Day: October 7, 2025

Pakistan Dispatches First Rare Earth Shipment to U.S. Under $500 Million Strategic Minerals Deal

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Minerals-Division

ISLAMABAD: Pakistan has sent its first shipment of enriched rare earth elements and critical minerals to the United States, marking the launch of a landmark $500 million partnership with U.S. Strategic Metals (USSM). The milestone represents a new chapter in Pakistan-U.S. cooperation, expanding their partnership into the high-value minerals and clean energy sectors. The shipment, comprising antimony, copper concentrate, and rare earth elements containing neodymium and praseodymium, marks the first delivery under the strategic framework signed earlier this month. The agreement follows two Memorandums of Understanding (MoUs) inked on September…

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OGDCL Plans Consortium with Turkish Petroleum for Libya Exploration Bid

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ISLAMABAD: The Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest exploration and production (E&P) firm, is in advanced discussions with Turkish Petroleum Corporation (TPAO) and other state-owned enterprises to establish a consortium for joint participation in Libya’s Bid Round 25, as part of its strategy to expand its international footprint. According to OGDCL’s annual report released on Monday, the company was officially qualified in August 2025 as an eligible investor in Libya’s latest licensing round, which offers 22 exploration blocks—11 onshore and 11 offshore. Libya’s hydrocarbon-rich basins are estimated…

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IEA Lowers Global Renewables Outlook as U.S. Policy Shifts and China Reforms Curb Growth

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Solar-wind

PARIS: The International Energy Agency (IEA) has revised down its global renewable energy growth forecast for 2030 by 900 gigawatts (GW), citing policy headwinds in the United States and market reforms in China, even as solar energy continues to lead global capacity additions. According to the agency’s latest report released on Tuesday, total renewable capacity is now expected to expand by around 4,600 GW by 2030—down from the 5,500 GW projected in 2024—with solar energy accounting for nearly 80% of the total increase. The downgrade stems primarily from a faster-than-expected…

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Pakistan Eyes Saudi Investment Boost Following Defence Pact

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Pak-Saudi1

ISLAMABAD: A high-level Saudi business delegation, led by Prince Mansour bin Mohammad Al-Saud, is set to arrive in Pakistan this week to explore potential investment opportunities—marking what Islamabad hopes will be the beginning of a broader economic partnership following last month’s mutual defence agreement between the two nations. Officials anticipate an initial investment package worth around $1 billion, possibly through the establishment of a new investment fund aimed at strengthening economic ties alongside existing military cooperation. Under the recent defence pact, Pakistani forces are expected to be stationed in Saudi…

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HUBCO Embarks on Bold Diversification Drive with Aluminium Smelter, SPM Project, and BYD EV Venture

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Hubco-Project

KARACHI: The Hub Power Company Limited (HUBCO), Pakistan’s largest independent power producer (IPP), is charting a major diversification path by exploring multiple ventures at its 1,100-acre base plant in Hub, including an aluminium smelter, a Single Point Mooring (SPM) facility, and a local electric vehicle (EV) assembly project in partnership with BYD. According to a report by Topline Securities, HUBCO’s management is evaluating various options to utilize its strategic land and infrastructure. Among them, the company has explored setting up an aluminium smelter—an energy-intensive industry that could help address Pakistan’s…

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