Category: Shortcode

TDAP CEO Zubair Motiwala Steps Down to Focus on Business

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Zubair-Motiwala

KARACHI: Zubair Motiwala, Chief Executive of the Trade Development Authority of Pakistan (TDAP), has resigned from his position, citing personal reasons. Speaking to The News on Thursday, Motiwala confirmed his decision, stating, “I resigned to focus fully on my own business.” A renowned textile industrialist and exporter, Motiwala has held several prominent roles, including President of the Karachi Chamber of Commerce and Industry (KCCI), Chairperson of the SITE Association of Industry, and Chairperson of the Board of Investment, Sindh. His resignation marks the end of his tenure leading TDAP, where…

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PPL Increases Gas Output at Shahdad X-1 Well in Sindh

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New-PPL

KARACHI: Pakistan Petroleum Limited (PPL) has significantly boosted natural gas production at its Shahdad X-1 well in the Gambat South Block, Sanghar District, Sindh, following a successful water shut-off operation. According to a notice submitted to the Pakistan Stock Exchange (PSX) on Thursday, gas production at the well has surged from 2.2 million standard cubic feet per day (mmscfd) to 8.4 mmscfd. Simultaneously, water production has dropped dramatically from 3,000 barrels per day (bpd) to just 26 bpd. The Shahdad X-1 well, drilled in 2012 and operational since 2015, originally…

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Energy Ministry Spends Billions on Free Electricity for Employees

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power-tariff

ISLAMABAD: Official documents presented in the National Assembly on Thursday revealed that the Energy Ministry spends billions of rupees annually on providing free electricity to over 200,000 current and retired employees. The records disclosed that these employees collectively consume 441.5 million units of electricity free of charge each year. Of this, 308.2 million units are allocated to serving employees, while 133.2 million units benefit retired staff. The majority of beneficiaries are employees of Distribution Companies (DISCOs), with 149,000 individuals—78,000 active and 71,800 retired—receiving free electricity. This is followed by 20,000…

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IMF Recommends Aligning CPP Gas Tariffs with RLNG Prices from February

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Pakistan-LNG

ISLAMABAD: The International Monetary Fund (IMF) has proposed aligning gas tariffs for captive power plants (CPPs) with re-gasified liquefied natural gas (RLNG) prices, effective February 1, 2025, as part of efforts to recover the full cost of energy. Previously, the government had agreed to disconnect gas supply to CPPs, citing inefficiency and the supply of electricity to these plants from the national grid at subsidized rates. Accountability authorities had earlier deemed the practice of providing gas to CPPs at discounted rates a criminal offense, emphasizing the need to prioritize efficient…

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‘Saudi Arabia Eyes $600bn Investment, Trade Boost with US Over Four Years

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bin-Salman

Saudi Arabian Crown Prince Mohammed bin Salman has expressed plans to expand investment and trade with the United States by $600 billion over the next four years, according to the Saudi State News Agency. In a phone call with President Donald Trump, the crown prince highlighted the potential economic prosperity anticipated from the Trump administration’s reforms. He noted that Saudi Arabia aims to capitalize on these favorable conditions through significant investments, with the figure potentially increasing if new opportunities arise. Details on whether the $600 billion would come from public…

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