ISLAMABAD, May 17, 2024: Oil and Gas Development Company Limited (OGDCL) has announced a significant production enhancement at Nashpa Well-10, located in the Karak District of the Khyber Pakhtunkhwa as part of its production enhancement campaign. Through a production enhancement strategy, OGDCL has implemented rigless intervention techniques in various formations, resulting in a significant increase in hydrocarbon production. With the…

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Korean Firm Wins Arbitration Case Against NTDC Over Patrind Hydropower Project


ISLAMABAD: In a significant legal setback for the Government of Pakistan, the Korean firm Star Hydro Power Limited (SHPL) has triumphed in its case against the National Transmission and Despatch Company (NTDC) in the London Court of International Arbitration (LCIA). The dispute centered on the inclusion of escalated costs in the true-up tariff and NTDC’s failure to evacuate electricity from…

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Pakistan Seeks Extension on $15.36bn Chinese IPPs Debt Amid IMF Review


ISLAMABAD: As an IMF team arrives to assess Pakistan’s debt repayment capabilities, the country is considering a 5-year extension on the $15.36 billion debt owed to Chinese Independent Power Producers (IPPs). This move requires approval from the Chinese government and its IPPs, necessitating extensive negotiations. A top official confirmed to The News that reducing consumer tariffs by Rs1.1 from 2024-2029…

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OGRA Endorses PSO’s Exchange Rate Adjustment Claim


ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has validated Pakistan State Oil’s (PSO) claim for an exchange rate adjustment of Rs1.43 per litre on high-speed diesel (HSD) and 32 paisa per litre on petrol. This adjustment will be incorporated in the petroleum price review for May 16-31. During the first half of May, PSO’s exchange rate adjustment was negative…

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Govt Plans Conversion of Imported Coal-Run Power Plants to Thar Coal


ISLAMABAD: The government intends to convert three power plants currently running on imported coal to utilize Thar coal, in collaboration with the Chinese government, according to sources from Business Recorder. Minister for Planning, Development, and Special Initiatives, Ahsan Iqbal, who recently visited China, has been tasked with engaging the National Development and Reform Commission of China (NDRC) to facilitate the…

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Government Proposes Carbon Tax on Fuel to Secure IMF Support


Insiders say move will facilitate green bonds, cheaper loans from multilateral institutions Withholding tax on bank transactions for non-filers likely to be hiked; carrot-and-stick approach to broaden tax baseFiscal adjustment of Rs1.6 trillion likely through additional revenue measures, privatisation ISLAMABAD: In a bid to secure continued support from the International Monetary Fund (IMF), the government is considering introducing a carbon…

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