Category: Shortcode

CSAIL outlines its contribution to national grid under CPEC

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CPEC-likely

ISLAMABAD: The China Three Gorges South Asia Investment Ltd (CSAIL) launched its “ESG Performance Report 2023” outlining its contribution to Pakistan’s national grid from hydel, solar and wind power projects under the China-Pakistan Economic Corridor (CPEC), a flagship project of Belt and Road Initiative (BRI). The launching ceremony was held at a seminar titled, “Development Experience of Hyrdo, Wind Farm and Solar Power Projects”, organised by the Pakistan-China Institute with speakers included Mustafa Haider Syed, executive director of the institute, Wang Minsheng, CEO CSAIL, Senator Mushahid Hussain Syed, Shah Jahan…

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SSGC seeks hike amid Rs47b shortfall

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SSGC

Additional increase draws criticism from industries KARACHI: In a bid to offset a staggering shortfall of Rs47.77 billion in its revenue from the sale of indigenous gas during the current fiscal year 2023-24, Sui Southern Gas Company Limited (SSGC) has approached the Oil and Gas Regulatory Authority (Ogra), seeking approval for an additional increase of Rs266.18 per mmbtu in end-consumer tariffs, slated to take effect from July 1, 2023. At a public hearing on Monday, SSGC appealed to Ogra, asking for approval for this supplementary tariff increase, in addition to…

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Millat Group keen on acquiring Hascol

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Hascol-Petroleum

KARACHI: Troubled oil marketing company Hascol Petroleum Ltd said on Monday that Millat Energy Group is interested in buying 76 per cent of its “fully diluted share capital” through a subscription of new shares. Fully diluted share capital reflects the total number of sha­res a company would have if all outstanding options and other rights to subscribe for — or conv­ert into — shares were exercised. The latest disclosure by Hascol Petroleum follows its longstanding search for a potential investor that can inject fresh cash as part of a larger…

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MoST all set to disband PCRET

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solar-energy

ISLAMABAD: The Ministry of Science and Technology (MoST) has prepared a plan to abolish Pakistan Council of Renewable Energy Technologies (PCRET) as an entity and transfer all its assets, budget and resources to National University of Sciences and Technology (NUST), official sources told Business Recorder. Sharing the details sources said in pursuance of the decision of the 5th meeting of the Apex-Committee of the Special Investment Facilitation Council (SIFC) held on September 8-9, 2023, the Ministry of Science & Technology (MoST) is working to chalk out a strategy to revamp or…

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Economic Coordination Committee okays roadmap to settle issues with KE

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free-power

ISLAMABAD: With over Rs400 billion in government claims and Rs210bn in counterclaims from K-Electric, the Economic Coordination Committee (ECC) of the Cabinet approved a roadmap for settling long-standing issues with Karachi-based integrated private utility, including additional power supply from the national grid, 10-year future generation commitments by KE, and financial settlements through mediation. The single-point meeting of the ECC, presided over by Caretaker Finance Minister Dr Shamshad Akhtar, allowed the signing of a power purchase agency agreement (PPAA), interconnection agreement (ICA), tariff differential subsidy agreement (TDA) and mediation agreement as recommended in…

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