Category: News & Announcement

ISLAMABAD: Instead of brining approximately 1,500 Liquefied Petroleum Gas (LPG) bowsers in the tax net, the Oil and Gas Regulatory Authority (OGRA)’s Member Gas has allegedly held in abeyance the directive of the Deputy Executive Director to all companies regarding obtaining license for each bowser. OGRA’s Deputy Executive Director LPG Aziz Ullah Khan, through a letter (dated January 1, 2020), had directed all LPG bowser companies to apply with the Authority within 15 days to obtain a license for each of their bowser(s). “The companies that will not apply within the…

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The Independent Power Producers (IPPs) are reportedly on the verge of default due to exhausting of their credit lines as the government is not honouring obligations on payment due to which receivables are now hovering at around Rs 450 billion. Background interviews with officials and power sector stakeholders indicate that there is lack of interest on the part of government with respect to resolution of financial issues of the power sector. Commercial banks are also reluctant to further increase their exposure to the power sector due to prevalent circumstances. The…

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LAHORE: The annual average capacity surplus of Pakistan’s power sector is likely to increase 15% against projected demand because of over-commitment of power generation projects. The surplus will translate into annual average of more than 4,000 megawatts, according to a report launched by the Energy Institute of Lahore University of Management Sciences (LUMS). The report, titled “Pakistan’s Electricity Outlook 2020-25”, critically reviews the challenges faced by the country’s power sector and also assesses the implications of continuing business as usual. It explores the scope and feasibility of an alternative set of…

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Pakistan and International Monetary Fund (IMF) will hold talks starting from February 3 for the second review under the US$6 billion Extended Fund Facility (EFF). This was confirmed by IMF Resident Representative Teresa Daban Sanchez here on Thursday. She said, “The IMF and Pakistani teams are already conducting preparatory work on the issues pertaining to the second review and the 2018 Article IV Consultations. Everything is getting ready for an IMF mission to visit Pakistan. The team is scheduled to travel in the next few days and start working as…

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ISLAMABAD: The Power Division will arrange open competitive bidding to raise Rs200 billion under Sukuk-II from banks or consortium of banks at lowest interest rate and the amount will be utilised for partial cash settlement of the circular debt that has risen to Rs1.7 trillion in toto, which is 4 percent of GDP of Pakistan. “Yes, we are going to issue within next two to three days an advertisement in national dailies seeking bids from banks or consortium of banks for raising Rs200 billion on the lowest interest rates,” the…

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