Category: News & Announcement

KARACHI: It is ironic that the massive hike of up to 213.7% in gas prices comes at a time when Pakistan is facing gas outages as demand has exceeded supply following an abrupt drop in temperature in different parts of the country. The situation resulted in long queues outside tandoors due to low gas pressure at residences and prompted Karachi-based Sui Southern Gas Company (SSGC) to suddenly suspend supplies to CNG fuel stations in Sindh and Balochistan to keep supplies to households normal on Tuesday. SSGC supplies gas to consumers in…

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ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet is expected to allow a consortium of Pakistan’s state-owned companies to participate in the bidding round for an offshore block in Abu Dhabi. Abu Dhabi National Oil Company (Adnoc) will undertake the bidding process for awarding the offshore block to oil and gas exploration companies by December 31 this year. Pakistan’s state-owned oil and gas exploration firms including Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) are set to establish their footprint in offshore drilling outside Pakistan by…

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The Korea Hydro and Nuclear Power, a subsidiary of Korea Electric Power Corporation (KEPCO), will invest over a billion dollars in the power sector of Pakistan’s Khyber Pakhtunkhwa. The development comes during a meeting between the president of Korea Hydro and Nuclear Power and Khyber Pakhtunkhwa Finance Minister Taimur Jhagra and Provincial Minister of KPK for Law, Sultan Khan. As per detail, the Khyber Pakhtunkhwa government and the Korean company have partnered to invest in 496 MW power project in Kohistan. The KP Government will be a 26 percent shareholder in…

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ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has asked the government to increase prices for gas consumers by up to 221 per cent with effect from January 1, 2020 to generate about Rs40 billion in additional funds required by the two gas utilities. In two separate judgments forwarded to the government, the regulator determined about 13pc (Rs82 per unit) increase in average prescribed price to Rs707 per unit for Sui Northern Gas Pipelines Ltd (SNGPL). This would generate more than Rs30bn addition revenue to the company over the next…

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Investments in Pakistan’s power-generation capacity under CPEC, has the potential to diversify the country’s energy mix. ADB stressed on accelerating energy sector reforms to reduce and rationalize subsidies for oil-based generation. The Asian Development Bank (ADB) has urged Pakistan to reduce subsidies for oil-based power generation, to tackle its growing imports that constrained the country’s Balance of Payments (BOP). “The composition of imports contributes to the BOP constraint. Around 40 percent of electricity production in Pakistan is oil-based, and 25pc is gas-based. Direct and indirect subsidies for the energy sector…

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