Day: September 9, 2024

OMAP Urges Prime Minister’s Intervention to Address Petroleum Industry Challenges

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crude-oil

LAHORE: The Oil Marketing Association of Pakistan (OMAP) has called on Prime Minister Shehbaz Sharif to urgently address the critical challenges facing the petroleum industry. In a letter dated September 5, 2024, OMAP Chairman Tariq Wazir Ali highlighted several pressing issues, including the impact of the zero-rated sales tax policy, which has resulted in Rs 65 billion of held funds, straining oil marketing companies’ (OMCs) cash flows. Additional concerns include delayed sales tax refunds, unresolved foreign exchange losses, and the smuggling of Iranian petroleum products, which are eroding industry profits…

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BMP Criticizes Escalating Power Tariffs, Warns of Economic Consequences

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Power-sector

LAHORE: The Businessmen Panel (BMP) of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has condemned the continuous increase in power tariffs under fuel adjustment charges, citing its detrimental impact on production costs and trade. BMP Chairman Mian Anjum Nisar emphasized that these hikes are making electricity unaffordable, potentially fueling power theft. In a meeting held on Sunday, Nisar urged the government to implement solid measures to alleviate the burden on small and medium enterprises (SMEs), including reducing fuel prices, slashing taxes and duties, and offering soft loans…

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Wapda Prepares Strategy for Chashma Lift Canal Construction

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Chashma-Lift

PESHAWAR: The Water and Power Development Authority (Wapda) is formulating a strategy to initiate construction work on the Chashma Lift Canal (CLC) Project, according to Shafiq Khan Betni, General Manager of Wapda North. The update was shared during a meeting with Khyber Pakhtunkhwa Governor Faisal Karim Kundi at the Governor House. The GM announced that a special directorate has been established at the Chashma Right Bank Canal Colony in D.I. Khan to oversee the project. Governor Kundi expressed his optimism, highlighting that the Chashma Lift Canal is crucial not only…

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KOEN Urges Nepra to Uphold Policy Integrity and Set Tariffs for Hydropower Projects

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dam-hydro

ISLAMABAD: Korea-South East Power Company (KOEN) has called on the National Electric Power Regulatory Authority (Nepra) to determine tariffs for its hydropower projects under the Power Generation Policy 2015. KOEN emphasized that the Government of Pakistan (GoP) and its regulatory bodies must maintain the integrity of their policies to attract and retain foreign investment. During a recent Senate Standing Committee on Power meeting, KOEN sought government support for its projects. However, Minister for Power Sardar Awais Leghari and Nepra Chairman Chaudhry Waseem Mukhtar clarified that no new projects would be…

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Towards Green Energy: Leveraging CPEC for Pakistan’s Climate Goals

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New-CPEC

Pakistan faces immense challenges in addressing its climate crisis, with the World Bank estimating a need for $348 billion by 2030 to meet climate adaptation and mitigation goals. Of this, $152 billion is allocated for adaptation and resilience, while $196 billion is needed for decarbonization. The nation’s 2021 Nationally Determined Contributions set an ambitious goal of reducing projected emissions by 50%, with 15% coming from domestic resources and 35% contingent on international support. Key to this effort is Pakistan’s green energy transition, requiring $101 billion by 2030, with an additional…

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