Author: Admin

Pakistan Faces LNG Glut as Power Sector Demand Drops, PSO Faces Operational Hurdles

Admin
lng

ISLAMABAD: Pakistan is grappling with an oversupply of LNG due to a significant drop in demand, primarily from the power sector. This situation has created operational and financial challenges for Pakistan State Oil (PSO), which imports LNG under a long-term agreement with Qatar. The Managing Director of PSO informed the National Assembly’s Standing Committee on Energy (Power Division) that power sector consumption, previously at two LNG cargoes per month, has drastically declined. Initially, the power sector consumed 600 million cubic feet of LNG, but now demand has sharply reduced, affecting…

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K-Electric Secures Lowest Bid for 220MW Hybrid Wind-Solar Project

Admin
circular-debt-K-electric-ceo

ISLAMABAD: K-Electric (KE) has announced that Canadian renewable energy firm JCM Power submitted the lowest bid for its 220-megawatt hybrid wind-solar project in Dhabeji, Sindh. The bid, offering an average tariff of Rs8.9189 per unit (approximately 3.0899 US cents), marks a milestone in Pakistan’s renewable energy sector. The project, with a 25-year term, features a tariff structure based on 80% US dollar, 13% Karachi Interbank Offered Rate (Kibor), and 7% Secured Overnight Financing Rate (SOFR). KE received seven bids for the country’s first hybrid renewable project, a step toward reducing…

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Govt Withdraws 35% Gas Sale Plan, Sets New Guidelines for E&P Firms

Admin
Petroleum

ISLAMABAD: The Petroleum Division has retracted its proposal under the amended Exploration and Production (E&P) Policy 2012, which allowed exploration companies to allocate 35% of future gas discoveries to the private sector over seven years, concluding by 2030. Instead, new guidelines require E&P companies to first recover depleted gas before selling 35% of additional output to the private sector. A benchmark pricing mechanism is also being developed to regulate private sector sales. While the Petroleum Division supports deregulating the oil and gas sector, concerns remain over unfair competition for state…

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Malaysia’s PM to Visit Pakistan in October for Talks on Green Energy

Admin
Malaysia-PM

ISLAMABAD: Malaysian Prime Minister Anwar Ibrahim is expected to visit Pakistan from October 2-4, 2024, following an invitation from Prime Minister Shehbaz Sharif, according to well-placed sources. The visit will feature high-level discussions aimed at strengthening bilateral relations across various sectors, including trade, energy, and green technology. Pakistan is set to present a list of green energy projects for potential cooperation with Malaysia. Key topics on the agenda include enhancing collaboration in science and technology, IT, education, and the recruitment of Pakistani professionals in Malaysia. Both countries will also explore…

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81 Industrial Units Shut Down in Sindh Over Five Years Due to Power Crisis, Sindh Assembly Told

Admin
Sindh-Assembly

KARACHI: The Sindh Assembly was informed on Monday that 81 industrial units, including 10 textile mills and five sugar mills, had closed over the past five years due to the ongoing electricity crisis in the province. Parliamentary Secretary for Industries and Commerce, Ali Ahmed, shared the details while responding to lawmakers’ questions, acknowledging that the power shortage had significantly impacted industrial activity, leaving industrialists deeply concerned. Leader of the Opposition, Ali Khurshidi, expressed dissatisfaction with the responses provided, particularly regarding how many industrial units had been closed or established between…

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