Tag: SIFC

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 expedite the settlement of KE’s tariff claims. NEPRA has scheduled hearing dates for KE’s tariffs. The Prime Minister also ordered the Securities and Exchange Commission (SECP) to review the legality…

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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 GENCO-III/NPGCL’s site, emphasizing the potential for cheap and fuel-free electricity generation. However, PFREIF criticized the Power Division’s bureaucracy for misguiding SIFC regarding the status of these projects. The Forum highlighted…

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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 and Industry, stressed the importance of government-backed R&D initiatives to identify viable alternative fuel options, especially considering the limitations of solar and wind energy projects in certain regions. He pointed…

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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 technical assistance and risk guarantee instruments, bolstering confidence for potential private concession holders and lenders. Additionally, the International Finance Corporation has shown interest in providing transaction advisory services. Recent discussions…

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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 Pakistan State Oil (PSO) Syed Muhammad Taha, DG Frontier Works Organization (FWO) Major General Abdul Sami, MD Inter state Gas Systems Pvt. Ltd (ISGS) Nadeem Bajwa signed the historical Memorandum…

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