Category: Shortcode

Power sector grabs finance minister’s immediate attention

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Shamshad-Akhtar

Caretaker Finance Minister Shamshad Akhtar visits Federal Board of Revenue to review progress so far on implementation of $3 billion Stand-by-Arrangement of the International Monetary Fund ISLAMABAD: Caretaker Finance Minister Shamshad Akhtar has held her first meeting on power sector after assuming the charge and visited Federal Board of Revenue (FBR) to review progress so far on implementation of $3 billion Stand-by-Arrangement (SBA) of the International Monetary Fund (IMF). According to the staff report prepared by the IMF staff mission on the SBA for the Fund Executive Board’s, the first…

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B4 industrial consumers

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NEPRA

PALSP urges Nepra to facilitate renewable energy integration into grid ISLAMABAD: Pakistan Association of Large Steel Producers has asked NEPRA to facilitate renewable energy integration into the grid by B4 industrial consumers to incentivize industries to invest further in renewables. In a letter addressed to NEPRA, PALSP which is the leading representative body of steel sector, urged the Authority to facilitate renewable energy integration into the grid by B4 industrial consumers through amending the existing rules and regulations. ‘The measure would not entail any additional interconnection costs and will help…

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Circular debt forecast to jump by Rs545b

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Circular-debt

Only tariff hike targeted under foreign loans-linked reforms, other critical issues ignored ISLAMABAD: The circular debt is projected to increase by another Rs545 billion by March next year despite a surge in electricity prices as foreign loans pegged with the so-called power sector reforms are limited to only increasing prices and ignore other critical issues. Pakistan eyes another loan of $600 million from the World Bank for power sector reforms in the current fiscal year and the sector also remains in focus of the International Monetary Fund (IMF) under a…

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Planning Commission wants LPG replaced by LNG

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LPG-tankers

• Calls for higher natural gas prices, steps to implement cross-border pipelines• Insists new terminal will be needed by 2025 to store imported LNG ISLAMABAD: The Planning Commission has asked the government to replace the expensive liquefied petroleum gas (LPG) with relatively cheaper liquefied natural gas (LNG), increase domestic natural gas prices and take immediate steps to implement cross-border gas pipelines — like Iran-Pakistan, and Turkmenistan-Afghanistan-Pakistan-India (Tapi) projects — to achieve energy sustainability. In a detailed policy advice, the Energy Planning and Resource Centre (EPRC) of the Planning Commission has…

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HASCOL’s losses keep mounting

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Hascol-Petroleum

2021 was a better year for Hascol Petroleum Limited (PSX: HASCOL) as the company had witnessed slowdown in losses. However, 2022 has been lethal for the oil marketing company, as its losses increased staggeringly. With 90 percent year-on-year rise, the company incurred over Rs14 billion unconsolidated loss after tax in CY22, though the losses in 2022 were less than the all-time high loss for HASCOL in 2020 of Rs23 billion. The oil marketing industry faces an extremely challenging time amid steep devaluation of the currency and diminishing reserves, curtailment of…

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