Month: July 2024

Government Faces Hurdles in Appointing KE Director Due to Court Stay Order

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circular-debt-K-electric-ceo

ISLAMABAD: Legal disputes among K-Electric (KE) shareholders have hindered the federal government’s efforts to appoint new directors to the company’s board. At a recent high-level meeting chaired by Prime Minister Shehbaz Sharif, the cabinet approved the appointment of a new independent director to replace the previously approved member. The Power Division informed the meeting that KE, a private corporate entity, is registered with the Securities and Exchange Commission of Pakistan (SECP). According to the 2005 share purchase agreement, the Government of Pakistan holds a 24.36% stake in KE, ICES Power…

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Proposed Power Tariff Hike of Rs2.63/unit Under Review by NEPRA

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Nepra-Price

ISLAMABAD: Electricity consumers may soon face an additional financial burden with a proposed power tariff increase of Rs2.63 per unit due to the Fuel Charges Adjustment (FCA) for electricity consumed in June 2024. The Central Power Purchasing Agency (CPPA), representing distribution companies (DISCOs), has requested this hike in a formal application to the National Electric Power Regulatory Authority (NEPRA). The application details that the reference fuel charges collected from consumers for June were Rs7.1403 per unit, while the actual cost per unit was Rs9.7710. In response, NEPRA has scheduled a…

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US Ambassador Affirms Commitment to Pakistan in Climate Management and Education

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US-Ambassador

ISLAMABAD: US Ambassador Donald Blome underscored the United States’ commitment to supporting Pakistan in various areas, including climate management and education, at an international conference titled ‘Strengthening Pakistan-US Relations’ hosted by the Institute of Strategic Studies Islamabad (ISSI) in collaboration with Beaconhouse National University (BNU) Lahore. Appreciating Pakistan’s contribution to counterterrorism, Ambassador Blome highlighted the enduring partnership between the US and Pakistan, emphasizing the importance of economic collaboration, renewable energy, and addressing regional threats. He praised Pakistan’s dynamic young population and the nation’s economic opportunities, noting significant US investments in…

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Energy Ministry Pushes for Deregulation Framework for Fuel Prices

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Fuel-Prices

ISLAMABAD: The Ministry of Energy has directed the Oil and Gas Regulatory Authority (Ogra) to finalize the framework for transferring the responsibility of setting petroleum prices to the oil industry. In a letter issued on Wednesday, the ministry instructed Ogra Chairman to convene a meeting today (Thursday) to discuss the analysis, implications, and strategies for deregulating petroleum products. This move follows Prime Minister Shehbaz Sharif’s directive to delegate pricing responsibilities to oil marketing companies (OMCs). However, the two main stakeholders—OMCs and dealers—have not been invited to the meeting. Currently, four…

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Pakistan and Turkmenistan for expediting TAPI pipeline project: resolved for continuous engagement

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TAPI-pipeline-project

Federal Minister for Petroleum Dr Musadik Malik held a meeting with the Deputy Chairman of the Cabinet of Ministers and Minister of Foreign Affairs of Turkmenistan Mr. Rashid Meredov who is on a two day visit to Pakistan accompanied by Turkmen delegation including Mr.Ata Haljanov, head of International economic cooperation division, Ministry of Foreign Affairs of Turkmenistan.

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