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Tabish Gauhar resigns as special advisor to PM
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Businessmen propose tax and duty cut in budget
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ECC delays approval of IPPs’ arrears
Power Division sought financing to pay first instalment to power plants
Power plants under the 2006 policy would get Rs4.2 billion in the first installment, subject to clearance by the ECC. PHOTO: PID
ISLAMABAD:
The government on Wednesday put off approval of a Rs89.9 billion supplementary budget to partially clear arrears of Independent Power Producers (IPPs) due to fear of National Accountability Bureau (NAB), which was delaying decision by a cabinet body.
Like his two predecessors, Finance Minister Shaukat Tarin as Chairman of the Economic Coordination Committee (ECC) deferred a summary of the Power Division that sought Rs89.9 billion to pay the first installment to 20 IPPs.
Steel company to install solar power project
Scheme is expected to steer green revolution in steel sector
At a time when the government is suspending gas supply to the industry that generates its own electricity, Agha Steel Industries has announced plans to install a 2.25-megawatt solar power project.
According to a notification sent by the company to the Pakistan Stock Exchange (PSX) on Wednesday, it has signed a contract with Renewable Power Private Limited for installation of the 2.25MW solar power project at its production facility located at Port Qasim, Karachi.
“Meezan Bank has been nominated as the lead Islamic banking arranger for the project,” it said. “This would be one of the largest solar power projects installed by a steel manufacturer in Pakistan.”