Category: Shortcode

$5bn Chashma-5 N-plant to produce power at Rs20 per unit: Country has swallowed a bitter pill?

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Chashma-nuclear

ISLAMABAD: The dollar-deficient Pakistan is said to have accepted a bitter pill of $ 5 billion Chashma-5 (C-5) nuclear power plant at electricity price of about Rs20 per unit, substantially higher than Thar coal projects besides shelving renewable energy projects, well-informed sources told Business Recorder. Last month, China and Pakistan signed a Memorandum of Understanding (MoU) for a 1,200 MW Chashma-5 (C-5) nuclear power project worth $ 3.48 billion with earliest availability in 2029. The estimated capital cost of the project under IGCEP 2018-40 was calculated at $ 4.777 billion, IGCEP…

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Base tariff hike in FY24: Govt to collect over Rs3.2tr extra from power consumers

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KE’S- 7-YEAR- INVESTMENT-ROADMAP

ISLAMABAD: The government is set to collect an additional staggering amount of over Rs3.2 trillion from power consumers, beginning July 2023, as it intends to raise the power base-tariff by approximately Rs7 per unit for the Financial Year 2023-24, according to official sources of the Power Division. Interestingly, the International Monetary Fund (IMF) Executive Board is scheduled to convene on July 12, 2023, to discuss a nine-month Standby Arrangement. This meeting will serve as the final step in solidifying the agreement outlined in the IMF Staff Level Agreement. Subsequently, it…

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Pakistan needs refinery upgrade to benefit from Russian oil discount

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crude

KARACHI: Pakistan is losing out on the opportunity to pass on the benefits of discounted crude oil from Russia due to the old processing technology of its current refineries, industry officials said. The country has five refineries, out of which one was established before partition and two were set up sixty years back. The other two that rely on old technology and the one where the government holds 60 percent share, have not been able to attract any new investments for many decades. Pakistan imported discounted Russian crude oil last…

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Money laundering unveiled in solar panel imports

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solar-panel

PCA South uncovered over invoicing worth Rs69.50b at the import level KARACHI: Startling revelations have emerged regarding the commercial activities of solar panel importers, exposing a staggering case of over invoicing and money laundering. The Directorate of Post Clearance Audit Customs South has published a report shedding light on this illicit practice. According to the report, the audit conducted by PCA South uncovered over invoicing worth a whopping Rs69.50 billion at the import level. This alarming revelation points to the movement of black money out of the country, raising serious…

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Barter Trade with Russia, Iran and Afghanistan FPCCI Calls for the Resolution of Teething Problems President FPCCI

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fpcci-afghanistan

Karachi Irfan Iqbal Sheikh, President FPCCI, has expressed his profound satisfaction that FPCCI’s years of relentless policy advocacy initiatives for the barter trade with Russia, Iran and Afghanistan has borne fruits. We have pitched barters trade, border markets and currency swap mechanisms very diligently in tens of top-level meetings with the concerned ministries and relevant governmental institutions over the past three-and-a-half years, he added. It is pertinent to note that FPCCI conducted a high-profile and well-attended interactive session across its headquarters and regional offices on SRO. 642 (I) / 2023;…

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