Business

Govt denies 24-hour gas supply to consumers as reserves dry up

Published

2 years ago

Farwa

“Gas loadshedding will end during sehri and iftar,” minister says.
“We cannot provide gas 24 hours as our reserves have dropped.”
“The gas bill of the rich and poor has been separated,” he says.

KARACHI: Minister of State for Petroleum Musadik Malik said Wednesday that the masses cannot get gas 24/7, attributing a drop in the commodity’s reserves as a major reason.

Pakistan is highly reliant on natural gas for energy, and with rising demand and insufficient supply, loadshedding has become a daily occurrence in many areas of the nation.

This scenario worsens during Ramadan when Pakistanis use more gas for cooking and other reasons, especially during sehri and iftar timings.

But the minister, in conversation with journalists in Karachi, without giving an exact time, said the gas loadshedding would end during sehri and iftar. “We cannot provide gas 24 hours as our reserves have dropped.”

The issue of gas starvation in Karachi caught Prime Minister Shehbaz Sharif’s attention recently, and he directed relevant officials to ensure an uninterrupted supply of the commodity.

He said the process of supply of gas should be supervised and no negligence should be tolerated.

Owing to the widening gap between gas supply and demand, the Sui Southern Gas Company (SSGC) last week announced its decision to suspend supplies to captive power plants and industries.

The gas utility said that the decision has been taken considering the low supply of gas. It stated that due to a reduction in supply, the volume of gas in pipelines has decreased.

In response, the Karachi Chamber of Commerce and Industry (KCCI) called for immediate government action over the shortage of gas supply to Karachi industries, saying the industries could not function without gas and would be forced to halt production.

“It’s highly unfair to have such an attitude towards Karachi’s business community which, despite facing so many odds and challenges, contributes around 54% in terms of exports and more than 68% in terms of revenue,” KCCI president Muhammad Tariq Yousuf said.

Malik, while talking to journalists, said his visit to Karachi was based on resolving the gas supply issues that the people are facing and urged them to ensure payment of their utility bills.

“The gas bill of the rich and poor has been separated; rich people will have to pay more now,” the minister of state for petroleum said.

Business

SFD and Pakistan Sign Two Deals Totaling $1.61BLN

Published

1 day ago

Farwa

Two agreements totaling $1.61 billion have been inked by Pakistan and the Saudi Fund for Development to improve their bilateral economic cooperation.

Business

Saudi Arabia and Pakistan sign an MOU to strengthen their auditing industry collaboration.

Published

1 day ago

Farwa

A spokesperson for the office of the Auditor-General of Pakistan (AGP) announced on Monday that the two countries have signed a Memorandum of Understanding (MoU) to strengthen cooperation in public sector auditing through improved cooperation between audit institutions of both countries, as well as training programs and the exchange of trainers.

This comes as a group from Saudi Arabia’s General Court of Audit (GCA), headed by GCA President Dr. Hussam bin Abdulmohsen Alangari, arrived in Pakistan on Sunday for a four-day visit.

The agreement was signed during AGP Muhammad Ajmal Gondal’s meeting with the Saudi delegates, aiming to strengthen audit cooperation, enhance knowledge-sharing, and improve governance, transparency and accountability in government spending.

Public relations officer Muhammad Raza Irfan of the AGP’s office told Arab News that the deal will further advance bilateral collaboration between Saudi Arabia and Pakistan in addition to enhancing professional ties between the two nations’ auditing institutions.

In a statement released from his office, AGP Gondal was cited as saying, “This collaboration marks a significant step toward fostering international cooperation in auditing.”

“The exchange of ideas and methodologies will undoubtedly strengthen our capacity to meet emerging challenges and set new benchmarks for public accountability.”

Discussions at Monday’s meeting focused on fostering closer ties between the Supreme Audit Institutions (SAIs) of Pakistan and Saudi Arabia, sharing innovative audit methodologies, and planning collaborative initiatives for the future, according to the AGP office.

The two parties decided to increase their knowledge of theme, environmental, and impact audits as well as to exchange best practices in audit standards, performance audits, and citizen participation audits.

The statement added, “It also agreed to exchange trainers, address new auditing challenges, plan cooperative audits, including a performance audit on the oil and gas sector in 2025, and work together on training programs.”

Both sides reaffirmed their shared commitment to promoting transparency, accountability and excellence in public sector auditing.

Business

The government chooses to continue the PIA privatization process.

Published

1 day ago

Farwa

The Pakistan International Airlines (PIA) privatization process will be restarted by the federal government, and expressions of interest would be requested within the month. Officials stated that the Prime Minister’s Committee on Privatization will convene to make the final decision.

Usman Bajwa, the secretary of the Privatization Commission, gave a briefing on the updated procedure to the National Assembly Standing Committee on Privatization. Additionally, he disclosed that airlines other than PIA are now able to compete with regional carriers thanks to IMF-approved aircraft tax concessions.

Farooq Sattar, the chairman of the privatization committee, underlined the importance of giving PIA workers at least five years of job security. Employee protection will continue to be a top priority and will be resolved prior to bidding, the Privatization Commission promised.

PIA’s liabilities totaling Rs650 billion have already been assumed by the government, and an additional Rs45 billion in outstanding debts must be paid before the privatization process can begin. As of the now, PIA has assets around Rs155 billion and liabilities worth Rs200 billion. It will be necessary for the new buyer to expand the fleet by 15 to 20 aircraft.

Additionally, the Privatization Committee has sought a timeline for the privatization of Faisalabad, Gujranwala, and Islamabad Electric Supply Companies. Officials stated that after the appointment of a financial advisor, the privatization process for these companies will accelerate.