Category: Shortcode

Positive signs indicate Pakistan’s economic turnaround, says Musadik Malik

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Musadik-Malik

Minister for Petroleum Musadik Malik on Sunday said that according to both internal and external economic indicators, the country’s “economy is heading in the right direction”. In an interview with Geo News programme Naya Pakistan with Shehzad Iqbal, he said that friendly nations and international economic institutions such as the IMF and World Bank have provided positive signals about Pakistan’s economic trajectory. He added that internal economic indicators also reflected this optimism, with the stock market breaking records. “This not only indicates restored external confidence, but also an improvement in…

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PPL Partners with DEW to Explore Mineral Resources in Balochistan

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New-PPL

KARACHI: Pakistan Petroleum Limited (PPL), a state-owned oil and gas producer, is diversifying its business by entering into a joint venture with Degan Exploration Works (DEW) to explore and develop mineral resources in Balochistan, according to a statement released on Friday. “We are pleased to announce that Pakistan Petroleum Limited (PPL), as part of its business diversification efforts, is expanding its mining portfolio by entering into a JVA with Degan Exploration Works to explore and develop the mineral resources in exploration license EL-207, in district Chagai, Balochistan,” PPL said in…

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Govt May Consider Sharing Debt Servicing, Power Circular Debt with Provinces

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circular-debt

Government Left with Only 42.5% from Divisible Pool as Interest Payments and Circular Energy Debt Become Unsustainable ISLAMABAD: The federal government is considering sharing debt servicing and electricity circular debt with the provinces, following the provinces’ refusal to revisit their share under the NFC Award. Finance ministry officials revealed a consensus that provinces should assist with debt servicing and electricity circular debt after their share in the divisible pool was increased to 57.5% under the 2010 NFC Award. Currently, the federal government retains only 42.5%, which is increasingly unsustainable due…

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OGDCL Collaborates with IPRI for Endowment Chair Economic Security

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ISLAMABAD: Oil and Gas Development Company Limited (OGDCL) on Friday entered into a collaboration with Islamabad Policy Research Institute (IPRI) for an Endowment of Economic Security Chair.The kick-off ceremony was graced by the Chairman Board of OGDCL and CEO of Bank of Punjab, Zafar Masood; MD/CEO of OGDCL, Ahmed Hayat Lak, and senior officials of the industry.The Endowment of Economic Security Chair at IPRI is for a period of three years, and it will be known as ‘OGDCL- IPRI Chair.’ This collaboration is a classic example of interaction between the…

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NEPRA Hearing: IPPs’ Capacity Payments to Rise by 33% to Rs2.8 Trillion in Next Fiscal

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Nepra-Price

ISLAMABAD: Pakistan’s electricity consumers face a daunting challenge as capacity payments to independent power producers (IPPs) are set to increase significantly, impacting electricity bills. In the fiscal year 2023/24, capacity payments accounted for 71% of the power purchase price, with energy costs making up the remaining 29%. The burden on consumers was evident, with capacity charges reaching Rs 16.22 per unit compared to Rs 6.73 per unit for energy charges. For the fiscal year 2024/25, capacity payments are projected to surge to Rs 2.8 trillion, up by one-third from Rs…

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