Category: Latest News

Senate Committee Pushes for ‘Out-of-Box’ Resolution to NHP Dispute Between Centre, Provinces

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Senate-Panel

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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IFC Approves \$250m for Oman Polysilicon Project Despite US Opposition

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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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Ogra Drafts New Petroleum Rules to Streamline Supply, Resolve Disputes

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OGRA

KARACHI: The Oil and Gas Regulatory Authority (Ogra) has prepared draft Product Review Meeting (PRM) Regulations under the Oil Rules 2016, introducing take-or-pay (TOP) agreements and mandatory compliance for refineries, oil marketing companies (OMCs), and importers to ensure smoother petroleum supply operations. The proposed framework outlines mechanisms for demand-supply analysis, import quota adjustments, and enforcement through penalties. It was presented to a government committee chaired by the petroleum minister, which agreed in principle and directed Ogra to finalise the rules in consultation with stakeholders ahead of the next meeting. The…

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HUBCO Shareholders Approve \$51m Guarantees for Thar Coal Projects

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KARACHI: The Hub Power Company Limited (HUBCO), Pakistan’s largest Independent Power Producer, has secured shareholder approval to provide financial guarantees worth up to \$51 million for its two Thar-based coal projects — Thar Energy Limited (TEL) and ThalNova Power Thar (TN). The approval was granted at an extraordinary general meeting on August 7, 2025, authorising standby letters of credit of up to \$31 million for TEL and \$20 million for TN to bridge potential funding gaps through equity and/or subordinated debt. HUBCO’s management has also been empowered to negotiate with…

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Neelum-Jhelum Tunnel Collapse Causes Rs35bn Damage, Over Rs100bn in Power Losses: Nespak

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Neelum-Jhelum

ISLAMABAD: The National Engineering Services Pakistan (Nespak) has revealed that the collapse of a tunnel at the Neelum-Jhelum Hydroelectric Project caused physical damage worth around Rs35 billion and resulted in over Rs100 billion in losses due to halted power generation. Briefing the Senate Standing Committee on Cabinet Secretariat, chaired by Senator Rana Mahmood ul Hassan, Nespak officials said the incident occurred 5.5 kilometres underground. Three inquiry committees have been formed to determine whether the fault lies with the project’s consultants or the site’s geological conditions. The committee was informed that…

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