Day: July 26, 2024

SITE industrialists laud MD SSGC for laying dedicated gas pipeline

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MD-SSGC

KARACHI: Members of SITE Association of Industry have highly appreciated laying of dedicated 24 inch dia, 31-KM long high pressure gas pipeline for industrial consumers of SITE area, Karachi. In a reception hosted in honour of SSGC Managing Director Muhammad Imran Maniar at SITE Association of Industry, members very much praised the dedicated efforts of MD SSGC made during past three years for resolving the long pending issue of low gas pressure or zero gas pressure in SITE area, which ultimately proved fruitful. On this occasion, an standing ovation was…

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PPIB Seeks Forex Allocation for International Arbitration Expenses with SHPL

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PPIB-Zorlu

ISLAMABAD: The Private Power and Infrastructure Board (PPIB) has requested foreign exchange to cover outstanding expenses related to international arbitration with M/s Star Hydropower Limited (SHPL). The Government of Pakistan is currently facing significant litigation challenges in this matter. PPIB Managing Director Shahjahan Mirza stated that SHPL initiated arbitration against NTDC at the London Court of International Arbitration (LCIA), resulting in a May 18, 2022, award against NTDC. The verdict required NTDC to pay Rs2,019,318,458 for delayed invoices plus interest (KIBOR plus 4.5%), $16,452,807 as damages, $2,272,240 in legal costs,…

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SSGC Launches Rs3.86 Billion High-Pressure Pipeline to Boost Industrial Fuel Supply

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SSGC

KARACHI: Sui Southern Gas Company (SSGC) has initiated a Rs3.86 billion project to install a high-pressure pipeline aimed at enhancing fuel supply for industrial consumers in the western part of Karachi. This new development is designed to resolve persistent low-pressure gas issues affecting the region’s industrial sector. According to an official press statement, the 31-kilometer-long, 24-inch diameter pipeline extends from MVA ACPL to SMS Surjani. SSGC’s Managing Director, Imran Maniar, inaugurated the pipeline, noting that it will segregate low-pressure domestic and commercial consumers from high-pressure industrial consumers in the SITE…

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Pakistan Seeks Chinese Debt Restructuring Amid Rising CPEC Project Payments

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CPEC-IPPs

ISLAMABAD: On Thursday, Pakistan formally requested China to reschedule its debts as unpaid dues for China-Pakistan Economic Corridor (CPEC) power projects surged by 44%, reaching Rs401 billion by the end of the last fiscal year. These outstanding payments, violating the 2015 CPEC Energy Framework Agreement, are hampering financial and commercial relations between the two nations. Finance Minister Senator Muhammad Aurangzeb and Energy Minister Sardar Awais Laghari met with China’s Finance Minister and the President of China Export and Credit Insurance Corp (SINOSURE) to address the issue. SINOSURE had insured the…

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SIFC Supports Refinery Demands, Advocates Budget Measure Reversal

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Refinery-Limited

ISLAMABAD: The Special Investment Facilitation Council (SIFC) endorsed refineries’ demands on Thursday, backing the withdrawal of budgetary measures that threaten the closure of refineries and jeopardize a $6 billion plant upgrade program. In a high-level meeting attended by refinery representatives and officials from the Petroleum Division, Ministry of Finance, and Federal Board of Revenue (FBR), executives highlighted the negative impacts of sales tax exemptions for petroleum products. This exemption prevents refineries from claiming significant input tax refunds on purchases and services. Additionally, a 2% customs duty on imported equipment further…

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