Month: May 2024

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

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Pakistan-Reko-Diq-mine

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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business-community

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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Engro and Dawood Hercules Corporation Agree on Restructuring Plan

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In a significant development, Engro Corporation Ltd (Engro Corp) and Dawood Hercules Corporation Ltd (DH Corp) have given initial approval to a restructuring plan aimed at optimizing investment opportunities within the enterprise. The proposal, subject to final board and shareholder approvals, has been formally communicated to the PSX on Monday. This strategic restructuring aims to synergize investment efforts between Engro Corp and DH Corp, promising enhanced avenues for investment within the enterprise.

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