Month: September 2024

Govt May Seek Local Bank Financing for Thar Coal Conversion Projects

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coal

ISLAMABAD: The Pakistani government is considering approaching local banks to finance the conversion of power plants from imported coal to Thar coal, as well as the expansion of Thar coal mines. This initiative, aimed at enhancing energy security and reducing fuel costs, was discussed in a recent meeting between Pakistani officials, Chinese experts, and representatives from the Chinese embassy. Led by Additional Secretary Power Division-1, Khushhal Khan, the Pakistani side emphasized that switching to Thar coal is essential for improving power generation capacity, lowering tariffs, and ensuring the financial sustainability…

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Government Seeks IMF Approval for Risky Power Tariff Reduction Plan

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IMF-board

ISLAMABAD: The Pakistani government has proposed a bold plan to the International Monetary Fund (IMF) to reduce electricity tariffs by Rs6 per unit, amounting to a total funding requirement of Rs2.8 trillion. The plan, presented over the weekend, aims to address the soaring electricity costs but relies on uncertain and risky funding sources, casting doubt on whether it will receive the IMF’s endorsement. Under the proposal, the federal government expects the four provinces to contribute Rs1.4 trillion, with the remaining Rs1.4 trillion to be sourced through additional commercial loans, cuts…

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OCAC Criticizes OGRA for Favoritism in HSD Imports

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oil and gas

ISLAMABAD: The Oil Companies Advisory Committee (OCAC), representing oil refining and distribution companies, has accused the Oil and Gas Regulatory Authority (OGRA) of favoritism, claiming it has caused market distortions by permitting excessive imports of high-speed diesel (HSD) by a single company. In a letter to OGRA, the OCAC criticized the regulator’s decision to allow one oil marketing company, Gas & Oil Pakistan Ltd (GO), to import substantial quantities of HSD despite the country already having ample stocks. According to the committee, GO was granted approval to import 15,000 tonnes…

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Hexing Electrical Group to Establish Inverter Manufacturing Plant in Pakistan

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Hexing-Electrical

ISLAMABAD: Hexing Electrical Group, a prominent Chinese business conglomerate, has announced its plans to establish a manufacturing facility in Pakistan’s renewable energy sector. The plant will focus on producing inverters and batteries, marking a significant milestone as the first of its kind in the country. Chairman Liangzhang Zhou, leading a delegation, discussed the proposed investment with Minister for Privatisation Abdul Aleem Khan during a meeting on Saturday. Mr. Zhou emphasized that Hexing operates in 90 countries with a workforce exceeding 7,000 employees and has already set up factories in 20…

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