Category: Highlights

Younus Dagha for providing gas at cost to industries, ending cross-subsidization

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younus-dagha

KARACHI: Provincial Minister for Revenue, Industries and Commerce Muhammad Younus Dagha has said that worldwide gas tariff for industries is subsidized while the residential consumers are subjected to higher cost but unfortunately, in Pakistan, the industries are subsidizing all other sectors which is purely against international best practices.“Structural changes in consultation with business community are needed to rectify all issues in the energy sector so that the industries alone could not bear the burden of exorbitant gas tariff hikes. Cross-subsidization by raising tariff for industries and keeping it down for…

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FPCCI Demands Rs. 18 – 20 Reduction for the Coming FortnightIrfan Iqbal Sheikh

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FPCCI-Project

Karachi (PR): Mr. Irfan Iqbal Sheikh, President FPCCI, has demanded that the federal government should announce a reduction of 18 – 20 rupees per liter in the prices of petroleum products as international oil prices are showing a declining trend despite the harrowing ongoing conflict and supply cuts announced by Saudi Arabia and Russia till December 2023. I can project that these major producers of oil will continue their cuts beyond December 2023, he added. Mr. Sheikh added that international oil prices are now down to $81.30 per barrel and…

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Power minister to visit Iran next week

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power-minister

ISLAMABAD: The caretaker Minister for Petroleum and Power, Muhammad Ali, is likely to visit Tehran next week to attend 23rd International exhibition of electricity industry of Iran on November 14-16, 2023, well informed sources in Ministry of Foreign Affairs told Business Recorder. On November 6, 2023, the Ambassador of Iran to Pakistan Dr Reza Amiri Moghaddam called on caretaker Federal Minister for Power and Petroleum Muhammad Ali and extended invitation to him, the sources added. The caretaker Minister, who has already undertook several visits abroad since assuming the charge of both…

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Saudi investors approach IHC seeking action against FIA

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FIA

LONDON: Karachi Electric’s Saudi investors have filed a writ petition with the Islamabad High Court (IHC) requesting action against the perceived inaction of the Federal Investigation Agency (FIA) in response to a critical complaint they had previously submitted around the potential misappropriation of Rs10.5 billion of foreign investors’ funds, specifically, the sale proceeds from an investment firm in Pakistan. Represented by White Crystals Limited, these investors are now seeking a judicial order to compel the FIA to initiate a thorough investigation. White Crystals Limited, a subsidiary of the Saudi conglomerate…

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Chairman WAPDA visits Mohmand Dam Project;Directs contractor for diverting River Swat during current low flow season

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WAPDA

November 8, 2023: Chairman WAPDA Engr Lt Gen Sajjad Ghani (Retd) today visited Mohmand Dam Project, being constructed across River Swat in Mohmand District of Khyber Pakhtunkhwa Province. He reviewed construction activities on different sites of the project – the spillway and the river diversion tunnels in particular. At present, construction works relating to excavation, stabilisation and concreting are being carried out simultaneously on these sites.The Chairman also presided over a progress review meeting during the visit.The meeting was attended by the GM/PD Mohmand Dam Project, senior members of his…

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