Category: Shortcode

Pakistan, IMF hold virtual talks on energy sector

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IMF-board

ISLAMABAD: Pakistan and the International Monetary Fund (IMF) on Wednesday held virtual talks on the overall losses of energy sector, especially in the context of reducing the circular debt during the current fiscal year. The government demonstrated its commitment to adjust fuel price and quarterly tariff with the objectives to erase accumulation of circular debt. The circular debt continues to rise in power sector and currently stands at Rs2.5 trillion. The government has shared the revised Circular Debt Management Plan (CDMP) with the IMF, for which the baseline tariff was…

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SIFC identifies 20 projects to woo foreign investors

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SIFC-identifies

ISLAMABAD: The much-trumpeted Special Investment Facilitation Council (SIFC) has so far identified and approved 20 projects for attracting multibillion-dollar investments from the Gulf states and others, out of which nine have been converted to the required template. It has also been considered to hold a study to explore the availability of lithium in Pakistan and joint investment in Afghanistan. The SIFC also decided to implement a plan for legislation for corporate contracts and cooperative farming on private land, such as provincial legislation to safeguard land rights and dispute resolution, establishing…

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Caretaker govt has no mandate to transfer ownership, control of Discos to provinces

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electricty

ISLAMABAD-The caretaker government has no mandate to transfer the ownership and control of power distribution companies (Discos) to the provinces, which will burden the provinces with the losses of hundreds of billions of rupees.Neither the caretakers in centre nor in the provinces are mandated to give or take the burden of hundreds of billions of rupees loses to the provinces, official source told The Nation. Only an elected government with public mandate will be empowered to take such a vital decision, the source said.The caretaker government has once again raised…

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Another jolt awaits power consumers as Discos seek Rs2.07 hike for July

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Matiari-Lahore

ISLAMABAD: Despite a 26pc increase in base uniform national tariff with effect from July 1, there appears to be no respite in sight for power consumers as ex-Wapda distribution companies (Discos) have sought permission to extract almost Rs30 billion more from their subscribers next month. Through their commercial agent — the Central Power Purchasing Agency (CPPA) — the discos have filed a joint petition with the National Electric Power Regulatory Authority (Nepra) for an additional fuel cost adjustment (FCA) of Rs2.07 per unit in the billing month of September for…

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SNGPL looks to add 100mmcfd by year-end

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LAHORE: Sui Northern Gas Pipelines Company (SNGPL) Managing Director Amir Tufail on Tuesday said that up to 100 million cubic feet per day (mmcfd) of natural gas would be added to the company system by the end of this year. Speaking to the company’s shareholders, analysts and investors at a corporate briefing held at the Lahore Stock Exchange, Mr Tufail said concentrated efforts were underway on the part of the Petroleum Division and others concerned to achieve this objective. He also informed the participants that SNGPL has achieved a milestone…

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