AVN 68.48 Increased By ▲ 1.38 (2.06%)
BAFL 31.00 No Change ▼ 0.00 (0%)
BOP 4.91 Increased By ▲ 0.01 (0.2%)
CNERGY 3.75 Decreased By ▼ -0.03 (-0.79%)
DFML 14.23 Decreased By ▼ -0.20 (-1.39%)
DGKC 41.64 Decreased By ▼ -0.21 (-0.5%)
EPCL 45.37 Decreased By ▼ -1.20 (-2.58%)
FCCL 11.71 Increased By ▲ 0.02 (0.17%)
FFL 5.10 Increased By ▲ 0.03 (0.59%)
FLYNG 5.85 Increased By ▲ 0.05 (0.86%)
GGL 10.41 Decreased By ▼ -0.01 (-0.1%)
HUBC 68.50 Increased By ▲ 0.50 (0.74%)
HUMNL 5.75 Decreased By ▼ -0.01 (-0.17%)
KAPCO 28.22 Increased By ▲ 0.12 (0.43%)
KEL 2.26 Decreased By ▼ -0.03 (-1.31%)
LOTCHEM 25.10 Increased By ▲ 0.05 (0.2%)
MLCF 21.58 Decreased By ▼ -0.11 (-0.51%)
NETSOL 88.35 Increased By ▲ 2.35 (2.73%)
OGDC 99.30 Increased By ▲ 6.92 (7.49%)
PAEL 11.11 Increased By ▲ 0.02 (0.18%)
PIBTL 4.23 Decreased By ▼ -0.01 (-0.24%)
PPL 82.45 Increased By ▲ 2.30 (2.87%)
PRL 13.34 Decreased By ▼ -0.30 (-2.2%)
SILK 0.90 No Change ▼ 0.00 (0%)
SNGP 44.38 Increased By ▲ 0.91 (2.09%)
TELE 6.18 Increased By ▲ 0.22 (3.69%)
TPLP 15.81 Increased By ▲ 0.08 (0.51%)
TRG 119.75 Increased By ▲ 4.74 (4.12%)
UNITY 14.10 Increased By ▲ 0.25 (1.81%)
WTL 1.26 Increased By ▲ 0.10 (8.62%)
BR100 4,171 Increased By 47 (1.14%)
BR30 15,253 Increased By 323.5 (2.17%)
KSE100 41,645 Increased By 454.1 (1.1%)
KSE30 15,700 Increased By 205.9 (1.33%)
Markets

Time to 'say no' to cartels, says PM, as energy bill touches $27bn

  • Holds cartels responsible for not allowing Pakistan to explore its indigenous energy resources
Published December 5, 2022
Follow us

Prime Minister Shehbaz Sharif on Monday said it was "time to say no" to cartels because they are responsible for not allowing Pakistan to explore its indigenous energy resources.

“Despite having resources, Pakistan remains a petroleum importing country while cartels are dictating terms,” he said while attending the inaugural ceremony of Unit 5 & 6 Mangla Refurbishment Project, aimed at enhancing the dam's electricity generation capacity.

“I think the time has come that we give them a shut-up call, and stand up and say no to them and carve out a way forward and a strategy meant to serve the people of Pakistan,” he said.

The prime minister said Pakistan’s annual energy bill is as much as $27 billion, which cannot be borne by the developing country.

“Pakistan has the capacity to generate 60,000 megawatts of hydroelectricity. However, to date we have only been able to generate 10,000MW,” he added.

According to him, if dams and reservoirs similar to Mangla had been built, Pakistan's petroleum import bill would have been only a fraction of the current amount, and the money saved could have been used for other key sectors like agriculture and industry.

PM urges Chinese co to invest in renewable energy sector

Shehbaz said the government plans to generate 10,000MW through solar power, which is the only key to Pakistan’s growth. “We cannot bear the cost of expensive electricity,” he said.

Talking about agriculture, the PM said: “It is unfortunate, that despite being an agricultural country Pakistan is compelled to import wheat and fertilizers to the tune of billions of dollars."

PM praises US help

During the ceremony, the prime minister praised the role of the US in the development of energy resources in Pakistan, including the $150 million monetary grant given by USAID for the upgradation of the Mangla Refurbishment Project.

“In the last five decades, Mangla Dam has made valuable contributions in promoting our economy, and now after serving this nation wonderfully, it required maintenance, upgradation and refurbishment,” said Shehbaz.

He said the Development Agency of France also provided a loan of 90 million euros and an additional commitment of 65 million euros. This, coupled with WAPDA’s contribution of $178 million, brings the total funds for the upgradation programme to $483 million.

The prime minister also shared that US Ambassador to Pakistan Donald Blome has conveyed to him that the western nation is engaged in the further extension program of the Tarbela Dam.

Provinces’ power sector schemes: Rs8.11bn approved by ECC

“It is time to further enhance and strengthen this friendship in the field of trade and investment,” said Shehbaz.

Comments

Comments are closed.

Dr Dec 05, 2022 07:54pm
Shame on your Mughal mentality! The ship is sinking and you still blame the writer for depicting the true picture of the imminent economic and financial meltdown that's in the offing.
thumb_up Recommended (0)
M.Hasaan Dec 06, 2022 06:34am
Finally, Prime Minister of the country has realised that he and his brother had been blackmailed by the cartels. They are responsible for most of the imported fuel projects. This party, after Musharaf's dictatorship, has a major contribution for creating this energy mess. Now look at the role of US. It has always played a positive role in the development of Pakistan. Instead of selling its decommissioned coal projects to Pakistan like China, it is trying to build hydroelectric capacity of country at the time when it itself is facing difficult times.
thumb_up Recommended (0)

Time to 'say no' to cartels, says PM, as energy bill touches $27bn

Intra-day update: rupee down against US dollar

PM Shehbaz orders establishment of relief fund to aid Turkiye

Intra-day update: KSE-100 Index up over 500 points

IMF should work with Pakistan to protect the deprived: Human Rights Watch

Toshakhana case: Islamabad court defers Imran Khan's indictment

Earthquake kills more than 4,800 in Turkiye, Syria

High-income earners directed to pay 50pc of super tax liability

Policy-level talks with IMF begin today

NA clears Trade Dispute Resolution Bill, 2022

Imran optimistic about prospects of ‘jail bharo’ protest