Category: Shortcode

The Karachi Electric (KE) has confirmed to the Pakistan Stock Exchange (PSE) that a large part of the controlling stake in IGFC has been acquired by Sage Venture Group Limited, a British Virgin Islands registered special purpose company. The disclosure by KE comes after PSE wrote to the Karachi Electric seeking an explanation in relation to the potential sale of a large part of the controlling stake in Karachi Electric (KE) at the Cayman Islands Courts which was seen by this reporter after the publication of “KE’s controlling stake sale…

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Pakistan may seek a multibillion-dollar financing window from China to fund 10,000 megawatts solar-powered electricity generation projects, as it is also set to make a new pitch for further expansion of the China-Pakistan Economic Corridor (CPEC) during Prime Minister Shehbaz Sharif’s visit. PM Shehbaz Sharif chaired a meeting on Wednesday to review and finalise the agenda for his maiden visit to Beijing, expected on November 1st. Pakistan has a long list of projects, including billions of dollars’ worth new schemes that it wants China to finance. These include a tripartite…

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In order to minimize the energy deficit of the country, the coalition government is again seriously considering restarting work on Iran-Pakistan (IP) Gas Pipeline Project while following the international laws and guidelines, it was learnt by Profit on Tuesday.   According to sources, the government is reviewing the whole process for resumption of work on the IP Gas Pipeline Project as there is a shortage of Liquefied Natural Gas (LNG) in the market. The source further said that the government is sincerely considering different solutions to resume work on the IP Gas Pipeline…

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Engro Powergen Qadirpur Limited (EPQL) CEO Shahab Qader said on Wednesday that his company is looking to use gas from low British thermal unit (BTU) gas fields in the vicinity of Qadirpur to generate cheap and affordable electricity. The company aims to help reduce Pakistan’s import bill by $2 billion by using the cheap energy. In comments to Business Recorder, Qader said that the company has given a proposal to the government to allocate low BTU gas from multiple gas fields including Badar, Kandara, Sara West and Kandhkot to EPQL…

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Oil prices could skyrocket to $150 a barrel next year, and underinvestment in the industry could mean tight supply for the next decade, a JPMorgan energy strategist warned. The bank estimates that oil could stick around $80 a barrel next year in event of a recession. But if supply grows tight, prices could easily soar to $150 a barrel, based on factors like OPEC+ falling short of its production targets, slowing US shale production, and rising demand for oil.  Much of that supply tightness could be fueled by underinvestment in…

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