Year: 2024

Relief in sight as Nepra to revisit 20 critical tariff decisions

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Nepra

ISLAMABAD: In a development that may herald some financial relief for power consumers, the National Electric Power Regulatory Authority (Nepra) has been directed to re-evaluate its previous decisions related to fuel price adjustments (FPA) and quarterly tariff adjustments (QTA). The directive, issued by a tribunal and the Islamabad High Court, pertains to 20 decisions taken by the Nepra since March 2021, which have been described as “impugned”. These decisions have a direct impact on the state-run power distribution companies (DISCOs). Notably, K-Electric, the power distributor for Karachi, is excluded from…

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Final notice to Pakistan: Iran to move arbitration court next month on IP gas pipeline

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iran-gas-pipeline

ISLAMABAD: In a shocking development, Iran has served its last notice on Pakistan informing that Tehran is left with no option but to move the Paris Arbitration Court in September 2024 against Pakistan for not constructing the pipeline under the IP gas project during the extended 180-day deadline, senior official sources told The News. The project has been facing a 10-year delay since 2014 over proposed US sanctions on the project. “The GSPA (Gas Sales Purchase Agreement) was signed in 2009 under French law and the Paris-based Arbitration court is…

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Oil, gas depletion trend reverses

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oil price

New finds, rise in available reserves boost lifespan of hydrocarbon deposits. KARACHI: In a surprising turnaround, Pakistan has reversed the historical trend of depleting oil and gas reserves as it reported a 26% boost in crude oil deposits and a 2% increase in gas reserves in the six-month period ended June 30, 2024.New discoveries and an upward revision in recoverable reserves have bolstered by one year the lifespan of oil and gas deposits to 10 years and 17 years, respectively.Citing data compiled by the Pakistan Petroleum Information Service (PPIS), Optimus…

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IPPs not to blame for tariff hike: Leghari

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awais-lagari

Power minister says govt negotiating new terms with independent power producers Federal Minister for Energy Awais Ahmed Khan Leghari has defended the independent power producers (IPPs), asserting that these private entities are not responsible for the rising cost of electricity in the country.“The IPP policy is not the cause of expensive electricity,” Leghari told Voice of America during an exclusive interview. “The high cost of electricity is not due to any government or past policies [either] but rather the result of the country’s poor economic condition.”According to the minister, the…

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PD working on Reko Diq project transaction

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Reko-Diq

ISLAMABAD: Petroleum Division is reportedly in the process of initiating a summary for approval of Reko Diq Project transaction under Inter-Governmental Commercial Transaction Act (IGCTA) 2002, in coordination with Ministry of Law and Justice, well informed sources told Business Recorder.This was revealed at a recent high level meeting held to discuss progress on issues of petroleum sector.Unconfirmed reports suggest that Saudi Arabia’s Manara Minerals Investment Co. backed by the SSF (Saudi Sovereign Fund), whose delegation is also expected next month, has shown an interest in acquiring $1billion shares in Reko Diq…

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