Month: July 2024

Türkiye to Enhance Naval Presence in Somali Waters for Oil and Gas Exploration

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Turkiye-Project

ANKARA: Türkiye is set to strengthen its naval presence in Somali waters, following a recent agreement granting Ankara exclusive rights to explore and produce hydrocarbons in three offshore blocks. President Tayyip Erdogan submitted a motion to the Turkish parliament on Friday, seeking authorization for the deployment of Turkish military forces, including naval support, to Somalia’s territorial waters, according to the state-run Anadolu Agency. This move follows an announcement by the Turkish energy ministry that an exploration vessel will be sent to Somalia later this year as part of a hydrocarbon…

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Industrialists Call for Reduced Tariffs on IPPs

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power-subsidy

LAHORE: Prominent business leaders, under the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), have rejected costly contracts with Independent Power Producers (IPPs) and demanded an independent energy tariff assessment by an international auditing firm of high repute. Terming the current energy tariffs unacceptable and detrimental to the country’s industry, they emphasized the need for revision. “I am ready to get the electricity tariffs of my two power plants revised,” offered SM Tanveer, former caretaker Punjab minister for industry, at a press conference alongside former caretaker federal minister Gohar…

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High Power Tariffs Crippling Pakistan’s Textile Exports

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Textile-Project

ISLAMABAD: Amid a decline in textile exports in June, industry leaders have urged the government to renegotiate agreements with Independent Power Producers (IPPs) to rescue the struggling sector. They argue that the exorbitant cost of electricity, driven by capacity charges, is unsustainable. Former caretaker minister for Commerce and Industry, Gohar Ejaz, criticized the government for imposing Rs24 per unit in IPP capacity payments on consumers. Khurram Mukhtar, Patron-in-Chief of the Pakistan Textile Exporters Association (PTEA), echoed this concern, calling for a revision of these agreements. The debate over IPP capacity…

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KCCI urges govt to revisit, rationalize anti-business taxation measures, energy tariffs

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KCCI-Import

Stop pleasing IMF by compromising exports: Iftikhar Sheikh KARACHI: Keeping in view the perpetually intensifying hardships being suffered by small traders, industrialists, exporters, salaried class, daily wagers and many other segments due to harsh taxation measures, unbridled discretionary powers to FBR and unbearably high energy tariffs, President Karachi Chamber of Commerce & Industry (KCCI) Iftikhar Ahmed Sheikh vociferously appealed the government to revisit all the highly unjust taxation measures and bring down gas and electricity tariffs which were leading to descending exports, closure of small businesses as well as industries…

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CM Sindh orders scrutiny of SHS, solar parks plan for free electricity to low-income consumers

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New-Project

KARACHI (July 19): Sindh Chief Minister Syed Murad Ali Shah, presiding over a meeting, has decided to implement the PPP Chairman Bilawal Bhutto’s program to provide free-of-cost electricity to consumers living off-grid and to those using 50 to 100 MW electricity by implementing the solar energy solution. This decision was taken in a meeting held at the CM House in which different proposals were discussed. Minister P&D and Energy Nasir Shah, CM Advisor for Cooperative Societies Ahsan Mazari, Chief Secretary Asif Hyder Shah, PSCM Agha Wasif, Secretary Energy Musadiq Khan,…

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