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Day: April 11, 2025

Pakistan, World Bank Discuss $400m Investment in Power Transmission, Long-Term Energy Reforms

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world-bank

ISLAMABAD: Pakistan and the World Bank have initiated discussions on a transformative $400 million investment in reactive power compensation as part of a broader 10-year transmission partnership, aiming to revamp the country’s energy infrastructure with sustainable, market-driven reforms. Federal Minister for Power Sardar Awais Khan Leghari, in a meeting with World Bank’s Regional Director for Infrastructure, Pankaj Gupta, outlined the…

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Petroleum Division Raises Concerns Over Rs10 PL Hike on Fuel

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Petrol-Diesel

ISLAMABAD: The Petroleum Division has voiced strong reservations over the recent decision to hike the petroleum levy (PL) on motor spirit (MS) and high-speed diesel (HSD) by Rs10 per litre—raising the total levy to Rs70 per litre—as part of a plan to reduce electricity tariffs. Sources told Business Recorder that the increase, which aims to generate Rs58.6 billion to lower…

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Pakistan Commits to Comprehensive Energy Sector Reforms Under IMF Agreement

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New-IMF

ISLAMABAD: The government of Prime Minister Shehbaz Sharif has pledged a wide-ranging overhaul of Pakistan’s energy sector as part of fresh commitments made to the International Monetary Fund (IMF). The reforms aim to address chronic inefficiencies, eliminate circular debt (CD), and reduce fiscal risks through a combination of tariff rationalization, targeted subsidies, and structural changes. Key measures include regular and…

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Govt Approves 30-Year Lease Extension for Engro Vopak LPG Terminal at Port Qasim

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ISLAMABAD: In a significant development, the government has agreed in principle to extend the lease of Engro Vopak Terminal Limited (EVTL) by 30 years, allowing the company to continue operating its liquefied petroleum gas (LPG) and liquid chemical terminal at Port Qasim beyond its current lease term, which ends in 2026. According to sources, the Port Qasim Authority (PQA) signed…

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Oil Industry Seeks Super Tax Abolition, Margin Revision in Budget 2026

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Oil prices

ISLAMABAD:The Oil Companies Advisory Council (OCAC) has urged the government to abolish the super tax and address unresolved tax and margin issues in the upcoming Budget 2026, warning that continued neglect could jeopardize the financial viability of the petroleum sector. In its formal proposals to the Federal Board of Revenue (FBR), OCAC emphasized that the Finance Act 2024’s introduction of…

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IFC Commits $300 Million to Reko Diq Copper-Gold Project

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IFC-Project

The International Finance Corporation (IFC), the World Bank’s private sector investment arm, has pledged $300 million in debt financing for the development of the Reko Diq copper-gold mining project in Balochistan, Pakistan. The funding is part of a broader financing effort aimed at securing over $2 billion from international lenders by early Q3 2025. Barrick Gold, which jointly owns the…

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NEPRA Approves Rs1.71 per Unit Cut in Electricity Tariff for Three Months

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NEPRA

The National Electric Power Regulatory Authority (NEPRA) has approved a reduction of Rs1.71 per unit in electricity prices for a three-month period, from April to June 2025. The move comes in response to the federal government’s request aimed at lowering consumer-end tariffs and stimulating electricity demand. NEPRA issued a written decision confirming the approval, stating that the reduction would not…

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Petroleum Minister Ali Pervaiz Malik Welcomes Britains Support for Capacity Building in Petroleum Sector

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New-Project59

Minister for Petroleum, Mr. Ali Pervaiz Malik, held a productive meeting with Ms. Joe Moir, Development Director of the British High Commission in Islamabad, to discuss bilateral energy collaboration and cooperation opportunities in Pakistan’s petroleum sector. The meeting, held at the Ministry of Petroleum, focused on enhancing UK-Pakistan partnerships in oil, gas, and energy sectors. Both sides emphasized the importance…

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