Month: August 2024

Oil Refineries Warn Lenders Won’t Support Upgrades Without Sales Tax Exemption

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Refinery-Limited

ISLAMABAD: Pakistan’s oil refineries have informed government officials that their lenders will not provide loans for plant upgrades unless issues, including the sales tax exemption on petrol (MS), High-Speed Diesel (HSD), and light diesel oil (LDO), are resolved. Managing directors from Pak-Arab Refinery Company, Pakistan Refinery Limited, National Refinery Limited, Attock Refinery Limited, and Cenergyico Pk Limited conveyed this during a meeting of the Working Group of the Special Investment Facilitation Council (SIFC), according to a senior official present at the meeting. High-ranking officials from the Federal Board of Revenue…

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Surge in Legally Sourced Petrol Sales in Balochistan Amid Road Blockades

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Petrol-Sales

KARACHI: The sale of legally sourced petrol in Balochistan, particularly in Quetta, has surged dramatically over the past 10 days following widespread road blockades in the province. Oil marketing companies have reported a tenfold increase in the sale of petroleum products in Quetta, Balochistan’s provincial capital. “We have recorded the sale of 600,000 litres of petrol over the past several days in Quetta, compared to less than 50,000 litres per day previously,” representatives from the oil sector informed The News. Typically, smuggled petrol from Iran fulfills the province’s demand, especially…

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KAPCO Denies Receiving Capacity Charges Post-PPA Expiry

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KAPCO-Denies

KARACHI: Kot Addu Power Company Limited (KAPCO) announced on Wednesday that it has not received any “capacity payments” from the government since its power purchase agreement (PPA) expired in October 2022. Addressing recent reports, KAPCO clarified that it has not been paid for generating electricity in the past 22 months. The company has only received overdue receivables related to the period up to the end of the PPA on October 24, 2022, which have been duly reported in its financial statements. Following the expiration of the PPA, KAPCO’s power plant…

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Energy Minister Announces Reforms to Reduce Reliance on IPPs

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Awais-Leghari

ISLAMABAD: Energy Minister Awais Leghari announced on Wednesday that the energy ministry has embarked on major reforms aimed at reducing reliance on Independent Power Producers (IPPs) and addressing critical issues in Pakistan’s energy sector. Speaking to the Senate Standing Committee on Energy, Leghari highlighted several challenges, including power outages, high transmission losses, elevated tariffs, limited renewable energy sources, and a substantial circular debt. Key among the reforms is the operationalisation of an energy exchange, allowing power plants to sell electricity directly to buyers. “The plant which will produce electricity will…

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Glencore Retains Coal Business After Shareholder Consultation

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Glencore-Retains

Glencore Retains Coal Business After Shareholder Consultation August 8, 2024 ZURICH: Swiss commodities giant Glencore has decided to retain its coal business after consulting shareholders who see the fossil fuel as a significant cash generator. Glencore recently completed the acquisition of Teck Resources’ steelmaking coal unit, Elk Valley Resources, in July following a protracted negotiation with the Canadian company. The commodities trading and mining group had considered merging Elk Valley Resources with its coal operations and spinning off the combined entity. However, after extensive shareholder consultations, Glencore found that most…

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