Author: Admin

SIFC Directs Petroleum Division to Seek ECC Approval for Granting Industry Status to Mining Sector

Admin
Oil prices

ISLAMABAD: The Special Investment Facilitation Council (SIFC) has instructed the Petroleum Division to submit a summary to the Economic Coordination Committee (ECC) recommending that Pakistan’s mining sector be formally granted industry status, well-informed sources told Business Recorder. During a recent SIFC meeting, the Power Division confirmed that it had shared its comments with the Petroleum Division on December 3, 2025, while the Petroleum Division noted that feedback from all stakeholders had been received. Participants emphasized that, despite Pakistan’s vast mineral wealth, the mining sector remains severely underdeveloped. Formal recognition as…

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OGDCL Receives Rs41.8bn from Uch Power as Part of Circular Debt Settlement

Admin
ogdc-new

The Oil and Gas Development Company Limited (OGDCL) announced on Thursday that it has received Rs41.8 billion from Uch Power (Private) Limited, marking a significant step in the government’s ongoing efforts to reduce circular debt in the energy sector. In a notification to the Pakistan Stock Exchange (PSX), OGDCL confirmed that the payment was made against longstanding receivables. “This receipt reflects the Government of Pakistan’s initiative to address circular debt in the energy sector,” the company said. Earlier, sources told Business Recorder that the Central Power Purchasing Agency–Guaranteed (CPPA-G) is…

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Soon Valley’s Iconic Lakes Shrink as Unchecked Solar Pumping Sparks Water Crisis

Admin
solar-powered

KHUSHAB: The picturesque Soon Valley Sakesar, long admired for its deep blue lakes, lush green hills, and mineral springs, is now confronting a silent but severe environmental crisis. What was once a symbol of natural beauty is rapidly deteriorating as unregulated, solar-powered groundwater extraction drains the valley’s aquifers. Thousands of solar panels, initially seen as a sign of progress and energy independence, have inadvertently accelerated groundwater depletion. As electricity shortages and high diesel prices pushed farmers to adopt solar-powered submersible pumps, water extraction has become virtually free—and nearly constant. Running…

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Oil Industry Warns of Imminent Collapse, Seeks Urgent Government Action

Admin
oil-industry

ISLAMABAD: Pakistan’s oil industry has sounded the alarm over a growing list of unresolved challenges that, it warns, could push the sector towards collapse. In a letter to the Oil and Gas Regulatory Authority (Ogra), the Oil Companies Advisory Council (OCAC) urged immediate intervention to address critical issues ranging from delayed sales tax recovery to port bottlenecks and costly digitisation requirements. OCAC Secretary General Dr. Syed Nazir A. Zaidi highlighted the sector’s concerns in a detailed letter to the Ogra chairman, also shared with the petroleum minister. These issues were…

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US Exim Bank Approves $1.25bn Financing for Reko Diq Mining Project

Admin
Reko-Diq

ISLAMABAD: The Export-Import Bank of the United States has approved $1.25 billion in financing to support mining and critical minerals development at Reko Diq, US Chargé d’Affaires Natalie Baker announced on Wednesday. In a video message, Ms. Baker said the financing package is expected to generate $2 billion worth of high-quality US mining equipment and services for the construction and operation of the Reko Diq mines in the coming years. The landmark project will create an estimated 6,000 jobs in the United States and 7,500 jobs in Balochistan, she added.…

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