Author: Admin

PSO Board Enforces Code to Prevent Corruption

Admin
PSO-Head

ISLAMABAD: In accordance with the State-Owned Enterprises (SOE) Act 2023, Pakistan State Oil’s (PSO) Board of Management (BoM) has implemented a stringent code of conduct aimed at curbing corrupt practices, accepting gifts, and leaking sensitive information, a senior Petroleum Division official informed The News. All bureaucrats serving on the PSO board have signed the code, and violations could lead to legal action by the FIA or NAB, according to official documents. The code ensures transparency, accountability, and good governance. It prohibits bribery, payoffs, and conflicts of interest, while enforcing strict…

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OCAC Chairman Urges Government to Resolve Sales Tax and Smuggling Issues to Safeguard Pakistan’s Refinery Sector

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New-OCAC

Islamabad, October 16, 2024 – Adil Khattak, Chairman of the Oil Companies Advisory Council (OCAC), has called on the government to urgently address key challenges facing Pakistan’s downstream oil sector, warning that unresolved issues threaten the country’s refinery operations and long-term energy security. In an exclusive Q&A with Energy Update, Khattak highlighted the immediate need for government intervention to resolve the sales tax exemption on petroleum products and curb smuggling from Iran. Khattak emphasized the critical impact of the Federal Board of Revenue’s (FBR) decision through the Finance Act, 2024,…

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Host Country Approval for New Investor in 100MW MIRA Power Project Nears Finalization: PPIB

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Power-Project

ISLAMABAD: The government is set to grant Host Country Approval for amended guarantee coverage in favor of a new investor for the 100MW MIRA Power Limited hydropower project in Azad Jammu and Kashmir (AJ&K), sources from the Private Power and Infrastructure Board (PPIB) revealed. At a recent PPIB meeting, Managing Director Shah Jahan Mirza briefed attendees on the exit of one of MIRA Power’s shareholders, Sambu Construction, and the upcoming transfer of DAELIM’s shareholding to its affiliate, DL E&C. The Power Division and other key ministries are currently reviewing the…

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Govt Proposes ‘Take and Pay’ Options for 18 IPPs Amid Power Sector Reforms

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New-IPPS

ISLAMABAD: The government has tailored four customized ‘take and pay’ options for 18 Independent Power Producers (IPPs) established under the Power Generation Policies of 1994 and 2002, as part of its ongoing efforts to reform the power sector. According to sources, these options will be finalized by the end of the week, with formal notices expected to be issued next week. The Central Power Purchasing Agency-Guaranteed (CPPA-G) has already halted payments to these IPPs, which collectively generate 4,267 MW, pending negotiations on their contract revisions. Some IPPs have already consented…

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Pakistan and China Reaffirm Unbreakable Ties Amid Global Challenges

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Pakistan-China

ISLAMABAD: Pakistan and China have reaffirmed their commitment to strengthening cooperation and building a closer community with a shared future. In a joint statement issued during the Shanghai Cooperation Organisation (SCO) summit, both nations emphasized the strategic significance of their relationship in a rapidly changing global landscape. The statement underscored that any attempt to disrupt Sino-Pak ties is destined to fail. Both sides highlighted the high-quality and all-encompassing nature of their bilateral relations. China reaffirmed that Pakistan remains a priority in its foreign policy, while Pakistan reiterated that its relationship…

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