Category: Shortcode

FIPPA law to shield Turkmenistan investment in $10 billion TAPI project

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TAPI-gas

ISLAMABAD: The government has decided to extend the Foreign Investment Promotion and Protection Act (FIPPA), a special legislative cover, to the investment of Turkmenistan in the TAPI gas pipeline project, a senior energy ministry official said on Tuesday. The move is aimed at increasing the bankability of the project in the eyes of the international lenders, which is estimated to cost $10 billion and will transport natural gas from Turkmenistan to Pakistan through Afghanistan and India. Turkmenistan will have an 85 percent stake in the project, while Afghanistan, Pakistan and…

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Nepra rejects power division’s criticism of overbilling report

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Nepra-KE-1

• Power regulator disapproves of premium on urgent connections• Hints at allowing 14pc interest on bill instalments ISLAMABAD: The power regulator Nepra on Tuesday rejected objections raised by the power division over its overbilling investigation report finding massive irregularities to consumers and made it clear to take the regulatory process to the logical conclusion. The National Electric Power Regulatory Authority also appeared unconvinced by the power division’s move to charge Rs15,000 to Rs30,000 for urgent power connections but hinted at allowing 14 per cent interest to consumers seeking instalments for their bills…

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Govt wins legal fight against Tuwairqi Steel

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saudi-project

ISLAMABAD: Pakistan has won the arbitration initiated by Tuwairqi Steel against the federation at the Per­m­anent Court of Arbitration in The Hague, Netherlands, the government said in a statement on Tuesday. The claim was brought by the Saudi investors, namely Dr Hilal Hussain Al Tuwairqi and Al Ittefaq Steel Products Company Ltd, under the Organisation of Islamic Cooperation (OIC) investment agreement. Pakistan was represented in the proceedings by Law Minister Ahmad Irfan Aslam, who was the head of the international disputes unit at the time. Tuwairqi Steel was represented by…

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‘Energy Hub’: KPT levels accusation against SSGCL

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KPT

ISLAMABAD: Karachi Port Trust (KPT) has accused Sui Southern Gas Company Limited (SSGCL) of impeding ‘Energy Hub’ process as the gas utility company is not cooperating on the intake pipeline, well-informed sources told Business Recorder. Sources said the Special Investment Facilitation Council (SIFC) shared an MoU signed between Ministry of Investment of the United Arab Emirates (UAE) and the Ministry of Maritime Affairs on Investment Cooperation in the port operations projects. The said MoU was signed on November 27, 2023. The Investment opportunities are being explored for initiating different port projects…

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Solar power initiative: PD asked to coordinate with SkyPower

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Renewable-energy

ISLAMABAD: Caretaker Prime Minister Anwar-ul-Haq Kakar has directed the Power Division to coordinate with SkyPower Global Group which has shown an interest in direct investment of $ 800 million in Pakistan’s 1000 MW solar power initiative, well informed sources told Business Recorder. M/s SkyPower was established in 2003 in Toronto – Canada and has +18 years of operation experience. The company is an independent power producer that develops, finances, builds, owns and operates utility scale renewable power projects across the globe. M/s SkyPower has established more than 30 utility scale solar…

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