Author: Admin

OGDCL Receives Rs41.8bn from Uch Power as Part of Circular Debt Settlement

Admin
ogdc-new

The Oil and Gas Development Company Limited (OGDCL) announced on Thursday that it has received Rs41.8 billion from Uch Power (Private) Limited, marking a significant step in the government’s ongoing efforts to reduce circular debt in the energy sector. In a notification to the Pakistan Stock Exchange (PSX), OGDCL confirmed that the payment was made against longstanding receivables. “This receipt reflects the Government of Pakistan’s initiative to address circular debt in the energy sector,” the company said. Earlier, sources told Business Recorder that the Central Power Purchasing Agency–Guaranteed (CPPA-G) is…

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Soon Valley’s Iconic Lakes Shrink as Unchecked Solar Pumping Sparks Water Crisis

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solar-powered

KHUSHAB: The picturesque Soon Valley Sakesar, long admired for its deep blue lakes, lush green hills, and mineral springs, is now confronting a silent but severe environmental crisis. What was once a symbol of natural beauty is rapidly deteriorating as unregulated, solar-powered groundwater extraction drains the valley’s aquifers. Thousands of solar panels, initially seen as a sign of progress and energy independence, have inadvertently accelerated groundwater depletion. As electricity shortages and high diesel prices pushed farmers to adopt solar-powered submersible pumps, water extraction has become virtually free—and nearly constant. Running…

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Oil Industry Warns of Imminent Collapse, Seeks Urgent Government Action

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oil-industry

ISLAMABAD: Pakistan’s oil industry has sounded the alarm over a growing list of unresolved challenges that, it warns, could push the sector towards collapse. In a letter to the Oil and Gas Regulatory Authority (Ogra), the Oil Companies Advisory Council (OCAC) urged immediate intervention to address critical issues ranging from delayed sales tax recovery to port bottlenecks and costly digitisation requirements. OCAC Secretary General Dr. Syed Nazir A. Zaidi highlighted the sector’s concerns in a detailed letter to the Ogra chairman, also shared with the petroleum minister. These issues were…

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US Exim Bank Approves $1.25bn Financing for Reko Diq Mining Project

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Reko-Diq

ISLAMABAD: The Export-Import Bank of the United States has approved $1.25 billion in financing to support mining and critical minerals development at Reko Diq, US Chargé d’Affaires Natalie Baker announced on Wednesday. In a video message, Ms. Baker said the financing package is expected to generate $2 billion worth of high-quality US mining equipment and services for the construction and operation of the Reko Diq mines in the coming years. The landmark project will create an estimated 6,000 jobs in the United States and 7,500 jobs in Balochistan, she added.…

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Pakistan Government Successfully Completes Landmark PKR 659.6 Billion PHL Settlements

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New-Project80

Islamabad, December 10, 2025 – The Government of Pakistan is pleased to announce the successful completion of PKR 659.6 billion Power Holding Limited (PHL) settlements, marking a significant milestone in the country’s economic reforms. The settlement comprises PKR 399.6 billion redemption of PES I & II, executed through a National Debt Market (NDM) off-market transaction, which is Pakistan’s largest-ever debt market transaction. Additionally, PKR 259.7 billion was settled in various syndicated financing facilities. This landmark transaction reflects the strength of Pakistan’s capital market ecosystem and its capability to handle large-scale…

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