Category: Shortcode

PSO receivables cross Rs755bn

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pso

ISLAMABAD: Rising with each passing day, the receivables of Pakistan State Oil — the country’s largest firm by revenue — have crossed a record Rs755 billion by Monday or about 21pc of its annual revenue, virtually halting its strategic business expansion. In its latest report of its financials submitted to the federal government, the country’s largest fuel supplier reported that almost 90pc of its funds had been stuck up with the government entities led by Sui Northern Gas Pipelines Ltd (SNGPL) with a backlog of about Rs478bn. The state-run fuel…

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UK firm shows interest in buying Shell Pakistan

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Shell-PLC

KARACHI: Shell Pakistan Ltd (SPL) said on Monday it has received a public announcement of intention from UK-based Prax Overseas Holdings Ltd to buy its 77.42 per cent shares, which are currently held by the oil firm’s foreign sponsor. The potential acquirer is a British investment firm with its entire shareholding resting with fuel supplier State Oil Ltd. The energy conglomerate owns companies in up-, mid- and downstream segments. Its brand name is Harvest Energy in the downstream segment, which is the part of the local value chain that SPL…

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After oil price cut, traders seek energy tariff reduction

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power-sector

Ask govt to do away with gas outages, formulate sustainable policy KARACHI: While welcoming a significant reduction in petrol price, businesspeople have underlined the need for evolving a stable policy, slashing electricity and gas tariffs, and eliminating gas outages and painfully low pressure. “If the government formulates a sustainable policy for at least three months, this decrease will benefit the common people. I also plead for a reduction in power and gas tariffs immediately as the winter season is around the corner, when even middle-class people are unable to use…

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Two thermal plants hint at converting to Thar coal

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Thar-coal

ISLAMABAD: The country’s two thermal power plants of 700-MW generation capacity have indicated interest in converting themselves to Thar coal, which will bring their generation tariff from Rs 46 to Rs 8 per unit, sources close Managing Director PPIB told Business Recorder. The company’s representatives held a meeting with the MD PPIB on September 25, 2023 wherein concept paper on the conversion of both complexes, i.e., Lalpir and Pakgen from RFO to Thar coal were discussed in detail for inclusion by both the plants in Indicative Generation Capacity Expansion Plan (IGCEP)…

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Funding for energy efficiency project: EAD asked to get firm World Bank commitment

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power-tariff

ISLAMABAD: The Central Development Working Party (CDWP) has directed Economic Affairs Division (EAD) to get firm commitment of $150 million funding from the World Bank (WB) for energy efficiency and conservation project to be executed by National Energy Efficiency Conservation Authority (NEECA). At a recent meeting of CDWP, presided over by Deputy Chairman, Planning Commission, Chief Energy (Power), MoPD&SI appraised the forum that the sponsoring agency of the project has recently been changed from M/o Science and Technology to Ministry of Energy (Power Division). Initially, the proposal was discussed in…

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