ISLAMABAD: The Special Investment Facilitation Council (SIFC) has directed the Petroleum Division to take positive steps towards resuming operations at the Jamshoro Joint Venture Limited (JJVL) LPG (liquefied petroleum gas) plant. This directive followed a report prepared by the Sustainable Development Policy Institute (SDPI) and was discussed in a recent SIFC meeting. According to the […]
Pakistan is renegotiating contracts with independent power producers to rein in “unsustainable” electricity tariffs, Energy Minister Awais Ahmad Leghari has said as power customers tackle with soaring unsustainable costs. Rising power tariffs have stirred social unrest and shuttered industries in the $350 billion economy, which has contracted twice in recent years as inflation hit record highs. […]
ISLAMABAD: Chinese lenders to the independent power producers (IPPs) have refused to accept the Term “Secured Overnight Financing Rate” (SOFR) but have agreed on transitioning from the London Inter-bank Offered Rate (Libor) to daily SOFR. The issue was taken up during suo motu proceedings on Thursday on the subject of shifting from Libor to SOFR […]
ISLAMABAD: Petroleum Minister Musadik Malik has expressed ignorance about excessive diesel imports by a few oil marketing companies (OMCs), which put operations of local refineries in jeopardy. The Oil Companies Advisory Council (OCAC), which represents the refineries and exploration companies, has recently raised the issue of swelling diesel stocks, which jumped to 49 days of […]
ISLAMABAD: Ishaq Dar, Chairman of a high-level committee on oil and gas, on Monday turned down a framework proposed by the Petroleum Division for the allocation of discovered gas to third parties and categorically said that the government would not “rewrite a policy” already approved by the Council of Common Interests (CCI). The Petroleum Division […]
ISLAMABAD: The Power Policy of 1994 was introduced as the ultimate solution to Pakistan’s electricity problems. Western countries and institutions praised the policy as one of the best pro-private sector initiatives. The World Bank and USAID collaborated with other multilateral donors to ensure the policy’s success by providing financial support. Both the World Bank and […]