Category: Shortcode

Negotiations with IPPs are free, fair and transparent with option to walk away or resorting to Arbitration and forensic audit : Awais Leghari

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Awais-Leghari

Federal Minister for Power Sardar Awais Ahmed Khan Leghari today attended a detailed session with Power Sector International Development Partners on Power Sector Reforms and its way forward.The development partners were led by Country Director World Bank Mr. Najy Benhassineand included representatives from IMF,ADB, IFC,KFW, German Embassy, FCOD, UNDP and AIIB,The Federal Minister apprised the participants about the reforms that the power division has undertaken to bring in efficiency and discipline with targets to bring the electricity prices to more competitive and affordable for all consumers in general and industry…

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Minister Energy Sindh Nasir Shah asked KE HESCO SEPCO & SSGC to stop load shedding in Sindh

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Nasir-Shah

Karachi Sindh Energy Minister S Nasir Hussain Shah has warned that load-shedding of electricity and gas must be stopped in Sindh, and uninterrupted supply should be ensured during Ramadan. Despite his warnings, electricity and gas companies, including K-Electric, Hesco, and Sepco, have not improved their performance.¹ Shah emphasized that the federal government should take immediate notice of the situation, as the public should not be inconvenienced during Ramadan. He questioned why gas load-shedding continues despite the end of winter in March. The minister appealed to the Prime Minister to ensure…

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Iranian Finance Minister removed on poor performance

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Iran-Inks

TEHRAN Iranian lawmakers on Sunday gave a vote of no confidence to the minister of Economic Affairs and Finance, terminating the term of Abdolnaser Hemmati 193 days after he took office. Hemmati attended an open session of the Parliament on Sunday and took the podium to answer the questions of a number of lawmakers, complaining about his ministry’s performance and poor handling of the economic situation.At the conclusion of the impeachment, the parliamentarians voted for the motion to dismiss the minister with 182 votes in favor, 89 no votes, and…

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PM’s Adviser Muhammad Ali is likely to take Charge of Privatization Commission

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New-Project47

Prime Minister’s Adviser Muhammad Ali is likely to take charge of the Privatization portfolio, sources reveal. His key tasks will include privatizing power distribution companies (Discos) and state-owned gas companies, Sui Northern and Sui Southern, by unbundling them into transmission and distribution companies.¹ Ali’s experience as energy minister during the interim regime makes him an ideal candidate for the role. The government aims to address the significant losses incurred by state-owned companies, including Rs851 billion annually, and Rs600 billion by Discos, which also contribute to a monthly circular debt of…

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OGDCL Declares Highest-Ever Quarterly Dividend of Rs 4.05 Per Share

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ISLAMABAD, February 28, 2025: The Board of Directors of Oil & Gas Development Company Limited (OGDCL), in its meeting held on February 28, 2025, approved the financial results for the half-year ended December 31, 2024. The Board has declared an interim cash dividend of Rs 4.05 per share, marking the highest-ever quarterly dividend in the Company’s history. This brings the total dividend declared so far in the fiscal year to Rs 7.05 per share.Financial and Operational PerformanceDespite industry-wide challenges, including security constraints, lower international crude oil prices, and exchange rate…

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