Year: 2024

IMF Gas Reforms Trigger Conflict Between Ministries

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IMF Gas Reforms

ISLAMABAD: A looming deadline to disconnect gas supplies to industrial power plants by January 31, 2025, has sparked a dispute between the Finance Ministry and the Petroleum Division, exposing cracks in the $7 billion International Monetary Fund (IMF) deal. The Petroleum Division accuses the Finance Ministry of accepting the IMF’s condition without adequately assessing its impact, warning of a potential Rs427 billion loss to the government and industries. The Finance Ministry, however, asserts that the Petroleum Division was fully involved during the negotiations. This clash highlights inadequate planning of gas…

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NEPRA to Hold Public Hearing on Winter Relief Package

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Power project

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has scheduled a public hearing on November 26 to consider the federal government’s proposed winter incentive package aimed at boosting electricity demand during the low-consumption months. The subsidy-neutral package, approved by the Economic Coordination Committee (ECC) on November 19, is set to be implemented from December 1, 2024, to February 28, 2025. It offers discounted electricity rates for residential, commercial, and industrial consumers on incremental usage, with discounts ranging from 18% to 50% based on consumption slabs. The initiative seeks to counteract…

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COP29 achieves full operationalisation of Article 6 of Paris Agreement – Unlocks International Carbon Markets

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cop29

November 23, Baku: Today, the COP29 Presidency announced the end of the decade-long wait for the conclusion of negotiations on high integrity carbon markets under Article 6 of the Paris Agreement. This was one of the Presidency’s top priorities for the year and it drove Parties towards this milestone achievement through intensive dual-track technical and political negotiations. This strategy broke through years of stalemate and finalises the last outstanding item in the Paris Agreement.  Article 6 provides trusted and transparent carbon markets for countries as they collaborate to reach their climate…

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Consortium withdraws bid to acquire majority stake in Engro Powergen Qadirpur

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ENGRO-1

A consortium comprising textile companies has withdrawn its public announcement of intention (PAI) to acquire a majority stake i.e. 68.89% of Engro Powergen Qadirpur Limited (EPQL), a subsidiary of Engro Energy Limited. The development was shared by Arif Habib Limited (AHL), manager to the offer, in a notice to the Pakistan Stock Exchange (PSX) on Friday. “This is with reference to the PAI made by Liberty Mills Limited, Zain Ashraf Mukaty, Temoor Ashraf Mukaty, Ahmed Ashraf Mukaty, Soorty Enterprises (Pvt) Limited, Affinity Capital Pvt Limited, Najeeb Malik, Nadeem Malik, and Shahzad Malik…

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Global LNG: Asian spot LNG gains amid colder weather, stronger Europe gas prices

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gas prices

SINGAPORE: Asian spot liquefied natural gas (LNG) prices rose this week to their highest level of the year so far, tracking gains in European gas and amid colder temperatures in both regions. The average LNG price for January delivery into northeast Asia rose to $14.60 per million British thermal units (mmBtu), industry sources estimated. “This week’s further escalations between Russia and Ukraine have returned a steep risk premium to European gas and by default Asia’s JKM market, despite actual gas supplies being uninterrupted,” said Florence Schmit, energy strategist at Rabobank…

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