Category: Shortcode

Ministry of Foreign Affairs Urges Progress on IP Gas Pipeline Project

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gas-pipeline

The Ministry of Foreign Affairs (MoFA) has advised the Petroleum Division to expedite the Iran-Pakistan (IP) gas pipeline project without delay, citing its significance as a crucial energy initiative, according to informed sources reported by Business Recorder. MoFA’s recommendation predates recent comments by US Assistant Secretary of State for South and Central Asia Donald Lu opposing the IP project. During an inter-ministerial meeting at MoFA, the Petroleum Division representative highlighted that both the Federal Cabinet and the Cabinet Committee on Energy (CCoE) have endorsed the Ministerial Oversight Committee’s (MOC) recommendations,…

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OMCs Increase HOBC Price by Rs10/Litre from April 1, 2024

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petrol-price

Oil Marketing Companies (OMCs) have announced a Rs10 per litre hike in the price of Hi-Octane Blending Component (HOBC) effective from April 1, 2024. Despite this increase, the Petroleum Levy (PL) on HOBC remains at Rs50 per litre, maintaining a lower levy compared to low-grade motor gasoline, which incurs a PL of Rs60 per litre. The international price of petrol 95 Ron has held steady at approximately $98.96 per barrel over the last fortnight, marking a slight increase from $93.96 per barrel before March 16, 2024. Notably, the pricing of…

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KE to Integrate 640MW Clean Energy in 2 Years

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circular-debt-K-electric-ceo

K-Electric (KE) has unveiled plans to incorporate 640 megawatts of renewable electricity into its grid over the next two years through solar and wind energy initiatives. This move, expected to attract investments of more than $400 million from 12 international firms based in Europe, China, and the Middle East, is poised to significantly reduce production costs, according to KE’s Chief Executive Officer Moonis Abdullah Alvi in an informal discussion with The Express Tribune. The renewable energy projects are slated for deployment in Balochistan’s Hub, Uthal, and Bela cities, along with…

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NPGCL inks $200m FDI MoU with Chinese firm NGLE

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Power-generation

ISLAMABAD: In a significant stride towards sustainable energy production, Northern Power Generation Company Limited (NPGCL) GENCO-III, Muzaffargarh, in collaboration with Ningbo Green Light Energy (NGLE) (Private) Limited, China, has formalised a memorandum of understanding (MoU) worth $200 million in foreign direct investment (FDI). Facilitated by the Special Investment Facilitation Council (SIFC), this MoU aims to convert an existing thermal power plant into a state-of-the-art 300-MW Solar Power facility. According to the details, it is expected to yield 400 million units of cost-effective electricity using solar energy. This transformative project would…

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Azerbaijan seeks to resume LNG supply

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Azer-baijan

Pakistan has already inked deal for buying one LNG cargo per month ISLAMABAD: Azerbaijan has emphasised that Pakistan should resume imports of liquefied natural gas (LNG) from the Central Asian nation to meet its growing domestic consumption needs. Earlier, during the tenure of the Pakistan Democratic Movement (PDM) government, the two sides signed an agreement for import of at least one LNG cargo per month. It was not based on the controversial “take-or-pay” clause rather it was a commercial deal that could better suit Pakistan. However, Islamabad imported only a…

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