Author: Admin

Pakistan Seeks IsDB Financing, Revival of Saudi Oil Facility

Admin
Oil-Price

ISLAMABAD: Pakistan is actively pursuing two financial avenues to address its energy needs: securing syndicate financing from the Islamic Development Bank (IsDB) and attempting to revive the Saudi Oil Facility (SOF), which has faced delays despite extensive diplomatic efforts. Prime Minister Shehbaz Sharif has made several visits to Saudi Arabia since taking office, yet the SOF remains unfinalized. Pakistan hopes to convince Riyadh to extend the SOF for 12 months, beginning in January or February 2025. Simultaneously, Islamabad plans to formally request the International Islamic Trade Finance Corporation (ITFC), a…

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OPEC to Re-Elect Haitham al-Ghais as Secretary General for Second Term

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Elect-Haitham

LONDON: The Organization of the Petroleum Exporting Countries (OPEC) is poised to re-elect Haitham al-Ghais of Kuwait for a second three-year term as Secretary General during a virtual meeting on December 10, according to four group delegates. The meeting, scheduled to begin at 12:30 GMT, is expected to focus solely on administrative matters and conclude quickly, one source noted. Al-Ghais, who assumed the role in January 2022, succeeded Nigeria’s Mohammad Barkindo as the head of OPEC. The organization has yet to comment on the upcoming decision. Al-Ghais’s leadership has been…

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China’s Herbin Raises Concerns Over New Tender for Guddu TPS ST-16 Rehabilitation

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NTDC-House

ISLAMABAD: Herbin Electric International Company Limited (HEICL), the Chinese OEM and EPC contractor for Thermal Power Station (TPS) Guddu, has raised objections to the new tender process for rehabilitating Steam Turbine (ST)-16. In a letter to CPGCL’s Chief Operating Officer, HEICL’s Senior Manager for Customer Services expressed gratitude for attending an online meeting on November 27, 2024, but voiced concerns over the absence of NESPAK and GHCL representatives. The company had initially planned to discuss bid clarifications in person but cited security concerns in Pakistan as the reason for opting…

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WB Flags Delays in $195 Million Electricity Distribution Efficiency Project

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world-bank

ISLAMABAD: The World Bank has expressed concerns over delays in the $195 million Electricity Distribution Efficiency Improvement Project (EDEIP), citing challenges related to implementing agency capacity, land acquisition, and procurement processes. The project, designed to enhance operational efficiency and support power sector reforms, has seen only 5.86% of funds disbursed—approximately $11.43 million—since its approval in December 2021. Initially declared effective in August 2022, the project is set to conclude on December 31, 2027. The EDEIP aims to modernize operations in Hyderabad Electric Supply Company (HESCO), Multan Electric Power Company (MEPCO),…

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Reko Diq Project Aims for Financial Close by June 2025: ADB Considers Guarantee Options

Admin
Reko-Diq

ISLAMABAD: The financial close for the Reko Diq Mining Project is projected for June 2025, with the Asian Development Bank (ADB) exploring a third-party guarantee arrangement, according to sources. During a progress review meeting chaired by the Project Support Team (PST) at the Prime Minister’s Office, key milestones were discussed, including the completion of the feasibility study by December 2024 and achieving financial close six months later. The Reko Diq mine, jointly owned by Barrick Gold (50%), federal state-owned enterprises (25%), and the Balochistan Government (25%), has seen collaboration among…

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