Day: November 13, 2024

13th November, 2024

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Karachi: Qurrat Ul Ain, Acting President, FPCCI, has demanded that – while the apex body appreciates the announcement of winter package – the relief in the electricity tariff announced under it should be made available to small & medium enterprises (SMEs) as well through withdrawing the condition of 100,000 units consumption in the corresponding period of last year; and, resultantly, only applying the Rs. 26 / kWh tariff to the incremental units consumed after that threshold. Qurrat Ul Ain, Acting President, FPCCI, explained that SMEs and new industries in particular…

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CM Sindh & , fed maritime minister vows to address , tackling sea pollution, revive Keti Bandar port project

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CM-Sindh

KARACHI (Nov 13): Sindh Chief Minister Syed Murad Ali Shah and Federal Minister for Maritime Qaiser Shaikh, during their meeting, discussed addressing fishermen’s issues, tackling sea pollution and plans to develop Keti Bandar as a new port. The meeting was held at CM House and was attended by Secretary to CM Raheem Shaikh and Chairman Port Qasim Rear Admiral Nasir Shah. At the outset, the discussion between the two began with the issue of fishing trawlers, which are depleting fish resources by destroying fish seedlings. The Chief Minister noted that…

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OGDCL Commences Gas Production from Uch-35 Well in Balochistan

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New-OGDCL-2

ISLAMABAD: Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest exploration and production (E&P) company, has launched natural gas production from the Uch-35 development well in Dera Bugti, Balochistan. The announcement, made to the Pakistan Stock Exchange (PSX) on Wednesday, marks a key step in the company’s strategic growth. OGDCL reported that the Uch-35 well was drilled to a depth of 1,345 meters, tapping the hydrocarbon-rich Sui Main Limestone formation. Currently, the well produces 5 million standard cubic feet per day (MMSCFD) of natural gas. Following the installation of a…

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Power Division Fails to Meet PMO’s Key Energy Sector Tasks

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Power-Division

ISLAMABAD: The Power Division has reportedly fallen behind on a majority of tasks assigned by the Prime Minister’s Office (PMO) through the Task Management System (TMS), including the critical establishment of a competitive electricity market. Of the 147 tasks assigned, only 53 have been completed, with 77 overdue and 17 still in progress, according to PMO sources. The review highlighted concerns regarding delays in key initiatives. Notably, the Boards of the Private Power and Infrastructure Board (PPIB) and the National Energy Efficiency and Conservation Authority (NEECA) remain incomplete, hindering progress…

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DFIs Request NEPRA to Update Tariff Rates for IPPs Amid LIBOR Replacement

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Power-sector

ISLAMABAD: Development Finance Institutions (DFIs) with financial stakes in Independent Power Producers (IPPs) have approached the National Electric Power Regulatory Authority (NEPRA) Chairman to revise tariff determinations, adjusting the benchmark interest rate from the London Interbank Offered Rate (LIBOR) to Term SOFR (Secured Overnight Financing Rate) plus Credit Adjustment Spread (CAS), sources in NEPRA report. DFIs, including the Asian Development Bank (ADB), British International Investment Plc (BII), International Finance Corporation (IFC), Islamic Development Bank (ISDB), and others, have extended financing to various IPPs in Pakistan. Previously, the energy tariffs and…

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