Month: September 2024

Aurangzeb Vows Economic Stability Through IMF Deal and Tax Reforms

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Muhammad-Aurangzeb

ISLAMABAD: Finance Minister Muhammad Aurangzeb reaffirmed on Tuesday that Pakistan is on the right track to achieving macroeconomic stability, emphasizing the importance of securing external financing to finalize the $7 billion IMF bailout package. He stressed the need for structural reforms, warning provincial governments against populist measures like energy subsidies. In a televised address, Aurangzeb highlighted significant economic progress, including a drop in inflation from 38% to single digits and a boost in foreign exchange reserves. He called for a crackdown on tax evasion, insisting on increased tax compliance from…

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KCCI Urges Nepra to Address Urgent Issues with K-Electric

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KCCI-Import

KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) has called on the National Electric Power Regulatory Authority (Nepra) to urgently convene a hearing with all relevant stakeholders to resolve critical issues surrounding K-Electric (KE) that are adversely affecting both industrial and residential consumers in Karachi. In a letter addressed to Nepra Chairman Waseem Mukhtar, KCCI President Iftikhar Ahmed Sheikh expressed concern over the imposition of a Power Holding Limited (PHL) surcharge of Rs3.23 per unit. He criticized this surcharge as an unfair financial burden on Karachi’s consumers, who are…

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28 Companies Honored at Solar Technology Excellence Awards 2024 in Lahore

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Solar-Award

Lahore – The Solar Technology Excellence Awards 2024, a prestigious event celebrating innovation and leadership in the solar energy sector, was held at a local hotel in Lahore. The ceremony, organized by Energy Update in partnership with the Ministry of Energy (Power Division), Private Power Infrastructure Board (PPIB), and Pakistan Solar Association, recognized 28 companies for their outstanding contributions to the advancement of solar energy in Pakistan. The event was graced by Khyber Pakhtunkhwa Governor Faisal Karim Kundi, who served as the Chief Guest. In his address, Governor Kundi highlighted…

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Imran Maniar Resigns as CEO and MD of Sui Southern Gas Company

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SSGC

KARACHI: Imran Maniar has resigned from his position as Chief Executive Officer (CEO) and Managing Director (MD) of Sui Southern Gas Company Limited (SSGC) to pursue other opportunities, as stated in a notice issued by SSGC to the Pakistan Stock Exchange (PSX) on Tuesday. In an emergent board meeting held on September 2, 2024, SSGC’s Board of Directors accepted Maniar’s resignation, expressing deep respect for his decision and gratitude for his contributions to the company. His last day with SSGC will be September 13, 2024. Maniar, an accomplished professional with…

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Dar Rejects Gas Allocation Proposals, Orders Revised Framework

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Oil-and-Gas

ISLAMABAD: Ishaq Dar, Chairman of the high-level committee on oil and gas, has rejected the Petroleum Division‘s proposed framework for allocating discovered gas to third parties. Emphasizing that the government will not alter a policy already approved by the Council of Common Interests (CCI), Dar instructed the Petroleum Division to submit a revised draft within 15 days. The Petroleum Division had presented four proposals, including applying the allocation policy to depleting fields, excluding existing fields, implementing the policy for new discoveries, and gradually increasing the allocation to third parties to…

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