Category: Highlights

Poor Rating Mars $3.5B Debt Plan for Basha Dam

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Mangla-Dam

ISLAMABAD: Pakistan’s junk credit rating has become a major obstacle in securing $3.5 billion in debt for the Diamer Basha dam project. In response, the government is simultaneously trying to sell its stake in another power project and persuade Beijing to include the Diamer Basha dam in the China-Pakistan Economic Corridor (CPEC). The Water and Power Development Authority (WAPDA), the sponsor of the Diamer Basha dam project, has urged Islamabad to present the project as a “big-ticket item” to Beijing during Prime Minister Shehbaz Sharif’s upcoming visit, according to government…

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KE Overbilled Sindh Government by Over Rs20 Billion in Last Decade: Minister

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New-KE-1

KARACHI: Sindh Energy Minister Syed Nasir Hussain Shah revealed on Wednesday that K-Electric (KE) has overcharged the Sindh government by more than Rs20 billion for electricity supply to its departments over the past decade. In a meeting with energy reporters, Minister Shah disclosed that the provincial government will soon settle Rs9 billion in outstanding dues with KE. An audit conducted this year uncovered over Rs2 billion in overbilling by the power utility, and reconciliation efforts have saved Rs2-3 billion over the past four to five years. Minister Shah accused K-Electric…

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Speakers stress need for removing bottlenecks in promotion of oil, gas sectors

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oil-gas

Islamabad: Speakers at a conference while highlighting importance of deregulation of the petroleum sector, on Wednesday stressed the need for removing bottlenecks in promotion of oil and gas sectors in the country.They were of the views that all stakeholders, government and regulators should set together and devise a concrete strategy in larger national interest to counter various mafias creating hurdles in promotion of this important sectorThe Oil and Gas Conference Pakistan (OGCP-2024), organized by Energy Update in collaboration with the Ministry of Energy (Petroleum Division) and the Oil and Gas…

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