Author: Admin

PM Shehbaz Sharif Orders Crackdown on Petrol Smuggling, Commends Economic Reforms

Admin
Shahbaz-Sharif

ISLAMABAD: Prime Minister Shehbaz Sharif has called for stringent measures to curb petroleum product smuggling as part of efforts to safeguard Pakistan’s revenue and boost economic recovery. Chairing a review meeting on the country’s economic conditions and Federal Board of Revenue (FBR) digitization initiatives, the premier emphasized the urgency of addressing this persistent issue. Sharif highlighted the positive impact of recent actions against smuggled fuel, noting that petroleum sales reached a 25-month high of 1.58 million tonnes in November 2024, a 15% year-on-year increase. He attributed this milestone to effective…

Read More

Nepra Approves Transition to SOFR for 59 IPPs with Two Formula Options

Admin
Nepra

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has approved two formulas to transition from the London Interbank Offered Rate (LIBOR) to the Secured Overnight Financing Rate (SOFR) for 59 Independent Power Producers (IPPs), effective July 1, 2023. This transition aligns with global changes as LIBOR ceases publication after September 30, 2024. ECC and Nepra DecisionsThe Economic Coordination Committee (ECC) of the Cabinet, in a February 2024 decision, approved the shift from LIBOR to SOFR. Borrower companies with debt repayment schedules registered with the State Bank of Pakistan (SBP) must…

Read More

Saudi Arabia Extends $3 Billion Debt for Another YearPakistan Faces $13 Billion Repayments to Key Creditors by Mid-2025

Admin
saudi-pak

ISLAMABAD: Saudi Arabia has rolled over a $3 billion deposit for Pakistan, extending its maturity by another year. This marks the third consecutive extension since the deposit was initially placed in 2021. The Saudi Fund for Development (SFD) announced the extension on Thursday, the deadline for repayment, underscoring the strong bilateral ties between the two nations. The rollover comes as Pakistan grapples with a precarious economic situation, compounded by insufficient non-debt inflows and mounting external obligations. The Finance Ministry has indicated that an additional $2 billion Saudi deposit maturing in…

Read More

Experts Call for Transition of Captive Power Plants to Grid SystemPropose Shift to Reduce Gas Consumption and Lower Electricity Costs

Admin
Power-sector

LAHORE: Energy experts have urged the government to expedite the transition of Captive Power Plants (CPPs) to the national grid, emphasizing its potential to reduce natural gas consumption, lower electricity costs, and enhance energy efficiency. This proposal aligns with the National Gas Allocation Policy of 2005 and the Economic Coordination Committee’s (ECC) 2024 gas supply priorities. Experts also recommended comprehensive audits of CPPs to verify their efficiency claims. These recommendations emerged during a session titled “Energy Priorities in Crisis: Navigating Gas Supply Cuts to Captive Power Plants in Pakistan,” hosted…

Read More

Pakistan defers LNG contract with Qatar for a year, petroleum minister says

Admin
pakistan petroleum qatar

ISLAMABAD: Pakistan has deferred its liquefied natural gas (LNG) contract with Qatar for a year, Petroleum Minister Musadik Malik said on Wednesday, adding that the country will now get LNG cargoes from Qatar in 2026 instead of 2025. Annual power use in Pakistan, which gets over a third of its electricity from natural gas, has declined 8-10% year-on-year over the past three quarters, the country’s power minister told Reuters in November, primarily due to higher tariffs curbing household consumption. Qatar LNG contract: Strategy being mapped out to seek review The South Asian nation…

Read More