Category: Latest News

Reko Diq Project Nears Financial Closure, Poised to Unlock $74bn in Cash Flows

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Reko-Diq

ISLAMABAD: Pakistan’s long-delayed Reko Diq copper and gold project is set to achieve financial closure by the end of September or early October, in what officials describe as a landmark development for the country’s mining and investment landscape. Located in Balochistan’s Chagai district, the project is expected to generate \$74 billion in free cash flows over its 37-year life, making it a cornerstone of Pakistan’s economic strategy. The Boards of OGDCL, PPL and GHPL have approved \$715 million in project costs, raising the total to \$7.48 billion. Despite the adjustment,…

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PM Approves Use of Seized Solar Panels for Gilgit-Baltistan and Gwadar Power Projects

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New-Project19

ISLAMABAD: Prime Minister Shehbaz Sharif has approved the utilisation of confiscated solar panels lying at Karachi Port for critical power projects in Gilgit-Baltistan (GB) and Gwadar, aiming to tackle chronic energy shortages and promote clean energy solutions. Under the plan, 100 MW of solar capacity will be deployed across remote sites in GB, while the remaining panels will be used to solarise water supply schemes in Gwadar. The National Logistics Cell (NLC) will transport the equipment, while the Power Division, PPIB, PPMC, and GB authorities assess the panels’ technical viability.…

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Private Sector Demands Allocation of Indigenous Gas Amid LNG Glut

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LNG

ISLAMABAD: The private sector has urged the government to allocate surplus indigenous gas to private shippers, arguing that continued curtailment in favour of imported LNG is damaging both producers and consumers. Industry players note that reluctance to lift LNG cargoes has created a market glut, forcing several cargo diversions. Meanwhile, local gas supplies have been curtailed by 300–400 mmcfd, causing losses estimated at Rs12 billion for exploration companies. Although the government earlier raised third-party allocation from 10% to 35%, the policy has yet to be implemented, frustrating private shippers. Exploration…

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Cabinet Lifts Ban on New Gas Connections; Declares Climate and Agriculture Emergencies

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Gas-OGDCL

ISLAMABAD: The federal cabinet has approved the resumption of new domestic gas connections across Pakistan, ending a ban imposed in 2021. The decision was announced by Petroleum Minister Ali Pervaiz Malik on Wednesday, alongside Federal Minister for Parliamentary Affairs Tariq Fazal Chaudhry. Malik said the move responds to strong public demand, particularly from residents of new housing schemes who had been forced to rely on expensive LPG. He assured that both Sui companies were ready to begin processing pending applications immediately, with applicants also given the option to convert to…

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Shanghai Electric Terminates \$1.77bn Deal to Acquire Stake in K-Electric

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K-Electric

KARACHI: Shanghai Electric Power Company has officially terminated its long-pending plan to acquire a controlling 66.4 per cent stake in K-Electric Ltd, citing unfavorable changes in Pakistan’s business environment and unmet contractual conditions. K-Electric, the sole power generator, transmitter, and distributor for Karachi and adjoining areas, was privatised in 2005. Shanghai Electric first agreed in 2016 to purchase the stake from Abraaj Group for \$1.77 billion. However, the deal remained stalled for years due to regulatory hurdles, liquidity issues tied to Pakistan’s circular debt crisis, and Abraaj’s collapse in 2019.…

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