Author: Admin

IMF Recommends Aligning CPP Gas Tariffs with RLNG Prices from February

Admin
Pakistan-LNG

ISLAMABAD: The International Monetary Fund (IMF) has proposed aligning gas tariffs for captive power plants (CPPs) with re-gasified liquefied natural gas (RLNG) prices, effective February 1, 2025, as part of efforts to recover the full cost of energy. Previously, the government had agreed to disconnect gas supply to CPPs, citing inefficiency and the supply of electricity to these plants from the national grid at subsidized rates. Accountability authorities had earlier deemed the practice of providing gas to CPPs at discounted rates a criminal offense, emphasizing the need to prioritize efficient…

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‘Saudi Arabia Eyes $600bn Investment, Trade Boost with US Over Four Years

Admin
bin-Salman

Saudi Arabian Crown Prince Mohammed bin Salman has expressed plans to expand investment and trade with the United States by $600 billion over the next four years, according to the Saudi State News Agency. In a phone call with President Donald Trump, the crown prince highlighted the potential economic prosperity anticipated from the Trump administration’s reforms. He noted that Saudi Arabia aims to capitalize on these favorable conditions through significant investments, with the figure potentially increasing if new opportunities arise. Details on whether the $600 billion would come from public…

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PM Lauds $20bn World Bank Partnership to Drive Economic Growth and Resilience

Admin
world-bank

ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday hailed the $20 billion Country Partnership Framework (CPF) with the World Bank as a groundbreaking initiative to address Pakistan’s developmental challenges and boost economic growth. Speaking at the launch ceremony, he described the decade-long collaboration as a transformative partnership promoting employment, IT-led development, and climate resilience. The prime minister emphasized that the CPF is designed to foster growth, economic stability, and technological progress. He commended the World Bank’s support in hydropower, water management, and economic reforms, calling the framework a timely intervention to…

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Senate Committee Highlights Energy Sector Challenges, Calls for Reforms

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Wind-Power

KARACHI: The Senate Standing Committee on Petroleum held a pivotal meeting at the Pakistan State Oil (PSO) headquarters on Thursday to address the pressing challenges facing the country’s energy sector. PSO Managing Director Syed Muhammad Taha emphasized the urgency of empowering the company’s board of management with regulatory powers to ensure its sustainability and competitiveness. Highlighting the severity of the circular debt crisis, he revealed that 14% of PSO’s circular debt equates to its EBITDA for FY23. He further outlined critical issues, including trapped equity, price competition, investment stagnation, and…

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OGDCL boosts working interest in Qadirpur gas field to 83% 

Admin
ojdcl

Oil and Gas Development Company Limited (OGDCL) has announced a significant increase in its working interest in the Qadirpur Development and Production Lease (D&PL) through a farm-in agreement with KUFPEC Pakistan B.V.  The energy giant disclosed this development through a notice to the Pakistan Stock Exchange (PSX) on Thursday. The move enhances OGDCL’s stake in the gas field from 75% to 82.99%, reinforcing its position in Pakistan’s energy sector. “Oil and Gas Development Company Limited (OGDCL) is pleased to announce the successful execution of a Farm-in Agreement with M/s KUFPEC…

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