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Tag: SIFC

Oil Refineries Warn Lenders Won’t Support Upgrades Without Sales Tax Exemption

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Refinery-Limited

ISLAMABAD: Pakistan’s oil refineries have informed government officials that their lenders will not provide loans for plant upgrades unless issues, including the sales tax exemption on petrol (MS), High-Speed Diesel (HSD), and light diesel oil (LDO), are resolved. Managing directors from Pak-Arab Refinery Company, Pakistan Refinery Limited, National Refinery Limited, Attock Refinery Limited, and Cenergyico Pk Limited conveyed this during…

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PM Directs Power Division to Develop Comprehensive Solution for KE Payment Settlement; NEPRA Announces Tariff Hearings

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power-subsidy

ISLAMABAD: Prime Minister Shehbaz Sharif has instructed the Power Division to formulate a comprehensive solution for resolving the longstanding receivables and payments between K-Electric (KE) and various government entities and departments. This directive came during a recent meeting addressing multiple power sector issues, sources told Business Recorder. The Power Division will work closely with the Cabinet Division and NEPRA to…

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PFREIF Accuses Power Division of Misguiding SIFC on Renewable Energy Projects

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power-sector

The Pakistan Foreign Renewable Energy Investors Forum (PFREIF) has raised concerns about the Power Division’s handling of thirteen “withheld” renewable energy projects, accusing it of misleading the Special Investment Facilitation Council (SIFC). In a letter addressed to the Prime Minister and Chief of Army Staff, the President of PFREIF, Mustafa Abdullah, commended SIFC’s decision to allow 300MW solar projects at…

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Industry Leaders Urge Government Action as Gas Prices Soar, Threatening Business Survival

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gas-prices

KARACHI: Business leaders have strongly criticized the staggering 220% surge in gas tariffs over the past year, calling upon the newly-elected government and the Special Investment Facilitation Council (SIFC) to intervene. They emphasize the urgent need for research and development (R&D) efforts to explore alternative fuel sources for the local industry. Adil Siddiqui, President of the Hyderabad Chamber of Commerce…

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Pakistan to Implement Turkish Model for DISCOs Management, Eyeing Efficiency and Investment

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power-sector

In Islamabad, Pakistan is set to emulate the successful Turkish model by outsourcing the management of its power distribution companies (DISCOs) in a bid to curtail losses, enhance efficiency, and attract investment. Following an agreement with the International Monetary Fund (IMF), Pakistan aims to engage a transaction adviser for long-term concessions by April 2024. The World Bank has offered grant-based…

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Signing Ceremony of MoU between the Stakeholders onConsortium Formation for Machike-Thallian-Tarujabba White Oil Pipeline

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New-SIFC

In a landmark achievement, the signing ceremony of MoU between the Stakeholders on Consortium Formation for Machike-Thallian-Tarujabba White Oil Pipeline Project has been held on February 14,2024 at SIFC Secretariat, PM Office. The ceremony was witnessed by Minister for Power and Petroleum Muhammad Ali, Secretary (Petroleum Division) Momin Agha, Secretary SIFC Jameel Qureshi. The heads of consortium entities i.e. MD…

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The SIFC has a new plan to tackle circular debt. Will it work? 

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Special-Investment

The Council is looking to woo the IMF with a unique new solution they are proposing Since its inception, the Special Investment Facilitation Council (SIFC) has looked to expand itself and take over the reins of the economic underpinnings of the country with limited success. The military and bureaucracy based chimera has looked to stimulate the economy while looking to…

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1MW solar power plant installed in Hunza for uninterrupted power supply

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111-222

Plant aims to meet energy deficit in the region, ensure uninterrupted supply of electricity to localsThe Special Investment Facilitation Council (SIFC) of the government, in partnership with solar firm Energy NPAK has installed a one-megawatt solar power plant in Hunza district of Gilgit-Baltistan. The solar plant aims to meet the energy deficit in the region and ensure uninterrupted supply of…

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SIFC takes notice of JJVL closure

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LPG-Air-Mix-Plant

ISLAMABAD: In a new development, Special Investment Facilitation Council (SIFC) has taken the notice of closure of the Jamshoro Joint Venture Limited (JJVL) LPG-NGL extraction plant since June 2020 and directed the Petroleum Division to help resolve the disputes between the plant management and Sui Southern authorities. The plant can be used as an import substitution industry against LPG import…

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PM Kakar to invite global funding under SIFC at Davos

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Anwaarul-Haq

ISLAMABAD: On the sidelines of the 54th annual meeting of the World Economic Forum (WEF) being held in Switzerland, caretaker Prime Minister Anwaarul Haq Kakar will invite international community to invest in Pakistan under the Special Investment Facilitation Council (SIFC) initiative. The prime minister arrived in Switzerland on Sunday to participate in the Davos event, which will continue till January 19. He…

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