Category: Latest News

ISLAMABAD: The Board of Directors of Islamabad Electric Supply Company (IESCO) has unanimously appointed Engineer Khalid Mehmood as the company’s new Chief Executive Officer (CEO). According to an IESCO spokesperson, Mehmood brings extensive experience and proven leadership in the energy sector, having served in various key roles across operations, construction, GSO, GSE, and other DISCO functions. He is recognised for prioritising employee welfare and safeguarding consumer interests. Chairman IESCO, Dr Tahir Masood, emphasised that the appointment was made purely on merit, citing Mehmood’s professional competence and leadership qualities. “We are…

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KARACHI: Lucky Cement Limited, one of Pakistan’s largest cement producers, is set to invest up to Rs1.2 billion in its associated company, National Resources (Private) Limited (NRL), to advance copper and gold exploration in Chagai, Balochistan. In a notice to the Pakistan Stock Exchange (PSX) on Monday, the company said its Board of Directors has approved further equity investment in NRL through subscription of shares and the purchase of 250 ordinary shares from Muhammad Ali Tabba, a related party. The funds will support pre-feasibility work, including geological studies, drilling, and…

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ISLAMABAD: The Senate Standing Committee on Power, chaired by Senator Mohsin Aziz, is set to meet today (Monday) in a bid to craft an “out-of-box” solution to the longstanding dispute over Net Hydel Profit (NHP) payments between the federal government and provinces, particularly Khyber Pakhtunkhwa (KP). The Water and Power Development Authority (WAPDA) has distanced itself from directly resolving the issue, pointing to the Power Division and the Central Power Purchasing Agency-Guarantee (CPPA-G) as better positioned to lead efforts. Planning Minister Ahsan Iqbal also heads a parallel committee on the…

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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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