Category: News & Announcement

ISLAMABAD: Estimating power sector losses rising by four per cent since the financial year 2016 to 29pc, the Asian Development Bank (ADB) and the government have agreed to raise about Rs469 billion revenues through consumer tariff during the current fiscal year and shift about Rs800bn of the circular debt stock to public debt in three years. This is part of the Energy Sector Reforms and Financial Sustainability Programme under which the Manila-based lending agency disbursed $300million loan to Pakistan last week for 25 years including five years of grace period…

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GE Showcases Commitment to Powering Pakistan at Tech Conference Islamabad, December 10, 2019: GE Power hosted the Pakistan 9HA Tech Conference in Islamabad, welcoming government officials, industry experts, power plant owners and operators, consultants, and others. The event highlighted the contributions of GE’s 9HA gas turbine technology and teams in meeting Pakistan’s energy needs and strengthening community infrastructure. Access to affordable, reliable, flexible and sustainable electricity is critical to growing economies and fundamental to improving quality of life in the modern world. Equipped with two units each of GE’s 9HA gas…

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The economy is passing through tough times. Economic weaknesses, which might have remained unnoticed for long under normal circumstances and even contributed to higher economic growth rates, are coming to the fore. The addition of Liquefied Natural Gas (LNG) to the country’s energy mix was described as a game changer when electricity shortages were costing the economy two to three per cent of GDP growth. Successful LNG imports signified a big contribution in economic terms when seen in the backdrop of previous botched attempts. More than 5,200 megawatts of base-load…

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ISLAMABAD: On the intervention by the Prime Minister Office, the power division has resolved a dispute over the signing of a formal power purchase agreement (PPA) to save Neelum-Jhelum Hydropower Company (NJHPC) from default. The Rs510 billion power project attained 969MW generation capacity in August last year and has since been providing electricity to the national grid without any payment. The non-signing of the PPA between the Central Power Purchasing Agency (CPPA) and NJHPC had resulted in a circular debt build-up of about Rs75bn. In recent meetings with various top…

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 Pakistan has offered Russia to participate in the divestment of government’s shareholding in the country’s largest state-run oil and gas explorers – Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) – and become a strategic partner by acquiring shares. Pakistan has also asked Russia to become equity partner in Pakistan Refinery Limited (PRL), a subsidiary of Pakistan State Oil. Interested Russian companies may consider equity participation and/or getting engineering, procurement and construction (EPC) contract for the revamp and upgrade of the refinery. Both sides have welcomed the…

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