Chinese solar cell maker to build 10 GW factory in Oman


Chinese solar cell maker Hainan Drinda New Energy Technology plans to build a 10 GW factory in Oman to produce tunnel oxide passivated contact (TOPCon) solar cells. Shenzhen-listed Chinese solar cell manufacturer Hainan Drinda New Energy Technology said it has signed an agreement with the Oman Investment Authority (OIA) to build a 10 GW cell manufacturing facility in Oman. The total investment…

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PKR. 4.7 Billion Annual Revenue Loss to the Country


Pakistan Tea Association (PTA) Rejects Discriminatory Taxation in the Federal Budget 2024 – 25 Pakistan Tea Association (PTA) has expressed his profound concerns and apprehensions vis-a-vis proposed budget’s continuation of sales tax and income tax exemptions for the erstwhile FATA/PATA region. Pakistan Tea Association elaborated that, while these exemptions may have been introduced with sincere intentions, but they have been…

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Gas Tariff to Rise for Captive Power Plants from July 1


ISLAMABAD: The government has decided against reducing gas prices from July 1, 2024, despite the Oil and Gas Regulatory Authority’s (OGRA) recommendation to lower them by 10% for the next fiscal year. Instead, gas prices for captive power plants (CPPs) will increase by Rs250 per mmBtu to Rs3000 per mmBtu from the current Rs2750 per mmBtu, aligning with International Monetary…

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Calls for Hesco Privatization Amid Outages and Corruption


KARACHI: Hyderabad business leaders are demanding the outsourcing of the Hyderabad Electric Supply Company (Hesco) due to persistent electricity outages, corruption, and rising tariffs. They cite the company’s inability to provide reliable electricity to commercial and domestic consumers, causing significant disruptions and economic strain. Consumers are facing eight to ten hours of load shedding, frequent faults, and poor infrastructure, leading…

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PSO to Fund $2 Billion Investment with Foreign Debt


KARACHI: Pakistan State Oil (PSO) has announced plans to secure foreign debt to finance a significant portion of its planned $1.5-2 billion investment in Pakistan Refinery Limited (PRL). The state-owned oil marketing company’s receivables have surged to Rs810 billion, primarily due to circular debt and late payment surcharges. During an analyst briefing on the financial accounts for the first nine…

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Sharp Decline in Coal Imports from Afghanistan via Torkham Border


KHYBER: The import of coal from Afghanistan through the Torkham border has significantly decreased following the Afghan Taliban’s decision to increase taxes on coal mines and export duties. This situation has been further exacerbated by Pakistani industrialists shifting to cheaper local coal sources. Custom clearing agents in Torkham revealed that the suspension of trade through the Kharlachi border crossing in…

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Oil Industry Rejects Budgetary Measures, Calls for Continuation of Existing Tax Regime


ISLAMABAD: The oil industry has strongly opposed the proposed federal budget for 2024-25, claiming it undermines the recently announced policies for establishing new refineries and upgrading existing ones. The Oil Companies Advisory Council (OCAC) has urged the government to maintain the current taxation regime, including customs duties on diesel and sales tax laws on all petroleum products. In a representation…

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