Category: Latest News

Pakistan Seeks World Bank Support to Refinance $36 Billion Energy Sector Debt

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World-Bank

ISLAMABAD: Pakistan has approached the World Bank for guidance on refinancing its $36 billion energy sector debt, which was incurred over the past decade to finance power projects. The government aims to replace expensive loans with cheaper, long-term multilateral financing to reduce electricity costs for consumers. According to sources, the proposal envisions a concessional debt facility with a 15-year repayment period, including a four-year grace period, to lower the heavy financial burden on the power sector. Officials indicated that refinancing could potentially cut power prices to 8–9 US cents per kWh…

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Aptma Warns PM of Power Tariff Fallout on Exports and Industrial Competitiveness

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ISLAMABAD: The All Pakistan Textile Mills Association (Aptma) has sounded a strong alarm over the ongoing electricity tariff rebasing exercise, warning Prime Minister Shehbaz Sharif that failure to correct current policies could cause lasting damage to industrial competitiveness, exports, and grid stability. In a formal letter dated January 6 to the prime minister’s adviser Dr Syed Tauqir Hussain Shah, Aptma Chairman Kamran Arshad said Pakistan’s industrial electricity tariffs are already among the highest in the region, forcing businesses toward shutdowns, relocation, or complete defection from the national grid. Aptma pointed…

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Trump Says U.S. Oil Firms Pledge $100 Billion to Venezuela’s Oil Sector

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refined-oil

WASHINGTON: U.S. President Donald Trump on Friday said the world’s largest oil companies have pledged to invest USD 100 billion to revive Venezuela’s struggling oil industry as he prepared to host senior energy executives at the White House. Trump wrote on his social media platform that “at least 100 Billion Dollars will be invested by BIG OIL,” ahead of a meeting aimed at securing support for his Venezuela plans. Trump’s remarks come in the wake of a U.S. military operation on January 3 that resulted in the capture of Venezuelan…

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Govt to Convert High-Loss Power Feeders to Solar Energy

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The federal government has decided to shift electricity feeders suffering from heavy financial losses to solar power, as part of broader efforts to reform the power sector, reduce losses, and ensure reliable electricity supply in underserved areas. The decision was taken during a high-level meeting chaired by Prime Minister Shehbaz Sharif, which reviewed ongoing power sector reforms and strategies to improve electricity availability, particularly in remote and high-loss regions. The prime minister directed that loss-making feeders be converted to solar energy in coordination with provincial governments and local communities, noting…

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21% Profit Surge at Gas Utilities Sparks Debate Over Efficiency and Pricing Formula

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Gas-OGDCL

ISLAMABAD: Pakistan’s gas utilities came under sharp criticism on Friday as industry stakeholders argued that a guaranteed rate of return on assets has undermined operational efficiency, allowing state-owned companies to earn profits of up to 21 per cent despite persistent energy shortages. The concerns were raised during a public hearing held by the Oil and Gas Regulatory Authority (Ogra) to review the existing gas pricing framework for Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company (SSGC), which currently ensures a fixed return on their regulated asset base.…

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