Category: Shortcode

Running out of resources

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oil-and-gas

After a long break, Pakistan has relaunched a programme for oil and gas exploration, exploitation and development activities, onshore and offshore, aiming at recovering the untapped indigenous hydrocarbon resources. Petroleum, a vital economic sector, is heavily dependent on oil and gas imports to meet the ever-growing demand based on growth in population and increasing urbanisation, and the issues of national security require prioritising the balanced energy supply-demand management. Total recoverable resources of crude oil and natural gas are depleting at alarming levels; the nation has consumed about 81 per cent…

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Original KE investors reject majority ownership claim by Sage

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power-fleet

LONDON: The Chief Investment Officer (CIO) of Al-Jomaih and a Director at Karachi-Electric (KE) Shan Abbas Ashary has firmly contradicted the assertion of Infrastructure and Growth Capital Fund SPV21 (IGCF) that it has become K-Electric’s majority shareholder. In an interview here, Shan Abbas Ashary said the claim is entirely incorrect and baseless. Ashary stated that both Al-Jomaih Power and Denham Investments collectively hold a total 46.2 percent share in KES Power and highlighted the uncertainty revolving around the ownership of IGCF Fund and its further ownership in IGCF SPV 21…

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Power sector T&D losses surge to Rs520.3bn in FY2021-22

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Matiari-Lahore

ISLAMABAD: Pakistan power sector’s Transmission & Distribution (T&D) losses have risen to Rs520.3 billion with the highest-ever deficit incurred in the Peshawar Electric Power Supply Company (PESCO) to the tune of Rs153.8 billion, in just one financial year. The cash bleeding power sector’s accumulated losses have crossed the defence spending of the country in the last two financial years, and there seems no sigh of relief for masses without undertaking basic and fundamental reforms. The question arises why the board members of these loss-making Power Distribution Companies (DISCOs) are not…

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Economic policy under caretakers’ cabinet

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economic.jpg

Interim govt for three or six months cannot be taken seriously by investors and diplomats ISLAMABAD: It seems that the caretaker cabinet is setting its eyes on the future instead of just steering the country through next general elections. There are two statements made by caretaker Minister of Commerce and Industries Gohar Ejaz, which make me think this way. He has recently called for establishing new business parks “to consolidate Pakistan’s global trade connections. These parks or facilitation centres for traders would be designed to serve as hubs for foreign…

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Power tariffs: caretakers capitulate?

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electricty

ISLAMABAD: The caretaker Prime Minister Anwaar-ul-Haq Kakar has directed the Power Division that concrete steps should be taken in the next 48 hours to reduce the excess electricity bills. The first round of the emergency meeting on the increase in electricity bills was held on Sunday and the second would be held today (Monday). The prime minister was given a detailed briefing on the increase in electricity bills for July. The premier said that no action will be taken in haste which can harm the country, adding such measures will…

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