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SSGC issues statement on ‘gas loadshedding plan for Karachi, other areas’

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The Sui Southern Gas Company (SSGC) has denied the media reports claiming that a gas loadshedding plan had been notified during the afternoon hours in the southern parts of the country.

In a statement on Thursday, the gas utility said there is no truth to the reports on media and social media that the company had notified gas shutdown hours in the afternoon.

It said the underground gas line pack was affected due to low pressure which impacted the gas supply in some areas of Karachi and was restored by 6pm on Wednesday.

The statement further mentioned that a 10% annual depletion in the country’s gas reserves has further decreased amount of gas received by the SSGC due to which demand and supply gap has increased even in summer.

Due to the aforementioned reasons, the gas utility said a sudden drop in gas pressure may be experienced by consumers as it happened the previous day.

However, speaking to Geo.tv residents of Gulistan-e-Jouhar, North Karachi and other areas rejected the SSGC claims saying that they had been experiencing gas loadshedding for the last couple of days.

In April this year, Minister of State for Petroleum Musadik Malik said that the masses cannot get gas 24/7, attributing a drop in the commodity’s reserves depleting 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 parts of the country.

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Business

SIFC Initiates Carbon Market Initiative: Pakistan Pursues Green Investment at COP29

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Pakistan has introduced its inaugural Carbon Market Policy at the 29th Conference of the Parties in Baku to attain climate objectives and encourage green investments.

The policy seeks to enhance investment in the energy, agriculture, and forestry sectors.

Through the initiatives of the Special Investment Facilitation Council, Pakistan has developed a transparent carbon market framework that adheres to international norms.

The policy conforms to international standards and establishes a definite strategic orientation.

Pakistan’s carbon market policy promotes environmental conservation, economic development, and sustainability.
It promotes the use of eco-friendly technologies by enterprises and the reduction of greenhouse gas emissions.

The policy represents a substantial advancement in the worldwide effort to combat climate change. It encourages international investors and organizations to participate in Pakistan’s carbon market.

SIFC aims to mitigate environmental concerns while promoting economic growth via the Global Carbon Market.

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When the benchmark hits 109,881 points, the PSX-100 index sets a new record.

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During the first hour of trading today, the Pakistan Stock Exchange (PSX) made a stunning comeback, moving from negative to positive territory. After losing 1,400 points, the market recovered and gained 800 points.

Setting a new high, the benchmark KSE-100 Index jumped 827 points to a record-breaking 109,881 points. Restored investor confidence was also reflected in the market’s return to its crucial levels of 108,000 and 109,000 points.

Supportive government policies and recent strong economic data are credited by experts with this success, as they have improved market mood.

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The Transformation Model of Saudi Arabia: Aurangzeb Stresses Policy Continuity and Takes Advice From KSA.

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The Saudi Fund for Development, acting on behalf of the Kingdom of Saudi Arabia, has extended the three-billion dollar deposit’s maturity date by one year, to December 5, 2024.

The specified sum is now in the custody of the State Bank of Pakistan.

The extension of the deposit period is an extension of the assistance that the Kingdom of Saudi Arabia has been giving to Pakistan, which will help to bolster the nation’s foreign exchange reserves and boost its economic development.

The USD 3 billion deposit agreement was first signed with SFD in 2021 and then extended in 2022 and 2023 following the royal directions that demonstrate the two brotherly nations’ continued strong ties.

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