Category: Highlights

First Year in Power Average Electricity rate reduced by Rs4.96 per Kwh: Leghari

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electricity

The present Pakistan Muslim League (Nawaz)-led federal government during its first year in power has been able to reduce the average electricity rate for consumers in Pakistan by Rs4.96 per Kwh. The Power Minister, Awais Ahmed Khan Leghari, disclosed this in his presentation before the recently convened special meeting of the federal cabinet to review the one-year performance of the government. Leghari told cabinet colleagues and senior government functionaries that the average per unit cost of electricity in Pakistan had stood at Rs48.70 inclusive of all taxes in June 2024. He…

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PM Removes Musadik Malik as Petroleum Minister Over Unsatisfactory Performance

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musadik-malick

KarachiMusadik Malik’s removal as Petroleum Minister and replacement by Ali Pervaiz Malik was reported by Energy Update two months ago.¹ At the time, Musadik Malik denied rumors of his portfolio change during a meeting with EnergyUpdate. However, his unsatisfactory performance and numerous complaints from the oil and gas industry ultimately led to his removal by the Prime Minister. Before his removal, Musadik Malik attempted to reverse the government’s decision by visiting Nawaz Sharif in Raiwind, Lahore, but his appeal was rejected. Instead, Nawaz Sharif advised him to take on another…

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Bazaar Technologies expands into fintech with Wemsol acquisition

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Bazaar-Tech-Logo (1)

CCP approves bazaar’s 100% stake in Wemsol, strengthening Its position in digital payments The Competition Commission of Pakistan (CCP) has granted approval to Bazaar Technologies (Private) Limited for the acquisition of a 100% shareholding in Wemsol (Private) Limited. The move marks Bazaar’s strategic expansion into Pakistan’s fintech ecosystem, diversifying its portfolio beyond e-commerce and wholesale distribution. Bazaar Technologies, founded in 2020 by Hamza Jawaid and Saad Jangda, is one of Pakistan’s fastest-growing startups. It operates as a B2B e-commerce marketplace, enabling small retailers and businesses to procure inventory seamlessly. The…

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Govt planning to borrow Rs1.25trn from banks to clear circular debt, says brokerage house

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Power-sector

In a key development for Pakistan’s power sector, the government was planning to borrow Rs1.25 trillion from the banking sector to retire the circular debt, stated brokerage house Topline Securities in a report on Friday. Pakistan circular debt crisis is a significant challenge for the country’s energy sector and its broader economy. The circular debt refers to the cascading cycle of non-payments throughout the energy supply chain. “As per our channel checks and various news reports, presidents of the different commercial banks attended a meeting in Islamabad yesterday (Thursday) to…

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Global LNG: Asian spot LNG price flat amid bearish Europe gas sentiment

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LNG

SINGAPORE: Asian spot liquefied natural gas (LNG) prices were flat this week, holding at a ten-week low amid Europe’s bearish gas price sentiment, though some emerging spot demand has curbed losses. The average LNG price for April delivery into northeast Asia <LNG-AS> was at $13.50 per million British thermal units (mmBtu), industry sources estimated. Asian LNG prices are bearish, driven by anticipated declines in the Dutch Title Transfer Facility (TTF) benchmark in Europe and stable Pacific supply, said Kpler analyst Go Katayama. “Looking ahead, Asian LNG prices are expected to…

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