Month: October 2024

Wafi Energy Acquires Majority Stake in Shell Pakistan Limited

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Shell-Pakistan

Karachi, Pakistan – Wafi Energy, a well-established Saudi energy company and affiliate of the Asyad Group, has officially acquired a majority shareholding in Shell Pakistan Limited, the exclusive licensee for Shell products in the country. This strategic acquisition underscores Wafi Energy’s commitment to expanding its footprint in Pakistan’s energy sector while fortifying Shell’s reputable service in the region. The powerful synergy between Shell’s long-standing legacy of innovation and quality and Wafi Energy’s strategic investment marks a new chapter for Shell Pakistan. Customers across the country will continue to enjoy the…

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Murad informs Canadian envoy of Sindh govt initiative for upgrading city infrastructure and controlling pollution.

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New-Project

KARACHI (Oct 31): Sindh Chief Minister Syed Murad Ali Shah, in his meeting with the Canadian High Commissioner Ms Leslie Scanlon, said that his government, through the Karachi transformation project, was improving the infrastructure to make the city liveable and attracting investment. The meeting also included the Director General for South Asia in Ottawa, Canada, Ms. Marie Louise Hannan, and Mr. Daniel Arsenault, the Political, Economic, and Commercial Counsellor at the Canadian Embassy. The Chief Minister was accompanied by his Secretary, Raheem Shaikh. During the meeting, Ms Scanlon remarked that…

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Nationwide CNG Stations to Close in December and January Amid Winter Gas Shortage

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CNG-Stations

ISLAMABAD: The Federal Ministry of Petroleum has announced a winter gas load management plan that includes the closure of CNG stations across Pakistan during December and January. This measure aims to prioritize natural gas supply for domestic consumers amid colder temperatures. The Sui Northern Gas Company Limited (SNGCL) has been instructed to halt CNG operations nationwide from December 1, 2024, to January 31, 2025. The shutdown will affect Punjab, Khyber Pakhtunkhwa, and other provinces where industries rely on gas-based captive power stations, which will also face supply cuts during this…

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Neelum-Jhelum Shutdown Costs Millions, Deepens Pakistan’s Energy Crisis

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Neelum-Jhelum

ISLAMABAD: The 969-MW Neelum-Jhelum Hydropower Project has been offline since May due to a severe rock burst, draining millions from the national treasury and worsening Pakistan’s energy shortage, according to experts. The prolonged shutdown has exacerbated the shortfall in hydroelectric power, adding to the country’s energy challenges. During a recent public hearing, NEPRA’s chairman expressed dissatisfaction with the Central Power Purchasing Agency (CPPA) for not providing repair cost estimates, noting that an inquiry committee is investigating the issue. NEPRA emphasized that decisions on repair funding will be based on the…

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UEP Wind Power Seeks Rs 6.213 Billion from CPPA-G to Avert Debt Default

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Wind-Power

ISLAMABAD: UEP Wind Power Limited has requested Rs 6.213 billion from the Central Power Purchasing Agency (CPPA-G) to meet critical financial obligations through December 31, 2024, citing delayed payments and mounting debt. In a letter to CPPA-G’s CEO, UEP’s President, Khurram Shahzad, outlined the company’s urgent need to address upcoming debt payments, including a substantial liability to China Development Bank. UEP foresees a shortfall that could lead to default if unmet, with unpaid invoices expected to total Rs 9.134 billion by December, of which Rs 8.437 billion is already overdue.…

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