Month: July 2024

All DISCOs to be privatized in one & half year period: Minister Power

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awais-lagari

ISLAMABAD, Jul 4 (APP):Federal Minister for Power Awais Ahmed Khan Laghari on Thursday said that all DISCOs companies would be privatized in one and half year period. There had been flaws in the “distribution companies” and we are determined to rectify the system to provide relief to consumers, he said while talking to a private television channel. Economic growth had been stalled during the last government of Pakistan Tehreek e Insaf, he said.“We had to face 600 billion rupees losses due to distribution companies,” he added. Commenting on high tariff…

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Mari Mining Secures Exploration Licenses in Chagai District

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New-Mari

KARACHI: The Directorate General of Mines and Minerals Balochistan has granted Mari Mining Company (Pvt) Limited (MMC) two exploration licenses for mineral exploration in Chagai District, Balochistan. In a notice sent to the Pakistan Stock Exchange (PSX) on Wednesday, MMC, a wholly owned subsidiary of Mari Petroleum Company Limited (MPCL), announced that it has been awarded exploration licenses EL-322 and EL-323. These licenses cover areas of 501.03 square kilometers and 512.76 square kilometers, respectively. Established by MPCL to spearhead mineral mining projects within Pakistan, MMC’s new licenses align with Mari’s…

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Sindh Inks Landmark Deal for 40 MW Power Supply to National Steel Complex

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National-Steel

Karachi, July 3: Provincial Energy Minister Syed Nasir Hussain Shah announced that K-Electric, through the Sindh Transmission and Dispatch Company (STDC), will supply 40 MW of electricity to the National Steel Complex (NSCL) via a 132 kV transmission line. This announcement was made during a memorandum of understanding (MoU) signing ceremony held at the Sindh Energy Department office. Minister for Local Government Saeed Ghani was also present. Minister Shah emphasized the significance of this project, which includes constructing the transmission line from K-Electric Pipri Grid Station to NSCL, meeting the…

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Millions Hit by Record 51% Electricity Tariff Hike

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electricity price increased

ISLAMABAD: The government on Wednesday approved a staggering 51% increase in electricity tariffs, forcing millions of poor households to bear an additional cost of Rs580 billion in this fiscal year. The hike, effective from July, is the highest in terms of percentage for lower-income groups. A total of 32.5 million consumers, primarily households, will face this unprecedented increase due to longstanding mismanagement and flawed energy policies. Among these, 26 million households belong to the poorest to low-middle income groups, who will see the most significant rate hikes. For the first…

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Pakistan Meets All IMF Bailout Requirements, Finance Official Confirms

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New-IMF

ISLAMABAD: Pakistan is on track to secure a staff-level agreement (SLA) for an International Monetary Fund (IMF) bailout exceeding $6 billion this month, having fulfilled all the lender’s requirements in its annual budget, the state minister for finance announced to Reuters. The country has introduced stringent revenue targets in its budget to gain IMF approval for the loan, crucial for averting another economic crisis, despite growing domestic discontent over new taxation measures. “We hope to culminate this (IMF) process in the next three to four weeks,” said Minister of State…

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