Day: September 12, 2024

FPCCI highly disappointed on monetary policy and cut in cut in interest rate only 2 percent

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state-bank

Karachi: Atif Ikram Sheikh, President FPCCI, has apprised that the business, industry and trade community of Pakistan is disappointed with the monetary policy as it continues to be based on a heavy premium vis-à-vis core inflation. While we appreciate the rate cut by 200 bps or 2 percent, this is too little, too late in the context of price data – domestically & internationally, he added. Mr. Atif Ikram Sheikh pointed out that core inflation clocked at 9.6 percent in Pakistan during August 2024 as per government’s own available data…

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Saudi Aramco says will launch first branded gas station in Pakistan by year end

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Aramco-new

ISLAMABAD: Saudi oil giant Aramco said on Wednesday it would launch its first branded retail gas station in Pakistan by the end of the year, having already completed the acquisition of a 40 percent stake in Gas & Oil Pakistan Ltd. (GO) in May. Aramco is a global integrated energy and chemicals company that produces approximately one in every eight barrels of the world’s oil supply. GO, one of Pakistan’s largest retail and storage companies, is involved in the procurement, storage, sale and marketing of petroleum products and lubricants. “We…

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SCCI Files Petition Against IPP Contracts in Peshawar High Court

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power-subsidy

PESHAWAR: The Sarhad Chamber of Commerce and Industry (SCCI) has filed a writ petition in the Peshawar High Court, challenging the agreements with Independent Power Producers (IPPs). The petition calls for a forensic audit of all IPP contracts, aiming to address the issue of excessive payouts and bring relief to power consumers. The plea opposes the renewal of existing IPP agreements and the signing of new contracts, urging the court to implement recommendations from the Senate Standing Committee on Power regarding the excess profits made by IPPs reliant on RFO…

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Government Expands Probe into IPPs Amid Resistance from Power Producers

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Power-generation

ISLAMABAD: The government has intensified its investigation into the operations of Independent Power Producers (IPPs) as some plant owners resist efforts to renegotiate their contracts. These producers argue they are merely fulfilling the terms of their agreements. The probe is focused on reducing capacity payments, a significant financial burden that the government is aiming to alleviate. Background discussions with officials from the power sector reveal that the investigators are scrutinizing data and documents collected from various IPP offices and plants. Reports suggest that several IPP owners are reluctant to terminate…

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Afghanistan Begins Work on Long-Delayed TAPI Gas Pipeline

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TAPI-gas

KABUL: Afghanistan announced the commencement of work on its segment of the $10 billion Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline, as officials gathered at a border ceremony in Turkmenistan on Wednesday. The project, which has faced repeated delays due to security concerns in Afghanistan, is expected to boost regional economies by delivering 33 billion cubic meters of natural gas annually. Afghan Prime Minister Hassan Akhund and Turkmen President Serdar Berdimuhamedow praised the pipeline’s potential to benefit the entire region. Afghanistan is set to receive 16% of the gas while Pakistan and India…

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