Author: Admin

Power minister to visit Iran next week

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power-minister

ISLAMABAD: The caretaker Minister for Petroleum and Power, Muhammad Ali, is likely to visit Tehran next week to attend 23rd International exhibition of electricity industry of Iran on November 14-16, 2023, well informed sources in Ministry of Foreign Affairs told Business Recorder. On November 6, 2023, the Ambassador of Iran to Pakistan Dr Reza Amiri Moghaddam called on caretaker Federal Minister for Power and Petroleum Muhammad Ali and extended invitation to him, the sources added. The caretaker Minister, who has already undertook several visits abroad since assuming the charge of both…

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Saudi investors approach IHC seeking action against FIA

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FIA

LONDON: Karachi Electric’s Saudi investors have filed a writ petition with the Islamabad High Court (IHC) requesting action against the perceived inaction of the Federal Investigation Agency (FIA) in response to a critical complaint they had previously submitted around the potential misappropriation of Rs10.5 billion of foreign investors’ funds, specifically, the sale proceeds from an investment firm in Pakistan. Represented by White Crystals Limited, these investors are now seeking a judicial order to compel the FIA to initiate a thorough investigation. White Crystals Limited, a subsidiary of the Saudi conglomerate…

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Three key SOEs being moved out of govt control

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IMF-board

ISLAMABAD: The caretaker government, which is in loan review talks with the IMF, has decided to finalise a climate financing policy at the earliest and place three more crucial state-owned enterprises (SOEs) under the financial surveillance of the Ministry of Finance’s Central Monitoring Unit (CMU), which is yet to become operational. The entities slated for enhanced oversight include the Pakistan National Shipping Corporation (PNSC), Pakistan Post, and Pakistan Broadcasting Corporation (PBC). The decision emerged after comprehensive discussions between the visiting IMF mission and the finance, planning and energy ministries, Nepra,…

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ECC approves Rs100b guarantee for PSO

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pso

Allows recovery of Rs1.72 tariff hike from K-Electric consumers ISLAMABAD: The interim government on Friday approved sovereign guarantees of Rs100 billion in favour of Pakistan State Oil (PSO) to help the company avoid bankruptcy and also allowed recovery of Rs1.72 per unit hike in electricity prices from K-Electric (KE) consumers. The decisions were made by the Economic Coordination Committee (ECC) of the cabinet that once again failed to reach an agreement on increasing gas prices for fertiliser plants after withdrawing subsidies. The ECC reached an understanding that subsidised gas supplies…

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470MW hydel project planned

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NEPRA asked to approve run-of-the-river project in Kohistan district ISLAMABAD: LSG Hydro Power Limited (LSG) is seeking concurrence of the National Electric Power Regulatory Authority (Nepra) for its 470-megawatt Lower Spat Gah Hydro Power Project, which is planned to be set up in Kohistan. Total cost of the project is estimated at $1.031 billion. LSG has submitted an application for approval of its proposed project, as stipulated in Section 14B (5) of the Regulation of Generation, Transmission and Distribution of Electric Power Act 1997 (Nepra Act). LSG, a public limited…

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