Author: Admin

Riyadh, Moscow talk oil amid ME crisis

Admin
Oil price

MOSCOW: Saudi Arabia and Russia, the world’s top two oil exporters, on Wednesday discussed the situation on the oil market and prices amid the escalating conflict between Israel and Hamas, President Vladimir Putin’s top oil official said. Crude oil prices spiked in the wake of a massive incursion into Israel from Gaza launched by Hamas on October 7. Russian Deputy Prime Minister Alexander Novak greeted Saudi Arabia’s Minister for Energy Prince Abdulaziz bin Salman in Moscow on Wednesday ahead of the “Russian energy week” conference in Moscow, which Putin will…

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KE seeks another Rs3 per unit hike in quarterly adjustment

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K-Electric

ISLAMABAD: Kar­achi’s power utility K-Electric has sought another Rs3.02 per unit in tariff adjustment for the April-June quarter of this year. The National Electric Power Regulatory Autho­rity (Nepra) has accepted the petition for a public hearing on Oct 19 (Thurs­day) to examine whether KE’s request was justified and whether the company’s claim for Rs13.2 billion write-off against unrecovered bills should be allowed. K-Electric’s demand for Rs3.02 per unit additional quarterly tariff adjustment is based on a revision in price settings at Rs2.57 per unit during April-June, followed by an annual…

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SIFC body seeks ‘Merit Order’ for gas supply

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SIFC-sparks

ISLAMABAD: The Executive Committee of SIFC has directed Petroleum Division to prepare ‘Merit Order’ for supply of gas to industry, fertilizer, power generation, commercial, and domestic consumers, economic benefits of which will be reviewed by the caretaker Minister for Finance, sources close to Secretary Petroleum told Business Recorder. Caretaker Finance Minister, Minister for Industries and Production and Minister for Energy as well as other relevant Secretaries will define the course for ensuring rational energy pricing and reliability of supply for export industry with the particular focus on: (i) introduction of industrial…

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Power projects: Chinese again refuse to renegotiate PPAs

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CPEC-Project

ISLAMABAD: Chinese power projects have, once again, refused to renegotiate Power Purchase Agreements (PPAs) with the Government of Pakistan, a longstanding wish of dollar-hungry Islamabad. The government has to clear about Rs 350 billion of Chinese power projects dues which is why Chinese state-owned insurance company, Sinosure, is reluctant to extend insurance coverage to any new power project. M/s Sinosure has also sent a “displeasure” letter to Islamabad after the strong rumour doing the rounds in Islamabad that the government is urging Chinese IPPs to renegotiate “expensive PPAs.” CPEC power…

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Move to settle Al-Jomaih-KES dispute: Ministerial body to meet on 16th

Admin
k-electric

ISLAMABAD: The Power Division has convened a meeting of three-member ministerial committee on October 16, 2023 to find an amicable way out in the dispute between Al-Jomaih and KES Power on shares of K-Electric, well-informed sources told Business Recorder. A ministerial committee, composed of Minister for Energy (chair), Minister for Privatisation, and Minister for Law & Justice, will meet to assess any specific interest of GoP in the matter of K-Electric regarding shares dispute and suggest a viable future course of action, the sources added. The committee would also evaluate the…

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