Category: Highlights

Power Division Claims Success in Freezing Circular Debt at Rs2.310 Trillion

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power-gride

The Power Division declared a significant achievement in freezing the circular debt at Rs2.310 trillion as of December 21, 2023, during a meeting of the Senate Standing Committee on Power chaired by Senator Azam Nazeer Tarar. In a detailed briefing, the Power Division secretary outlined the measures taken to achieve this target, including efficiency improvements in managing the power sector and addressing technical and commercial losses. Additionally, the division reported recovering Rs85.7 billion through an anti-theft drive initiated in August 2023. The ministry emphasized that addressing circular debt was vital…

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Joint Venture Agreement between Pakistan Mineral Development Corporation and Miracle Saltworks Collective Inc. for Export Quality Pink Rock Salt Crushing & Packaging Facility

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Mineral-Development-Corporation

Islamabad, Pakistan – February 20, 2024: Pakistan Mineral Development Corporation (PMDC) and Miracle Saltworks Collective Inc. (MSCI) Cement Historic Joint Venture for Pink Rock Salt Crushing and Packaging Facility in Pakistan under the facilitation of SIFC. The official signing ceremony took place at Marriott Hotel, Islamabad on February 20, 2024, with the honorable presence of His Excellency Anwaar-ul-Haq Kakar, The Prime Minister of Pakistan as Chief Guest. Minister for Energy Mr. Muhammad Ali, Secretary Petroleum Division Momin Agha and Other dignitaries also witnessed the occasion. In a landmark move towards…

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OGDCL Announces Major Gas and Condensate Discovery at Kharo Well-1 in Khairpur, Sindh

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ogdcl

ISLAMABAD, February 19, 2024: The Oil and Gas Development Company Limited (OGDCL) has announced a significant breakthrough in its exploration efforts with the discovery of gas and condensate at the Kharo-1, a well drilled in the Khewari exploration license area, located in Khairpur district of Sindh province.Following rigorous drilling and testing operations conducted with OGDCL’s proprietary expertise, the Kharo-1 well reached an impressive depth of 3,762 meters. Subsequent testing procedures registered promising results, showcasing a flow rate of 14.3 million standard cubic feet per day (MMSCFD) of gas, complemented by…

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Caretaker Energy Minister Advocates for Reduced Government Involvement in Businesses at Karachi Literature Festival

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Mohammed-Ali

Caretaker Energy Minister Mohammed Ali advocated for a reduction of government involvement in businesses during his address at the Karachi Literature Festival (KLF) 2024. He emphasized that Pakistan stands out as a multi-party democracy where the government holds significant control over various industries, a situation he deemed incompatible with achieving self-reliance. Speaking on the panel titled ‘The Big Picture: Future of Pakistan,’ Ali highlighted the need for alignment between the political and economic systems, stressing the importance of reducing the government’s footprint in businesses as a starting point for progress.…

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Gas at 2,750 per MMBtu Price Hike Will Make Industries Shut Down

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fpcci

Karachi: Mr. Atif Ikram Sheikh, President FPCCI, has strongly demanded that the government reevaluate its policy of continuously increasing energy prices on an immediate basis. Particularly, the decision to increase captive gas price to Rs. 2,750/MMBtu — an increase of 223% since January 2023 — threatens the very survival of Pakistan’s industrial sectors and a complete collapse is imminent. Mr. Atif Ikram Sheikh explained that the direct consequence of spiraling energy costs is an increase in production costs across all industrial sectors, forcing businesses to pass these costs onto consumers.…

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