Author: Admin

Finance Minister Aurangzeb Optimistic About Securing $6bn IMF Deal This Month

Admin
New-IMF

ISLAMABAD: Finance Minister Muhammad Aurangzeb expressed optimism on Thursday about finalizing a $6 billion Extended Fund Facility (EFF) deal with the International Monetary Fund (IMF) within this month, having completed almost all prior actions ahead of time. Additionally, he mentioned reaching an agreement in principle with all provinces over the agricultural income tax. The government plans to request the IMF to enhance the package with a climate resilience facility (CRF) once the EFF is secured. Aurangzeb discussed these developments after briefing the National Assembly’s Standing Committee on Finance & Revenue,…

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A Wake-Up Call: Ensuring LPG Safety Amid Rising Usage

Admin
New-Project

Islamabad, July 11, 2024– In response to Pakistan’s increasing reliance on LPG due to natural gas shortages, bans on new connections, and soaring gas tariffs, the Oil and Gas Regulatory Authority (OGRA) has organised a national seminar on “Safe Use of LPG – ‘Zero’ Fatal Accident.” The event was held at OGRA’s head office in Islamabad to address the need for enhanced safety measures. The seminar was graced by senior officials from the Petroleum Division, Islamabad Police, Motorways Police, Civil Defense, and CEOs of leading LPG sector companies. OGRA Chairman…

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GOVERNMENT URGED TO LET INDUSTRY BUY POWER FROM GENERATOR

Admin
Chinese-power

KARACHI: The country’s leading industrial chambers and associations have called for the urgent implementation of the Competitive Trading Bilateral Contract Market (CTBCM) regime, which would enable bulk power consumers to purchase electricity directly from generators, bypassing the government. The demand arose during a conference jointly organised on Tuesday by Renewables First and Pakistan Environment Trust, two prominent voices in Pakistan’s energy and environment sectors. The conference featured discussions from prominent chambers and associations, including Zubair Motiwala, CEO of the Trade Development Authority of Pakistan; Tanveer Ahmed Barry, vice president of…

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Islamabad Weighs LNG Pipeline Deal with Moscow Amid Sanctions Concerns

Admin
lng-usa

ISLAMABAD: Pakistan is exploring options to finalize a multi-billion-dollar liquefied natural gas (LNG) pipeline deal with Russia, aiming to meet its urgent energy needs. This deal, however, hinges on Pakistan finding a way to avoid US sanctions. In a significant meeting at the recent SCO summit, Russian President Vladimir Putin proposed to Prime Minister Shehbaz Sharif the construction of an LNG pipeline running from Russia through Iran to Pakistan, and potentially extending to India. Minister for Petroleum Musadik Malik has been tasked with conducting a feasibility study, factoring in the…

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KATI Demands Electricity Rate Cut to 9 Cents per kWh

Admin
Power genration

KARACHI: Johar Qandhari, President of the Korangi Association of Trade and Industry (KATI), has raised concerns over the recent hikes in electricity and gas charges, emphasizing that these increases have made it financially untenable for industries to sustain production and business activities. Qandhari urged the government to reduce electricity rates to 9 cents per kilowatt-hour and to lower interest rates to 12 percent. He argued that these measures would spur economic growth, enhance exports, attract investment, and generate employment opportunities. He also called on the government to procure power from…

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