Author: Admin

KE Concludes EPIC 2025, Advancing Innovation for Pakistan’s Energy Future

Admin
K-Electric1

KARACHI: K-Electric (KE) successfully concluded the Grand Finale of the Energy Progress & Innovation Challenge (EPIC) 2025, reaffirming its commitment to innovation and localisation in Pakistan’s evolving energy landscape. From over 250 national submissions, 10 standout projects were shortlisted, with three top teams awarded Rs1.5 million, Rs1 million, and Rs750,000, respectively. The first prize went to NUST for a tamper-proof PMT-based load shedding solution. GCU Faisalabad secured second place for their AI-powered demand forecasting model, while NED University claimed third for an optimised AI-based electricity forecasting system. A prestigious jury…

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IMF Rebuff Halts \$6 Billion Refinery Upgrade Projects in Pakistan

Admin
New-IMF

ISLAMABAD: In a significant blow to Pakistan’s oil refining sector, the International Monetary Fund (IMF) has rejected key government proposals intended to unlock \$6 billion in refinery upgrade investments, stalling efforts to produce Euro-V standard fuels. According to senior Petroleum Division officials, the IMF’s disapproval has derailed plans critical to Pakistan’s energy transformation. The proposals aimed to restore zero-rated status for petroleum products and introduce a 10% sales tax on imports of new machinery and spare parts necessary for upgrades. The IMF rejected both, citing implementation and verification concerns. Federal…

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Consumers to Pay Rs3.23/Unit Surcharge for Six More Years to Repay Rs1.275 Trillion Power Sector Loan

Admin
Nepra-Price

ISLAMABAD: Electricity consumers in Pakistan will continue paying a Rs3.23 per unit debt service surcharge (DSS) for the next six years to help repay a massive Rs1.275 trillion loan secured by the Central Power Purchase Agency (CPPA) from 18 commercial banks. This surcharge is already being collected through monthly bills, so consumers won’t face any additional immediate burden. The loan is part of a long-term strategy to resolve the *power sector’s circular debt, which currently stands at **Rs2.381 trillion. The government aims to reduce this burden by Rs1.275 trillion through…

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Oil Prices Surge Over 9% as Israel Strikes Iran, Raising Middle East Tensions

Admin
Oil prices

LONDON/SINGAPORE: Oil prices soared more than 9% on Friday — marking their sharpest intraday jump since 2022 — after Israel launched airstrikes on Iran, targeting nuclear facilities, missile factories, and key military leaders. The escalation heightened fears of a wider conflict in the Middle East and potential disruption of global oil supplies. Brent crude surged by \$6.29, or 9.07%, to \$75.65 per barrel, after hitting an intraday high of \$78.50 — its highest since January 27. Meanwhile, US West Texas Intermediate (WTI) crude rose \$6.43, or 9.45%, to \$74.47, peaking…

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Pakistan Secures \$700 Million IFC-World Bank Loan for Reko Diq Project

Admin

ISLAMABAD: In a major breakthrough, Pakistan has secured a \$700 million concessional loan from the International Finance Corporation (IFC) and the World Bank for the Reko Diq mining project — a landmark development in the country’s resource sector. The approval, granted during a board meeting in Washington, marks a diplomatic win for Islamabad and a blow to India, which had reportedly lobbied against the financing. The decision is expected to unlock \$2.5 billion in private sector investment for the project, positioning Reko Diq as one of the most significant mineral…

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