Month: December 2024

Power Ministry Confirms Circular Debt Target with IMF on Track

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power-solar

ISLAMABAD: The Ministry of Power reaffirmed on Sunday that the circular debt targets agreed upon with the International Monetary Fund (IMF) are well within limits, with the December 2024 goal firmly on track. In a statement, the Power Division clarified that its performance aligns with quarterly targets for circular debt management. “The agreed target with the IMF ensures circular debt remains within specific thresholds during each quarter, and the power sector is operating comfortably within these limits,” the ministry said. Addressing recent reports, a Power Division spokesperson emphasized that routine…

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Foreign Oil, Gas Firms Secure Victory Against PEL in ArbitrationICC Tribunal Awards Damages, Invalidates Forfeiture of Working Interests

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Oil prices

ISLAMABAD: In a significant legal triumph, Frontier Holdings Limited (FHL) and Spud Energy Pty Limited (SEPL) have won an arbitration case against Petroleum Exploration (Private) Limited (PEL) at the International Chamber of Commerce (ICC). The dispute revolved around PEL’s attempt to forfeit FHL’s 27.5% working interests in the Badin IV South and Badin IV North Blocks (collectively, the “Badin Blocks”). The ICC Arbitral Tribunal ruled in favor of FHL and SEPL, invalidating PEL’s forfeiture attempt and affirming FHL’s 27.5% working interest in the Badin Blocks. The tribunal also awarded damages…

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Pakistan Shelves $300 Million Floating Solar Project Power Division Excludes Scheme from IGCEP 2024-34

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Solar-Project-2

Pakistan has decided to shelve a proposed $300 million floating solar power project, which was intended to generate 300 megawatts (MW) of electricity. The Power Division opted not to include the initiative in the 2024-2034 Indicative Generation Capacity Expansion Plan (IGCEP), citing the absence of an assured power purchaser. On December 20, the Power Division formally conveyed its decision to the Ministry of Economic Affairs and the World Bank, effectively pausing preparations for the project. Initially planned for Tarbela and Ghazi Barotha hydropower reservoirs, the project was deemed economically viable,…

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Karachi Faces Severe Gas Crisis Amid Winter Chill

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Gas-Crisis

KARACHI: The city of Karachi is reeling under a severe gas crisis as plunging temperatures force residents to rely on costly liquefied petroleum gas (LPG). Scheduled gas load-shedding from 9:30 PM to 6:00 AM and 2:30 PM to 5:00 PM is exacerbated by widespread unannounced outages and low pressure, leaving many without adequate gas supply throughout the day. Residents attribute this recurring winter crisis to aging infrastructure and leaks in the city’s gas distribution network. Sources at Sui Southern Gas Company (SSGC) confirmed that rehabilitation efforts are underway to address…

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Research Highlights Fire Risks in Building-Integrated PV Facades

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Fire-Risks

A Danish-Norwegian research team has shed light on critical factors influencing fire propagation in building-integrated photovoltaic (BIPV) facades, revealing that the gap distance between panels and walls, as well as combustible materials in wall cavities, play significant roles. The study, conducted by researchers from Norway’s RISE Fire Research AS, the Fire Research and Innovation Centre (FRIC), and Denmark’s Institute of Fire and Security Technology (DBI), involved 35 experiments, including 25 with photovoltaic (PV) modules and 10 with green plant systems. “PV modules contain polymers that can ignite,” explained Reidar Stølen…

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