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

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

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

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? 

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

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

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

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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Iran serves new notice on Pakistan for delay in IP gas line project

iran-gas-pipeline

Pakistan received the latest notice almost 10 days ago, top government officials told The News ISLAMABAD: Iran has issued a third notice to Islamabad, renewing its intention to move the arbitration court for not laying the pipeline as part of the IP gas line project. The project has been facing delays since 2014. Pakistan received the latest notice almost 10…

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9-cent tariff: Govt yet to cross several bridges?

Power-generation

ISLAMABAD: The government is yet to cross several bridges including the challenge of convincing the International Monetary Fund (IMF) before it can slash industrial tariff to cents 9/kWh, which would require further burdening all category of consumers, including vulnerable domestic consumers, well-informed sources told Business Recorder. According to the press release issued by the IMF dated 11 January 2024 after its…

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Industrial sector: Nine cent energy tariff approved: minister

power-gride

CAIRO (Egypt): The Apex Committee of the Special Investment Facilitation Council (SIFC) has approved an energy tariff of nine cents for the industrial sector against the current rate of 14 cents and the matter will be taken in the next Cabinet meeting. This was stated by caretaker Federal Minister for Commerce and Industry Dr Gohar Ejaz while talking to Business…

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