Day: September 18, 2024

Pakistan’s Oil and Gas Companies Face Billions in Unpaid Dues; PM Directs Immediate Action

Admin
oil and gas

Pakistan’s oil and gas sector is facing a major financial crisis, with companies owing the federal government billions in unpaid dues. Prime Minister Shehbaz Sharif has taken notice of the situation, instructing the Petroleum Division to take immediate steps to recover the outstanding amounts. As of last year, over PKR 44.39 billion in royalties is owed by various companies. Key defaulters include: PEL: PKR 1.16 billionOGDCL: PKR 26 billionUnited Energy: PKR 9 billionOrient Pakistan: PKR 870 millionThe Petroleum Division attributes delays in payments to the country’s circular debt and a…

Read More

Global Solar Generation Surpasses Wind Power: The Rise of Big Solar

Admin
Solar-Wind

Since May 2023, solar electricity generation has overtaken wind as the leading utility-scale renewable energy source. Higher solar output during the summer months has extended this dominance, with solar generating 9.57 terawatt hours (TWh) more than wind in June alone, according to energy think tank Ember. While this trend is expected to continue through August, wind power is projected to regain the lead by September, when wind speeds increase with the onset of winter in Europe, North America, and Northern Asia. Solar energy is growing at a faster pace than…

Read More

Chinese Solar Panel Surge Strains Pakistan’s Debt-Ridden Power Grid

Admin
Solar power

Pakistan’s businesses are rushing to install low-cost Chinese solar panels in response to surging electricity prices, which have made the state-owned grid one of the most expensive in South Asia. Major industries, such as Forward Sports, have dramatically increased their solar capacity to reduce reliance on the costly national power supply. This rapid switch to solar, driven by Pakistan’s harsh sunlight and financial incentives, has led to a record $1.4 billion worth of Chinese solar panel imports in the first half of 2024. However, this shift is exacerbating Pakistan’s power…

Read More

India Set to Add Record 35 GW of Solar and Wind Capacity by March 2025

Admin
Wind-Solar

India is poised to connect a record 35 gigawatts (GW) of solar and wind energy capacity to its grid by the end of March 2025, as the country accelerates efforts to meet its 2030 clean energy targets. This comes after falling short of a key renewable energy milestone in 2022. Bhupinder Singh Bhalla, India’s top renewable energy official, revealed that the nation expects to add 30 GW of solar capacity and 5 GW of wind capacity in the current fiscal year. India, the third-largest solar power producer globally, aims to…

Read More

Gunvor Group Eyes Investment in Pakistan’s Petroleum Sector

Admin
Shehbaz-Sharif

Agreement Signed with Total Parco for 50% Stake, Says Chairman ISLAMABAD: Gunvor Group Chairman Torbjorn Tornqvist, alongside Total Energies Vice President Mehmet Celepoglu, met with Prime Minister Shehbaz Sharif on Monday to discuss investment opportunities in Pakistan’s energy sector. During the meeting, PM Sharif emphasized that Pakistan’s economy had stabilized and was on a growth trajectory. He outlined ongoing reforms to encourage investment and business activity, noting that these measures were already yielding positive outcomes. The prime minister also reiterated the government’s commitment to removing barriers to foreign investment. Tornqvist…

Read More