Author: Admin

IFC Approves \$250m for Oman Polysilicon Project Despite US Opposition

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world-bank

WASHINGTON: The International Finance Corporation (IFC), a member of the World Bank Group, has approved up to \$250 million in loans and investments for a major polysilicon manufacturing project in Oman, moving ahead despite opposition from the IFC’s US executive director, sources said. According to two individuals familiar with the board’s decision, three other executive directors — representing Germany, the Netherlands, and the Nordic countries — abstained from voting on the United Solar Polysilicon project. The \$1.6 billion facility, to be built in the Sohar Port Freezone, will have the…

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SDPI Urges Integrated Economy-Energy-Environment Approach for Pakistan’s EV Transition

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New-Project24

ISLAMABAD: Pakistan must integrate its economic, energy, and environmental strategies to build a sustainable electric vehicle (EV) ecosystem powered by renewable energy, according to a new report by the Sustainable Development Policy Institute (SDPI). The findings were shared at a high-level policy dialogue, “Mapping the EV Ecosystem of Pakistan: From Policy to Market Adoption,” attended by policymakers, industry leaders, and energy experts. The session marked the launch of SDPI’s comprehensive study on the country’s electric mobility transition. SDPI Executive Director Dr. Abid Qaiyum Suleri stressed that EV adoption should align…

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Ogra Drafts New Petroleum Rules to Streamline Supply, Resolve Disputes

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OGRA

KARACHI: The Oil and Gas Regulatory Authority (Ogra) has prepared draft Product Review Meeting (PRM) Regulations under the Oil Rules 2016, introducing take-or-pay (TOP) agreements and mandatory compliance for refineries, oil marketing companies (OMCs), and importers to ensure smoother petroleum supply operations. The proposed framework outlines mechanisms for demand-supply analysis, import quota adjustments, and enforcement through penalties. It was presented to a government committee chaired by the petroleum minister, which agreed in principle and directed Ogra to finalise the rules in consultation with stakeholders ahead of the next meeting. The…

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HUBCO Shareholders Approve \$51m Guarantees for Thar Coal Projects

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New-Hubco1

KARACHI: The Hub Power Company Limited (HUBCO), Pakistan’s largest Independent Power Producer, has secured shareholder approval to provide financial guarantees worth up to \$51 million for its two Thar-based coal projects — Thar Energy Limited (TEL) and ThalNova Power Thar (TN). The approval was granted at an extraordinary general meeting on August 7, 2025, authorising standby letters of credit of up to \$31 million for TEL and \$20 million for TN to bridge potential funding gaps through equity and/or subordinated debt. HUBCO’s management has also been empowered to negotiate with…

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Neelum-Jhelum Tunnel Collapse Causes Rs35bn Damage, Over Rs100bn in Power Losses: Nespak

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Neelum-Jhelum

ISLAMABAD: The National Engineering Services Pakistan (Nespak) has revealed that the collapse of a tunnel at the Neelum-Jhelum Hydroelectric Project caused physical damage worth around Rs35 billion and resulted in over Rs100 billion in losses due to halted power generation. Briefing the Senate Standing Committee on Cabinet Secretariat, chaired by Senator Rana Mahmood ul Hassan, Nespak officials said the incident occurred 5.5 kilometres underground. Three inquiry committees have been formed to determine whether the fault lies with the project’s consultants or the site’s geological conditions. The committee was informed that…

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