Category: Shortcode

Rs100bn cost overrun likely to hit Dasu hydropower project In a shocking development, the country’s most important project — Dasu hydropower project’s stage -1 with the capacity to generate 2160 MW hydel electricity — has got delayed by three years, and the cost overrun cost is feared to have gone up by Rs100 billion. The project earlier scheduled to come on stream in 2023-24 is now to be completed and commissioned in 2026-27, a top Wapda official told The News. “The failure in land acquisition, Covid pandemic, and the terrorist…

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Amid severe LNG shortfall in the international market, Pakistan has issued a two-part tender seeking bid prices from well-reputed international LNG trading companies for a six-year agreement. Since the five-year LNG term agreement with GUNVOR expired in July 2022, the country’s fully-owned company Pakistan LNG Limited (PLL) has now released the tender for a term agreement for six years. Bids are invited from reputed international LNG suppliers for term cargoes on a delivered ex-ship (DES) basis at Port Qasim, Karachi. In case Pakistan gets the best price bid, it will…

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The United Arab Emirates (UAE) is planning to invest one billion dollars in Pakistan’s economic and investment sectors, quoting an official source in Abu Dhabi the state news agency has reported. The move aims at exploring new investment opportunities, expanding bilateral economic relations and to enhance mutual cooperation in projects covering various sectors of the economy. The UAE investment will likely be channeled to key sectors including gas, energy infrastructure, renewable energy, healthcare, biotechnology, agriculture technology, logistics, digital communications, e-commerce and financial services. The UAE is Pakistan’s largest trading partner…

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Power Division is reportedly adopting stopgap arrangement strategy to retain the services of long-associated Managing Director, Private Power & Infrastructure Board (PPIB), Shah Jahan Mirza for at least six more months, well informed sources told Business Recorder. Shah Jahan Mirza was appointed as Managing Director, PPIB with effect from September 21, 2015 for a period of three years. He was granted extension for a period of three months from September 21, 2018. He was again appointed Managing Director PPIB from July 18, 2019 for a period of three years. His three…

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London Court of International Arbitration (LCIA) has validated Sui Northern Gas Pipeline Limited (SNGPL) stance against Quaid e Azam Thermal Power (Private) Ltd. (QATPL) over latter’s failure to offtake the take-or-pay quantities of Regasified Liquefied Natural Gas (RLNG) as per Gas Supply Agreement (GSA). A senior official of the company said on Friday the LCIA Arbitrator delivered its arbitral award over dispute between QATPL and SNGPL regarding the non-offtake of the take-or-pay (contractual quantities) of RLNG by QATPL). As per arbitral award in favour of SNGPL, the arbitrator has held…

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