Year: 2024

Government to Meet 18 IPPs Next Week for Pay-Mode Conversion Talks

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power-gride

ISLAMABAD: The government is set to begin meetings next week with executives from 18 Independent Power Producers (IPPs) established under the 1994 and 2002 Power Generation Policies to discuss the conversion of their contracts from the ‘take or pay’ to ‘take and pay’ model. This shift aims to reduce the financial burden on the national exchequer and align with ongoing power sector reforms, sources informed Business Recorder. The government claims it has already saved Rs 411 billion by terminating Power Purchase Agreements (PPAs) of five IPPs. While the cabinet approved…

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Petroleum Minister Musadik Malik Removed from Key Pipeline Committee Amid Delays

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Musadik-Malik

ISLAMABAD: Petroleum Minister Musadik Malik has been removed from the Transnational Pipeline Committee, which oversees critical projects such as the Iran-Pakistan (IP) and Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipelines. His removal follows months of stalled progress on these vital energy projects, raising concerns over Pakistan’s energy security. Malik had previously resisted amendments to petroleum policies that could attract $5 billion in investments. In response, Prime Minister Shehbaz Sharif appointed Deputy Prime Minister Ishaq Dar as the new head of both the Transnational Pipeline and Sugar Price Control Committees to expedite progress. The…

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Putin Pushes for Stronger BRICS Role in Global Energy Market

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Vladimir-Putin

President Vladimir Putin on Monday called for an expanded role for the BRICS bloc in the global energy dialogue as Russia looks to counter Western influence. Russia, the world’s second-largest oil exporter and home to the largest natural gas reserves, is hosting the annual Energy Week International Forum this week, which will include a meeting of BRICS energy ministers. In a letter to forum attendees, Putin emphasized the importance of energy cooperation in strengthening national economies and addressing social challenges. He urged BRICS nations to agree on common principles for…

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Oil Prices Drop 8% in Weekly Decline Amid Weak Demand

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Oil price

HOUSTON: Oil prices tumbled on Friday, heading for a significant 8% weekly drop due to weaker-than-expected demand, driven by China’s slowing economic growth and shrinking refinery output for the sixth consecutive month. Brent crude futures fell by $1.69, or 2.27%, reaching $72.74 per barrel by 11:09 am EDT. Meanwhile, US West Texas Intermediate crude dropped $1.72, or 2.43%, to $68.95 per barrel. Both benchmarks are set for their largest weekly decline since September 2, when OPEC and the International Energy Agency lowered their forecasts for global oil demand for 2024…

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Israel military confirms killing of Hamas chief Yahya Sinwar

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hamas leader

The Israeli military on Thursday announced the killing of Hamas leader Yahya Sinwar by its forces in southern Gaza the previous day. The Israeli military “confirms that after a year-long pursuit, yesterday (Wednesday), October 16, 2024, IDF (military) soldiers from the Southern Command eliminated Yahya Sinwar, the leader of the Hamas organisation, in an operation in the southern Gaza Strip,” it said in a statement. “The dozens of operations carried out by the IDF and the ISA (Shin Bet internal security agency) over the last year, and in recent weeks…

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