Category: Shortcode

Chinese IPP serves notice of payment default on CPPA

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Chinese-IPP

KARACHI: Port Qasim Electric Power Company Ltd (PQEPC), which runs a $1.9 billion power plant of 1,320 megawatts on imported coal, has served a formal notice of payment default on the Central Power Purchasing Agency (CPPA). The total verified due amount that the state-backed, sole electricity purchaser owes the independent power producer (IPP) amounted to Rs77.3bn or $263.5 million as of May 15, according to PQEPC CEO Guo Guangling. Owned by China’s Sinohydro Resources Ltd and Qatar’s Al Mirqab Capital Ltd, the IPP was part of the early-harvest phase of…

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KPC’s ‘Solar Park’ inaugurated: Electricity to be provided to KPC housing societies: minister

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First-Solar-Park

KARACHI: Sindh Energy Minister Imtiaz Ahmed Sheikh has said that the provision of solar system to Karachi Press Club is a gift of Sindh government. Electricity will also be provided for housing societies of Karachi Press Club under the Village Electric Plan. It is our commitment to ensure affordable electricity to consumers. The provincial government is going to solarize government buildings, as well as, prisons. He expressed these views while addressing the inauguration ceremony of Solar Park at the Karachi Press Club (KPC) KPC President Saeed Sarbazi, Secretary Shoaib Ahmed…

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Russian oil: first shipment likely to reach by first week of June

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Russian-oil

KARACHI: The first shipment of Russian crude oil is expected to hit Pakistani port during first week of June 2023. The crude oil ship carrying 100,000 tons liquid cargo has reached Oman Port and bound to reach Karachi in next few days. 0.1m tons of Russian oil to arrive in first week of June The crude oil vessel is expected to complete transporting crude oil in two trips of 50,000 ton each as Pakistani port doesn’t have capacity to accommodate heavy ships carrying more than 50,000 tons liquid cargo. Pakistan…

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Pakistan LNG withdraws termination notice to PGPC

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Pakistan-LNG

ISLAMABAD: Pakistan LNG Limited (PLL) on Monday withdrew its termination notice for the operation and services agreement (OSA) with the Pakistan GasPort Consortium (PGPC) that owns and operates the LNG terminal-2, after losing a case in the London Court of International Arbitration (LCIA). The arbitral tribunal appointed under the LCIA Rules, 2014, on April 26, 2023, issued its award in the arbitration between PGPC and PLL, declaring the termination notice issued by PLL on 14 October 2019 as void and illegal. The tribunal didn’t restrict it to just annulling the…

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Petrol price likely to drop by Rs10 per litre in upcoming review

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Petrol-price

KARACHI: The price of petrol is likley to drop by up to Rs10 per litre in the upcoming fortnightly review of petroleum product prices, industry officials said on Monday. They said that the ex-refinery price of petrol is showing a decline of Rs10-12 for the next fortnight, however the exchange rate adjustment may allow the government to only pass on up to Rs10 per liter. “The ex-refinery price of diesel is showing Rs4-5 per liter decurese for the next review of prices and the government may pass on this impact…

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