Category: Latest News

OGDC Receives Rs7.73bn Third Interest Instalment Under Circular Debt Plan

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ISLAMABAD: Oil and Gas Development Company Limited (OGDC), Pakistan’s largest exploration and production firm, has received the third interest payment of Rs7.73 billion from Power Holding (Private) Limited (PHL) under the government’s circular debt settlement plan. In a notice to the Pakistan Stock Exchange (PSX) on Tuesday, OGDC stated the instalment is part of twelve equal monthly payments of Rs7.725 billion each, amounting to Rs92 billion in total interest, scheduled to be repaid from July 2025. The company confirmed steady progress under the government’s initiative to curb circular debt in…

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Salim Saifullah Rejects RLNG-Based Gas Connections in KP, Warns of Protests

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PESHAWAR: Former federal minister and ex-chairman of the Khyber Pakhtunkhwa Textile Mills Association (KPTMA), Salim Saifullah Khan, has strongly opposed SNGPL’s decision to provide new gas connections in Khyber Pakhtunkhwa on re-gasified liquefied natural gas (RLNG) basis, calling it unconstitutional and unjust. In a statement on Monday, Khan said that under Article 158 of the Constitution, gas-producing provinces have the first right to its use. “KP is self-sufficient in natural gas and does not require costly imported RLNG. Such connections should be restricted to non-producing regions,” he stressed. He demanded…

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IMF Sees Limited Economic Impact of Floods on Pakistan

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ISLAMABAD: The International Monetary Fund (IMF) has said the recent floods are unlikely to cause major setbacks to Pakistan’s economic growth or revenue collection this fiscal year, noting that except for Punjab, provinces have not reported significant damages. According to government sources, the IMF shared its views during opening meetings with Finance Minister Muhammad Aurangzeb as part of the ongoing review talks, which began on September 25 and will continue until October 8. The lender indicated that initial assessments suggested no major impact on growth or tax revenues, though it…

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Barrick Appoints Mark Hill as Interim CEO After Bristow’s Sudden Exit

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TORONTO/BENGALURU: Barrick Gold has named veteran executive Mark Hill as interim president and CEO following the abrupt resignation of Mark Bristow, who had led the Canadian mining giant for nearly seven years since its merger with Randgold Resources. Bristow, appointed CEO in 2019, oversaw the integration of Randgold with Barrick, streamlined the company’s portfolio, and significantly reduced debt. He had previously indicated plans to remain in office until 2028, a tenure that would have included overseeing the development of the Reko Diq copper and gold project in Pakistan. His sudden…

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Finnish Firm Metso to Invest in Reko Diq, Expand Mining Role in Pakistan

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ISLAMABAD: Federal Minister for Petroleum Ali Pervaiz Malik on Monday met a Finnish delegation led by Ambassador Hannu Ripatti, Piia Karhu, President of Minerals at Metso, and Willie Eerola, Honorary Consul General of Pakistan to Finland, to explore investment opportunities in Pakistan’s mineral sector. Malik said Pakistan was transitioning from primitive to mechanised, responsible mining under an improved regulatory framework designed to attract global investors. He termed Reko Diq the “torch bearer” of the country’s mineral industry and pledged full government support for international partners. Piia Karhu commended Pakistan’s reforms…

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