Author: Admin

Govt Moves Forward with Discos Privatization, FAs Outline Key Reforms

Admin
Power-sector

ISLAMABAD: Financial Advisors (FAs) have briefed the Power Division and Privatization Commission on private sector participation in three power Distribution Companies (Discos), highlighting necessary regulatory and financial reforms, sources told Business Recorder. The government aims to privatize Islamabad Electric Supply Company (IESCO), Gujranwala Electric Power Company (GEPCO), and Faisalabad Electric Supply Company (FESCO). The discussions focused on regulatory changes, balance sheet restructuring, and preparatory steps required before privatization. A consortium led by Alvarez & Marsal Middle East Limited is working on cleaning up Discos’ balance sheets, which currently reflect over…

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Govt Inaugurates First 120KW EV Charging Station in Islamabad, Slashes Charging Rates

Admin
Electric-Vehicle

ISLAMABAD: Energy Minister Awais Leghari on Tuesday inaugurated Pakistan’s first 120KW fast-charging station for electric vehicles (EVs), developed by GoGreen Avenue, marking a significant step towards sustainable transportation. Speaking at the inauguration ceremony, Leghari emphasized the government’s commitment to clean energy and carbon reduction, stating that such initiatives are crucial for transforming the country’s energy and transportation landscape. As part of the drive to promote EV adoption, the minister announced a substantial reduction in electric charging rates, lowering the price per unit from Rs71 to Rs39. The move aims to…

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Reko Diq Phase I Cost Revised to $6.8 Billion, Up 58% ECC Approves Increased Budget Following New Feasibility Study

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Reko-Diq

ISLAMABAD: The Economic Coordination Committee (ECC) has approved a 58% increase in the cost of Phase I of the Reko Diq copper and gold mining project, raising the total budget to $6.8 billion. The cost revision is based on an updated feasibility study conducted by Barrick Gold, the project’s 50% partner, accounting for inflation, increased production capacity, and enhanced infrastructure. The additional $2.5 billion in costs is expected to be offset by higher global gold and copper prices. Over the 30-year operational period, Pakistan’s federal and provincial governments anticipate $7.1…

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Pakistan, IMF Reach Staff-Level Agreement on Loan Review, Secure $1.3bn Climate Fund

Admin
New-IMF

ISLAMABAD: Pakistan has reached a staff-level agreement (SLA) with the International Monetary Fund (IMF) on the first review of its ongoing 37-month, $7 billion bailout programme and secured a new $1.3 billion climate resilience fund, the IMF announced on Tuesday. The new 28-month arrangement under the IMF’s Resilience and Sustainability Trust (RST) will provide Pakistan with funding to support climate adaptation and resilience-building reforms. Pending board approval, the agreement will unlock $1 billion under the existing Extended Fund Facility (EFF), bringing total disbursements under the bailout to $2 billion. “Pakistan…

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Russia’s oil exports from its western ports set to rise 5% in April

Admin

Russia’s daily oil exports from its western ports are set to rise by some 100,000 barrels per day to 1.97 million bpd in April from March as the impact of seasonal domestic refinery maintenance outweighs output cuts under an OPEC+ agreement, Reuters calculations based on data from three sources showed. According to the data, exports and transit of Urals, Kazakh KEBCO and Siberian Light oil from Primorsk, Novorossiisk and Ust-Luga will increase by some 5% in April compared to March. The sources said the growth in shipments next month will…

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