Day: May 7, 2024

World Bank’s Ongoing Support for Energy Sector Reforms Applauded by Pakistani Ministers

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Federal Minister for Petroleum Dr. Musadik Malik and Federal Minister for Power Awais Leghari recently met with Martin Raiser, South Asia Regional Vice President of the World Bank, to discuss ongoing reforms and support in the energy sector, as per a press release. During the meeting, both sides exchanged ideas on the reform agenda and highlighted the technical assistance provided by the World Bank to Pakistan. Dr. Malik expressed deep gratitude for the World Bank’s consistent support, particularly in structuring governance models and separating tariffs for different income groups. He…

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Saudi Manara Minerals Team Continues Talks on Reko Diq Mine Stake in Pakistan

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A delegation from Saudi Arabian mining company Manara Minerals is currently in Islamabad for ongoing discussions regarding acquiring a stake in Pakistan’s Reko Diq gold and copper mine, according to a Pakistan government document. The Reko Diq mine, located in Balochistan province, is recognized as one of the largest underdeveloped copper-gold areas globally, jointly owned by global mining company Barrick Gold Corp and Pakistan. The Manara Minerals executives are part of a broader Saudi delegation comprising investors and companies exploring investment opportunities in various sectors such as agriculture, mining, aviation,…

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Gas Crisis Hits Karachi’s Diplomatic Community

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The gas supply crisis in Karachi is impacting every segment of society, including the city’s diplomatic community. Iran’s Consul General in Karachi, Hassan Nourian, recently shared his experiences of facing gas challenges, highlighting the difficulty of cooking meals on some nights. Nourian discussed the energy needs of Pakistan and the long-delayed gas pipeline project between Iran and Pakistan during the Meet the Press program at the Karachi Press Club. He acknowledged the missed deadline for the project’s completion, citing political and technical reasons for the delays but also noting Pakistan’s…

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Power Division Urgently Seeks Rs130 Billion for Subsidies and Grants

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power-sector

The Power Division has urgently requested the disbursement of approximately Rs130 billion to cover subsidy payments for K-Electric and Azad Jammu & Kashmir (AJK). This request, along with other supplementary grants from various ministries, is set for approval by the Economic Coordination Committee (ECC) of the Cabinet, to be chaired by Finance Minister Muhammad Aurangzeb. The Power Division’s foremost request is for an advance subsidy of Rs70 billion for K-Electric’s arrears, followed by Rs55 billion for tariff differential subsidy arrears of AJK. Additionally, a technical supplementary grant of Rs2.5 billion…

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Pakistan Business Council Advises SIFC to Focus on Investment Climate Transformation

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The Pakistan Business Council (PBC) has directed the Special Investment Facilitation Council (SIFC) to prioritize the transformation of Pakistan’s investment climate, especially to attract foreign direct investment (FDI). In a letter, Ehsan Malik, CEO of PBC, urged SIFC to address fragmentation within key ministries and promote long-term policy predictability. Malik emphasized the importance of learning from existing investors’ experiences, highlighting the negative impact of abrupt policy changes on previous investments. He stressed the need to restore Pakistan’s reputation for stable, long-term investment plans. Furthermore, Malik recommended focusing on FDI in…

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