Category: Latest News

Port Qasim Power Plant Seeks Finance Minister’s Intervention Over Rs87.5 Billion Dues

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Power-Plant

ISLAMABAD: Port Qasim Electric Power Company (PQEPC) has urged Finance Minister Muhammad Aurangzeb to intervene in clearing overdue payments amounting to Rs87.5 billion (approximately \$308.2 million) as of June 30, 2025, warning that delays now exceed six months and risk spiraling further. In a formal communication, PQEPC CEO Wang Min highlighted the growing dissatisfaction of Chinese and Qatari shareholders over the payment backlog and cautioned that the company reserves the legal right to suspend operations under Section 9.10 of the Power Purchase Agreement (PPA) without incurring any penalties. Wang noted…

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APTMA, Power Division Clash Over Industrial Cross-Subsidy Calculations

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New-APTMA

ISLAMABAD: A disagreement has emerged between the Power Division and the All Pakistan Textile Mills Association (APTMA) over the actual volume of cross-subsidies embedded in industrial electricity tariffs. APTMA claims that the burden is nearly double the amount reported by the government. While the Power Division recently announced a Rs174 billion cut in cross-subsidies, estimating Rs74 billion currently applied to industrial tariffs, APTMA disputes the figure. In a letter to Power Minister Sardar Awais Leghari, APTMA Secretary General Shahid Sattar argued that their analysis—based on NEPRA’s FY26 consumer-end tariff determinations—places…

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HUBCO Announces \$51 Million Investment Plan to Support Thar Coal Projects

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HUBCO-Project

KARACHI: Hub Power Company Limited (HUBCO), Pakistan’s largest Independent Power Producer (IPP), has unveiled plans to invest up to \$51 million (approximately Rs14.61 billion) in two of its key Thar-based coal power projects—Thar Energy Limited (TEL) and ThalNova Power Thar (Private) Limited (TN). In a notice submitted to the Pakistan Stock Exchange (PSX) on Wednesday, HUBCO revealed that its board has approved resolutions to extend Sponsor Support Contribution Letters of Credit (SSC LCs) for both projects to ensure smooth debt servicing and meet potential financial obligations. The company seeks shareholder…

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Pakistan, UNEP’s SPAR6C Initiative Collaborate to Strengthen Carbon Market Readiness

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UNEP-PAK

ISLAMABAD: Federal Minister for Climate Change, Dr. Musadik Malik, met with a delegation from SPAR6C (Supporting Preparedness for Article 6 Cooperation) on Tuesday to advance Pakistan’s engagement in global carbon markets under the Paris Agreement. SPAR6C is a five-year international initiative (2022–2027) led by the United Nations Environment Programme (UNEP), assisting countries like Pakistan, Colombia, Thailand, and Zambia in building capacity for Article 6 cooperation. The meeting focused on enhancing Pakistan’s readiness for carbon market mechanisms, particularly through the student sponsorship programme. Both sides reviewed ongoing support for Pakistani students…

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Reko Diq Project to Deliver Multi-Generational Impact for Balochistan, Says Barrick CEO

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Reko-Diq

QUETTA, July 2025 — The Reko Diq copper-gold project is more than a major mining initiative — it represents a multi-generational opportunity for sustainable economic and social uplift in Balochistan, said Mark Bristow, CEO of Barrick Gold Corporation, during his visit to Humai village, the closest community to the project site in District Chagai. Speaking with local residents, Bristow reaffirmed the Reko Diq Mining Company’s (RDMC) commitment to empowering the people of Balochistan through long-term investments in employment, education, and healthcare. “We’re not only creating direct jobs at RDMC, but…

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