Category: News & Announcement

Pakistan’s Energas is set to start LNG import from July 2020. In an interview with Bloomberg, Energas CEO Anser Ahmed Khan revealed that the group is in talks with the government for a marketing license in order to start the import of LNG in July. According to available details, Energas wants to use Pakistan government’s idle capacity until the construction of its LNG terminal, which is supported by Exxon Mobil. The government has underutilized the second LNG terminal by 70% in the past three months due to lower demand but…

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June 26, 2020 (MLN): The approval from SECP for requested extension of 90 days for making Public Announcement of Offer by Shanghai Electric Company (Acquirer) to acquire 66.4 percent shares of K-Electric Limited will lapse as of June 26, 2020, on the basis that certain regulatory and other approvals for the Transaction remain outstanding. Arif Habib Limited, the Manager to the offer for this acquisition, made an announcement that as of the expiry date, June 26, 2020, the PoI stands withdrawn. However, in a notification to PSX, Shanghai Electric remain fully…

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The energy ministry on Friday dismissed K-Electric’s (KE) claims attributing prolonged power outages in Karachi to a shortage of furnace oil in the market, saying the power utility’s system constraints were a major hurdle in resolving the issue. It is unfortunate to note that KE didn’t invest in upgrading their systems due to which it is facing difficulties at a time of peak demand, a spokesperson for the energy ministry said in a statement. “The federal government is ready to extend all available support for the provision of uninterrupted power supply to…

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The government on Friday increased the prices of all petroleum products by up to nearly Rs26 to share the impact of rising international prices with the consumers. The price of petrol (motor spirit) has been raised by a whopping Rs25.58 to Rs100.10 per litre from the existing Rs74.52, an increase of 25.6 per cent, according to a Finance Division press release. The price of high-speed diesel (HSD) has been hiked to Rs101.46 per litre from the current price of Rs80.15, a jump of Rs21.31. The new price of kerosene oil…

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The Economic Coordination Committee (ECC) of the cabinet on Thursday allowed the Power Division to proceed with the development of Kohala and Azad Pattan hydroelectric power projects in a bid to pave the way for attracting $3.7 billion in investment under the China-Pakistan Economic Corridor (CPEC). Work on these two power projects had come to a halt because of a row over different issues. The Kohala hydroelectric power project will be developed on Jhelum River in Azad Jammu and Kashmir (AJK) and is being implemented by Kohala Hydropower Company Private…

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