Day: October 4, 2024

Feroze Power, Maysun sign MoU to set up solar panel production unit in Pakistan

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New-01-1

Feroze Power (Pvt) Ltd has signed a memorandum of understanding with Maysun Solar to establish a solar panel production plant in Karachi. This initiative aims to boost local production of clean energy equipment in Pakistan, to increase renewable power generation while minimizing the impact on the country’s foreign currency reserves.“One of the main objectives is to ensure the necessary transfer of technology for indigenous production of renewable energy equipment as a major step towards Pakistan achieving the stage of self-reliance in the power sector,” said FPL Chief Executive Officer, Sohail…

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Oil Sector Calls for Urgent Revision of OMC Margins Amid Rising Costs

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oil and gas

KARACHI: The oil sector has urged the Oil and Gas Regulatory Authority (Ogra) to revise the margins for oil marketing companies (OMCs) to alleviate growing financial pressures. In a letter to Ogra’s chairperson, the Oil Companies Advisory Council (OCAC) highlighted several issues, including smuggling, high financing costs, turnover tax, and insufficient margins, all of which are straining the industry. The OCAC pointed out that the last margin adjustment occurred in September 2023, and the revision is now overdue. The OCAC recommended increasing the OMC margins for high-speed diesel (HSD) and…

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Nationwide Crackdown Seals 917 Illegal Petrol Pumps

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Illegal-Petrol

ISLAMABAD: In a sweeping crackdown on illegal petrol pumps, provincial governments have sealed 917 outlets operating without the mandatory K-Forms (explosive licenses). The operation primarily targeted petrol stations abandoned or surrendered by oil marketing companies (OMCs), along with numerous illegal “dabba” stations selling smuggled petroleum products. Authorities revealed that 1,310 illegal retail outlets selling smuggled petroleum products were identified, with the majority in Punjab, followed by Khyber Pakhtunkhwa (KPK), Sindh, and Balochistan. The operation resulted in 559 closures in Punjab, 58 in Sindh, 172 in KPK, and all 128 illegal…

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Pakistan Energy Expo Kicks Off: LCCI President Calls for Urgent Energy Sector Reforms

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Energy-Expo

LAHORE: Mian Abuzar Shad, President of the Lahore Chamber of Commerce and Industry (LCCI), inaugurated the three-day Pakistan Energy Expo at the Lahore Expo Center on Wednesday. Speaking at the event, Shad emphasized the critical need for reforms in the energy sector to address the challenges hampering the country’s economic growth. Joined by Acting Chinese Consul General Mr. Cao and Chief Organizer Atif Zeeshan, Shad stressed that high energy tariffs are crippling industries and urged the government to lower electricity costs, especially by regulating Independent Power Producers (IPPs). He advocated…

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TAPI Gas and Trade Top Agenda in Pakistan-Russia Kremlin Talks

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TAPI-gas

ISLAMABAD: Federal Minister for Board of Investment, Privatisation, and Communications Abdul Aleem Khan held high-level discussions with Russia’s Deputy Prime Minister Alexey Overchuk and other Russian ministers at the Kremlin. Key topics included the TAPI gas pipeline, bilateral trade, international road transport agreements, and proposed infrastructure projects like a rail link between the two nations. Overchuk praised Pakistan’s interest in the North-South International Transport Corridor, highlighting its potential to enhance trade between Eurasia and North-South countries. The meeting also reviewed plans for a trade route connecting Pakistan, Iran, Azerbaijan, and…

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