Category: Shortcode

Reko Diq Phase I Cost Revised to $6.8 Billion, Up 58% ECC Approves Increased Budget Following New Feasibility Study

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Reko-Diq

ISLAMABAD: The Economic Coordination Committee (ECC) has approved a 58% increase in the cost of Phase I of the Reko Diq copper and gold mining project, raising the total budget to $6.8 billion. The cost revision is based on an updated feasibility study conducted by Barrick Gold, the project’s 50% partner, accounting for inflation, increased production capacity, and enhanced infrastructure. The additional $2.5 billion in costs is expected to be offset by higher global gold and copper prices. Over the 30-year operational period, Pakistan’s federal and provincial governments anticipate $7.1…

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Pakistan, IMF Reach Staff-Level Agreement on Loan Review, Secure $1.3bn Climate Fund

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New-IMF

ISLAMABAD: Pakistan has reached a staff-level agreement (SLA) with the International Monetary Fund (IMF) on the first review of its ongoing 37-month, $7 billion bailout programme and secured a new $1.3 billion climate resilience fund, the IMF announced on Tuesday. The new 28-month arrangement under the IMF’s Resilience and Sustainability Trust (RST) will provide Pakistan with funding to support climate adaptation and resilience-building reforms. Pending board approval, the agreement will unlock $1 billion under the existing Extended Fund Facility (EFF), bringing total disbursements under the bailout to $2 billion. “Pakistan…

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Mari Energies Begins Hydrocarbon Production from Khyber Pakhtunkhwa’s Shewa Discovery

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New-Mari1

ISLAMABAD: Mari Energies Limited (formerly Mari Petroleum Company Limited) has commenced hydrocarbon production from the Shewa discovery in the *Waziristan Block, Khyber Pakhtunkhwa, under the *Extended Well Testing (EWT) phase. In a notice to the Pakistan Stock Exchange (PSX) on Tuesday, the company confirmed that gas and condensate production had begun following the completion of the gas transmission pipeline by SNGPL. Initial production rates stand at 26 MMSCFD of gas and *244 BBLs/D of condensate, with output expected to *increase gradually as processing and export systems stabilize. Mari Energies holds…

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Altern Energy Seeks Early Termination of PPA Amid Operational Losses

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New-Project53

ISLAMABAD: Altern Energy Limited has formally requested the Central Power Purchasing Agency (CPPA) to *terminate its Power Purchase Agreement (PPA) early, citing *sustained operational losses due to lack of dispatch demand in recent years. In a statement to the *Pakistan Stock Exchange (PSX), the company’s *Board of Directors announced that it had also sought the termination of the Implementation Agreement (IA) signed with the *Government of Pakistan, as well as the *sovereign guarantee backing the contract. The board has referred the early termination proposal to the company’s shareholders for approval…

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Govt Limits Net Metering Contracts to 5 Years, Revises Buyback Rates

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Net-Metering

ISLAMABAD: The government has *capped net metering contract terms at five years, with periodic **revisions to buyback rates, as per new policy guidelines issued to the *National Electric Power Regulatory Authority* (Nepra). Amid criticism over the *buyback rate cut from Rs 27 to Rs 10 per unit, the *Power Division has clarified the settlement mechanism: *imported and exported units will be billed separately, with exported units purchased at the **approved buyback rate, while imported units follow peak/off-peak tariffs. Consumers *cannot redeem or cash out credited excess units. Nepra has been…

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