Category: Recent Post

ISLAMABAD: Opposing the recommendations of the Petroleum Division, the federal cabinet has approved the appointment of Shahid Mahmood Khan as the Managing Director of Pak Arab Refinery Limited (PARCO). Shahid Mahmood Khan is a Chartered Accountant with an experience of around 30 years in the fields of finance, general management, supply chain, government liaison, corporate planning, business development in petroleum, automobile and accountancy services.  Khan is currently engaged with PARCO Coastal Refinery (PCR) Ltd as its project director. PCR is a proposed Pakistani oil refinery situated at Khalifa Point in Lasbela,…

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Faheem Haider has been appointed as new managing director/CEO of Mari Petroleum Company Limited (MPCL). He will assume his duties from August 12, 2020. Haider comes with a rich background and experience of exploration and production sector. In his illustrious career of over 27 years, he has held various leadership and staff positions with Union Texas Petroleum Inc Karachi, Nutricon Union Ltd Islamabad, OMV Exploration GmbH Islamabad, Helix RDS Ltd, Aberdeen BG Group, (Oman) and Neptune Energy (Cairo, Paris, London). He possesses sound knowledge and experience of exploration and production…

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ISLAMABAD: The government has initiated working on its plan to create Azad Jammu and Kashmir electricity distribution company (AJK Disco). However, the analogy of the AJK Disco will be as a bulk consumer that will purchase the electricity from three Discos of the country such as Iesco, Pesco and Gepco. AJK DISCO will go into the jurisdiction of Nepra and the regulator will determine the tariff and this is how the AJK electricity distribution will come under rules and regulations of Nepra. The government has initiated its working on making…

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ISLAMABAD: Independent Power Producers (IPPs) and government’s team are said to have completed four rounds of talks but “crucial things” are yet to be tabled and agreed between the parties, well-informed sources told Business Recorder. The newly-constituted committee representing the government is headed by Chairman Federal Land Commission Babar Yaqoob Fateh Muhammad and comprises an officer of Power Division not below a Joint Secretary, Muhammad Ali, former Chairman, Securities and Exchange Commission of Pakistan and Barrister Qasim Wadood. However, now a senior officer of an intelligence agency, who played a vital…

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ISLAMABAD: The World Bank, in its first comprehensive stock-taking of infrastructure services in Asia, says although electricity access in Pakistan is in line with regional averages of 92.5 per cent, the average interruption duration and frequency values are much higher. This is apparent from frequent power outages due to loadshedding. Pakistan suffers from outdated facilities and a complex distribution system vulnerable to damage, the report says. The government plans to add capacity and diversify the energy sector by commissioning more hydropower plants, with Chinese support under the China-Pakistan Economic Corridor…

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