Year: 2024

Climate Finance Accelerator Showcases Innovative Pakistani Climate Projects at Investor Roadshow

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Sarah-Mooney

The UK-funded Climate Finance Accelerator (CFA) Pakistan kicked off its two-day InvestorRoadshow in Karachi today, bringing together seven innovative climate mitigation projects spanningsectors such as power, e-mobility, healthcare, food, agriculture, and technology.The CFA, implemented by DAI Pakistan on behalf of the UK Government, has provided the projectswith technical, financial, and gender inclusion expertise to help ready them for investment. The thirdcohort of projects marks a significant milestone in the UK’s efforts to bolster Pakistan’senvironmental sustainability and climate resilience.Designed to combat the intensifying challenges of climate change, these projects will be…

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Oil and Gas Output Declines in Q1 Amid Field Disruptions

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oil and gas

KARACHI: Pakistan’s oil and gas production experienced a notable decline in the first quarter of the current fiscal year, with oil output falling by 8% and gas by 7%. The downturn was primarily due to annual turnarounds (ATAs) and forced curtailments at major fields, according to a report by Arif Habib Limited (AHL). Key oil fields like Nashpa, Mela, Adhi, and Makori East saw significant reductions, while gas production dropped at major sites such as Sui, Qadirpur, Uch, and Kandhkot. Despite the decline, local exploration and production (E&P) companies spudded…

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Pakistan’s Gains from Shanghai Cooperation Organisation (SCO) Membership: A Comprehensive Overview

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SCO-Project

Since becoming a full member of the Shanghai Cooperation Organisation (SCO) on June 9, 2017, Pakistan has reaped significant benefits across multiple sectors, particularly in trade, security, and regional diplomacy. Pakistan’s involvement in the SCO has strengthened its trade potential, enhanced security cooperation, and bolstered its geopolitical standing within Central Asia. In terms of trade, Pakistan’s exchange with SCO members, particularly China, has flourished. Bilateral trade with China reached over $27 billion annually, fueled by initiatives such as the China-Pakistan Economic Corridor (CPEC) and the Belt and Road Initiative (BRI).…

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Restrictions Hamper Progress on Dasu Hydropower Project: World Bank Cites Transportation Challenges

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Dasu-Hydropower

ISLAMABAD: The World Bank has reported significant slowdowns in the 4,320 MW Dasu Hydropower Project due to restrictions on ground transportation for international workers and experts from Islamabad to the project site, as well as a shortage of armored vehicles for their movement within the project area. A recent World Bank mission to Pakistan noted that while construction is ongoing, security and logistical challenges have hindered progress. The March 2024 terrorist attack, which led to a temporary suspension of work by Chinese contractors, exacerbated the delays. Key milestones, such as…

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Chinese Firm to Invest $1 Billion in PRL Upgrade, Doubling Refinery Output

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PRL-Project

A Chinese investment corporation has committed $1 billion to Pakistan Refinery Limited (PRL) for a major upgrade aimed at doubling its production capacity. The agreement, however, comes with a condition: the Chinese firm seeks full independence from government control, ensuring that PRL repays the investment in dollars without any government intervention. Currently, Pakistan’s State Bank allows the private sector, including refineries, to retain dollars for investment. However, the Chinese company has urged for the removal of such controls to facilitate the smooth repayment of the loan. The firm emphasized that…

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