Author: Admin

IFC Commits $300 Million to Reko Diq Copper-Gold Project

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IFC-Project

The International Finance Corporation (IFC), the World Bank’s private sector investment arm, has pledged $300 million in debt financing for the development of the Reko Diq copper-gold mining project in Balochistan, Pakistan. The funding is part of a broader financing effort aimed at securing over $2 billion from international lenders by early Q3 2025. Barrick Gold, which jointly owns the project with the federal and Balochistan governments, expects to begin production in 2028. The mine is one of the world’s largest undeveloped copper-gold deposits and is projected to generate $70…

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NEPRA Approves Rs1.71 per Unit Cut in Electricity Tariff for Three Months

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NEPRA

The National Electric Power Regulatory Authority (NEPRA) has approved a reduction of Rs1.71 per unit in electricity prices for a three-month period, from April to June 2025. The move comes in response to the federal government’s request aimed at lowering consumer-end tariffs and stimulating electricity demand. NEPRA issued a written decision confirming the approval, stating that the reduction would not impact its determined tariff, as the government will provide the subsidy from the anticipated Petroleum Development Levy (PDL) collection. The Ministry of Energy proposed that Rs1.71/kWh in relief be extended…

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Petroleum Minister Ali Pervaiz Malik Welcomes Britains Support for Capacity Building in Petroleum Sector

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New-Project59

Minister for Petroleum, Mr. Ali Pervaiz Malik, held a productive meeting with Ms. Joe Moir, Development Director of the British High Commission in Islamabad, to discuss bilateral energy collaboration and cooperation opportunities in Pakistan’s petroleum sector. The meeting, held at the Ministry of Petroleum, focused on enhancing UK-Pakistan partnerships in oil, gas, and energy sectors. Both sides emphasized the importance of sustainable energy development, technological exchange, and British cooperation in Pakistan’s energy infrastructure. Minister Malik highlighted the government’s commitment to improving energy security and efficiency while welcoming British expertise in…

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OGDCL Targets 2027 for Production in ADNOC’s Offshore Block-5, Eyes Expansion in Minerals

Admin

ISLAMABAD, April 10, 2025: Pakistan’s state-run Oil and Gas Development Company Limited (OGDCL) plans to commence production from Abu Dhabi’s Offshore Block-5 by 2027, marking a major step in its international expansion, said CEO Ahmed Hayat Lak on Wednesday. Speaking on the sidelines of the Pakistan Minerals Investment Forum 2025, Lak stated that while reserves in the ADNOC-partnered block are still under evaluation, the company anticipates production within two years. Domestically, OGDCL aims to ramp up its oil production from 37,000 to over 50,000 barrels per day and increase gas…

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Fuel Prices in Pakistan May Drop by Up to Rs12 Amid Falling Global Oil Rates

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Fuel-Price

Islamabad, April 10, 2025: Consumers in Pakistan could soon see a significant drop in fuel prices, with a potential reduction of up to Rs12 per litre in petrol and diesel, following a sharp decline in global crude oil prices, according to sources in the Petroleum Division. Brent crude oil has experienced a steep fall over the past week, currently trading at $60.12 per barrel—down from $74.74 on March 31. Although prices briefly rose to $74.95 on April 1 and 2, they have since plummeted by more than $14 per barrel.…

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