Category: Shortcode

Shell Pakistan Rebrands as Wafi Energy Pakistan

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Shell-PLC

KARACHI: Shell Pakistan Limited has officially rebranded as Wafi Energy Pakistan Limited, effective January 13, 2025. The name change follows the successful acquisition of a majority stake by Wafi Energy Holding Limited. The Securities and Exchange Commission of Pakistan (SECP) issued a certificate of incorporation to formalize the name change, as disclosed by the company to the Pakistan Stock Exchange (PSX) on Tuesday. Under the acquisition deal, Wafi Energy Holding Limited acquired approximately 187.86 million ordinary shares, representing 87.78% of Shell Pakistan’s total issued share capital. This transaction was executed…

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OGRA Proposes Solutions to Refinery Tax and Upgrade Agreement Challenges

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OGRA

KARACHI: The Oil & Gas Regulatory Authority (OGRA) has proposed measures to mitigate operational losses faced by refineries due to the sales tax exemption on petroleum products and suggested extending the deadline for signing upgrade agreements under the Brownfield Refinery Policy 2023. In a letter to the Petroleum Division’s Director General (Oil), OGRA highlighted that refineries have hesitated to finalize upgrade agreements, citing financial uncertainties arising from the sales tax exemption introduced in the current fiscal year’s finance bill. Proposed Recovery MechanismOGRA recommended that refineries submit detailed claims for operational…

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Federal Minister for Energy Highlights Progress in Power Sector with Focus on IPPs and Pricing

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electricty

ISLAMABAD: Federal Minister for Energy, Sardar Awais Ahmed Leghari, underscored significant advancements in Pakistan’s power sector during a recent video message, emphasizing reforms in agreements with Independent Power Producers (IPPs) and steps toward affordable electricity. Revised Agreements with IPPsThe Power Division has presented proposals to the federal cabinet for revising agreements with 18 additional IPPs. These amendments aim to enhance transparency and efficiency in the power sector, reflecting the government’s commitment to fostering equitable practices and optimizing power production costs. Electricity Pricing for Industrial ZonesThe Cabinet Committee on Energy has…

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Govt Considers Annual Electricity Tariff Rebase Shift to January

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Power Division

ISLAMABAD: The federal government is exploring a proposal to rebase electricity tariffs annually from January 1 instead of July, aiming to mitigate public discontent during peak summer months when fuel charges adjustments (FCAs) and quarterly tariff adjustments (QTAs) amplify electricity costs. The proposal, advanced by the Power Division, seeks to streamline tariff adjustments during winter when electricity consumption is lower, ensuring a more stable and sustainable pricing mechanism throughout the year. The Economic Coordination Committee (ECC) of the Cabinet is expected to deliberate on the matter in an upcoming meeting.…

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Saudi Arabia’s Manara Minerals Eyes Investment in Pakistan’s Reko Diq Mine

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Reko-Diq

RIYADH: Saudi Arabian mining giant Manara Minerals is poised to make a significant investment in Pakistan’s Reko Diq mine within the next two quarters, according to Pakistan’s Petroleum Minister, Musadik Malik. Speaking at the Future Minerals Forum in Riyadh, Malik expressed optimism about forthcoming developments, particularly in copper mining. Manara Minerals, a joint venture between Saudi state-controlled miner Ma’aden and the $925 billion Public Investment Fund (PIF), exemplifies the kingdom’s strategic diversification away from oil through global asset acquisitions. Executives from Manara previously visited Pakistan in May 2023 to explore…

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