Author: Admin

World Bank Places Pakistan in Fourth Quintile of Business Environment Rankings

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world-bank

ISLAMABAD – The World Bank’s newly introduced Business Ready (B-READY) report places Pakistan in the fourth quintile, indicating that the country faces significant challenges in its business environment, marked by weak regulatory frameworks and limited public services. These issues hinder the operational efficiency of businesses and overall investment climate. B-READY, which replaces the former Doing Business report, is a data-driven assessment of the global business environment. The 2024 edition covers 50 economies and places Pakistan in the third quintile in terms of operational efficiency, with a score of 65.90. This…

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Government Approves 1,200MW Solar Power Plant Despite Surplus Electricity

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solar-powe

ISLAMABAD – The federal government has decided to move forward with the construction of a 1,200-megawatt solar power plant in Layyah, Punjab, even as the country grapples with surplus electricity and financial pressures in the energy sector. The project, with a Rs6.2 billion allocation for land acquisition, aims to reduce reliance on fossil fuels but may exacerbate existing challenges in the power sector. Despite having an installed generation capacity exceeding 42,000MW, the country’s electricity consumption averages only 22,000MW to 24,000MW, leading to costly idle capacity payments. The Ministry of Finance…

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Feroze Power, Maysun sign MoU to set up solar panel production unit in Pakistan

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New-01-1

Feroze Power (Pvt) Ltd has signed a memorandum of understanding with Maysun Solar to establish a solar panel production plant in Karachi. This initiative aims to boost local production of clean energy equipment in Pakistan, to increase renewable power generation while minimizing the impact on the country’s foreign currency reserves.“One of the main objectives is to ensure the necessary transfer of technology for indigenous production of renewable energy equipment as a major step towards Pakistan achieving the stage of self-reliance in the power sector,” said FPL Chief Executive Officer, Sohail…

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Oil Sector Calls for Urgent Revision of OMC Margins Amid Rising Costs

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oil and gas

KARACHI: The oil sector has urged the Oil and Gas Regulatory Authority (Ogra) to revise the margins for oil marketing companies (OMCs) to alleviate growing financial pressures. In a letter to Ogra’s chairperson, the Oil Companies Advisory Council (OCAC) highlighted several issues, including smuggling, high financing costs, turnover tax, and insufficient margins, all of which are straining the industry. The OCAC pointed out that the last margin adjustment occurred in September 2023, and the revision is now overdue. The OCAC recommended increasing the OMC margins for high-speed diesel (HSD) and…

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Nationwide Crackdown Seals 917 Illegal Petrol Pumps

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Illegal-Petrol

ISLAMABAD: In a sweeping crackdown on illegal petrol pumps, provincial governments have sealed 917 outlets operating without the mandatory K-Forms (explosive licenses). The operation primarily targeted petrol stations abandoned or surrendered by oil marketing companies (OMCs), along with numerous illegal “dabba” stations selling smuggled petroleum products. Authorities revealed that 1,310 illegal retail outlets selling smuggled petroleum products were identified, with the majority in Punjab, followed by Khyber Pakhtunkhwa (KPK), Sindh, and Balochistan. The operation resulted in 559 closures in Punjab, 58 in Sindh, 172 in KPK, and all 128 illegal…

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