Month: July 2024

Government Reverses Tariff Hike for Protected Consumers

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New-IMF

ISLAMABAD: In response to public outcry and potential political backlash, the government has decided to roll back a previously approved 51% increase in electricity rates for protected consumers, meeting a ‘prior action’ required by the International Monetary Fund (IMF). On the prime minister’s instructions, a revised summary exempting protected consumers from the hike will be urgently reviewed by the federal cabinet. This decision follows concerns over accumulated bills due to public holidays around Eidul Azha and higher consumption during hot weather, which had led to public unrest. The National Electric…

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KE Seeks Finance Minister’s Intervention for Release of Stuck Funds

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circular-debt-K-electric-ceo

ISLAMABAD: In a bid to address the issue of delayed payments, K-Electric (KE) has sought the intervention of Finance Minister Muhammad Aurangzeb to expedite the release of long-overdue funds from federal and provincial entities. KE CEO Syed Moonis Abdullah Alvi, along with CFO Muhammad Aamir Ghaziani and Chief Regulatory Affairs Muhammad Imran Qureshi, met with the finance minister to discuss the matter. The Ministry of Finance revealed that the KE delegation highlighted the delay in payments of consumer bills collected through Pakistan Post. Additionally, KE sought support for the clearance…

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OGDCL Successfully Optimizes Production at Kunnar-11 Well in Hyderabad, Sindh

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ogdcl

ISLAMABAD, July 08, 2024: Oil and Gas Development Company Limited (OGDCL) on Monday announced the successful revitalization of the Kunnar-11 well, located in Hyderabad, Sindh. Utilizing advanced production optimization techniques, the well is now producing 960 barrels of oil per day.The production optimization drive underscores OGDCL’s commitment to enhancing oil production through modern recovery methods. The Kunnar-11 well, part of the OGDCL Kunnar Oil Field, is situated within the Kunnar Mining Lease Area, where OGDCL holds 100% working interest. This initiative highlights the company’s commitment to optimizing production and demonstrates…

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Azeri Firm Seeks Legislative Safeguards for Investment in Pakistan

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Petroleum

ISLAMABAD: SOCAR (State Oil Company of Azerbaijan Republic) has requested legislative guarantees from Islamabad to protect its investment in Pakistan, according to sources in the Petroleum Division. This request was highlighted during a recent meeting chaired by Minister for Planning, Development, and Special Initiatives Ahsan Iqbal, aimed at refining investment proposals for the upcoming visit of the Azerbaijani President. Prime Minister Shehbaz Sharif has tasked the Minister of Planning, Development & Special Initiatives with holding consultative meetings with relevant ministries, including Commerce, Industries, IT, Education, National Food Security, and the…

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FPCCI Voices Concern Over Impact of Rising Power TariffsHike in Electricity Costs Unbearable for Public and BusinessesEconomic Strain and Protests Intensify Across Various Sectors

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power-subsidy

KARACHI: Mian Zahid Hussain, Chairman of FPCCI Advisory Board and President of the Pakistan Businessmen and Intellectuals Forum, has expressed deep concern over the recent increase in basic electricity tariffs and fixed charges, labeling them as unbearable for both the public and businesses. Hussain highlighted that the continuous rise in electricity prices is threatening livelihoods and undermining the rights of traders and industrialists. He questioned the government’s strategy for tax collection amidst a struggling economy. He warned that current policies would hinder business expansion, investment, and efforts to reduce unemployment…

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