Author: Admin

ISLAMABAD: The government has temporarily suspended payments to 18 Independent Power Producers (IPPs), totaling a capacity of 4,267 megawatts (MW), as it prepares to renegotiate their Power Purchase Agreements (PPAs). These power plants, established under Pakistan’s Power Generation Policies of 1994 and 2002, were initially contracted under a “take-or-pay” model. The upcoming discussions aim to transition their contracts to a “take-and-pay” basis for a two-year period, during which the Competitive Trading Bilateral Contract Market (CTBCM) is expected to become fully operational. The decision to halt payments comes without a clear…

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ISLAMABAD: Siemens (Pakistan) Engineering Co. Ltd. (SIEM) has announced the sale of its energy portfolio to Siemens Gamesa Renewable Energy (Private) Limited for approximately Rs17.82 billion (~$64 million). The decision was approved by the company’s Board of Directors during a meeting held on October 11, 2024. In a notice to the Pakistan Stock Exchange (PSX) on Monday, SIEM disclosed that the transaction involves the transfer of its energy business segment to Siemens Gamesa, a non-affiliated entity of Siemens Energy Group. The net book value of the energy business was estimated…

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ISLAMABAD: A newly released survey by the China Chamber of Commerce in Pakistan (CCCPK) highlights significant challenges faced by Chinese companies operating in Pakistan. The survey, titled the “Business Climate Index of Chinese Companies in Pakistan,” recorded a score of 49.63, just below the 50-point mark that separates optimism from pessimism. The findings, launched with support from the Chinese embassy, emphasize major hurdles such as security risks, difficulties with remittance outflows due to foreign exchange controls, policy instability, and currency depreciation, all of which are impacting business operations. The survey…

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Over 10,000 security personnel deployed; public offices, markets, schools, and metro bus service shut Finance Minister Dar urges PTI to cancel planned protest Bilateral talks with multiple countries scheduledISLAMABAD: Foreign dignitaries have begun arriving in Islamabad for preparatory meetings ahead of the 23rd Shanghai Cooperation Organisation (SCO) Summit, set to take place on October 15-16. In anticipation of the event, stringent security measures have been put in place, with over 10,000 law enforcement personnel deployed. Delegations from several SCO member states, including a four-member team from India, 76 representatives from…

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The Ministry of Finance and the Ministry of Planning have finalized preparations for the upcoming visit of Chinese Premier Li Qiang, marking his first visit to Pakistan in 11 years. Several important agreements are expected during the visit, including the soft launch of the New Gwadar International Airport and a $2 billion loan agreement for the reconstruction of the Karakoram Highway. Sources have revealed that the soft launch of the New Gwadar International Airport is highly anticipated. The project, which has cost approximately PKR 54.98 billion, will be capable of…

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