahmad Khan Leghari, in a recent news conference, pledged decisive action against complicit staff and officers while hinting at potential rate reviews for various consumer segments to stimulate demand and address rising capacity payments. Minister Leghari revealed that Discos were facing losses of around Rs. 560 billion annually, attributing a substantial portion of this loss…

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