Author: Admin

IWGS Contractors Threaten Suspension over NGC’s ‘Non-Performance’

Admin
Power-sector

ISLAMABAD: Contractors of the World Bank–funded Islamabad–West Grid Station (IWGS) project have served suspension notices citing the National Grid Company’s (NGC), formerly NTDC, alleged failure to meet contractual obligations, well-placed sources told Business Recorder. In a formal notice under contract WB-DTLP-IWGS/2024, the Joint Venture (JV) of NWEPDI–TBEA accused the Employer of non-performance and outstanding reimbursements. The World Bank Resident Mission and the Ministry of Economic Affairs have also conveyed the matter to the Power Division. The JV — comprising Northwest Electric Power Design Institute Co. Ltd. of China Power Engineering…

Read More

ECC Seeks Detailed Rail Execution Plan for Reko Diq Project by March 2026

Admin
RekoDiq-rail

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has directed the Ministry of Railways and the Finance Division to present a comprehensive execution and refinancing plan for the Reko Diq rail agreements by March 30, 2026, official sources told Business Recorder. The Ministry of Railways informed the ECC that the Reko Diq copper-gold project, declared a ‘qualified investment’ under the Foreign Investment (Promotion and Protection) Act 2022, requires a dedicated rail link to transport concentrate from Balochistan to Port Qasim for export. The 1,350 km route via Main Line-III…

Read More

Pakistan Refuses Rs220bn Interest Payment to Chinese IPPs, Seeks Waiver from Beijing

Admin
New-ipp

ISLAMABAD: Pakistan has informed the International Monetary Fund (IMF) that it will not pay Rs220 billion in interest to Chinese independent power producers (IPPs) for delayed electricity payments and will instead seek a waiver from Beijing. The government only recognizes Rs250 billion as the principal amount due, rejecting the surcharge as part of the Rs1.7 trillion circular debt. During ongoing IMF talks for the release of $1.2 billion in loan tranches, the Power Division briefed the Fund that despite improved performance last year, the power sector’s circular debt will rise…

Read More

APTMA Slams Unrealistic Power Expansion Plan, Warns of Higher Tariffs and Stranded Assets

Admin
New-APTMA

ISLAMABAD: The All Pakistan Textile Mills Association (APTMA), the country’s largest export body, has strongly criticized the government’s plan to expand power generation capacity by 50 percent to 64,000 megawatts under the Indicative Generation Capacity Expansion Plan (IGCEP 2025-35), calling it “unrealistic” and financially unsustainable. In detailed objections submitted to the National Electric Power Regulatory Authority (Nepra), APTMA said the proposed plan would require nearly $50 billion in investments and lock Pakistan into a cycle of “high-cost power.” The association argued that the IGCEP relied on a flawed demand forecasting…

Read More

CPEC Enters Phase-II: Pakistan, China Unveil Decade-Long Roadmap as JCC Concludes in Beijing

Admin
625772_5033605_updates.webp

Payment issue with Chinese IPPs remains unresolved; focus shifts to industrialisation, ML-1, and Gwadar development ISLAMABAD: The 14th Joint Cooperation Committee (JCC) meeting of the China-Pakistan Economic Corridor (CPEC) concluded in Beijing on Friday, ushering in Phase-II of the landmark initiative with a comprehensive roadmap for the next decade. However, the long-standing issue of capacity payments to Chinese Independent Power Producers (IPPs) remained unresolved, as Islamabad sought an extension in repayment timelines. Federal Minister for Planning Ahsan Iqbal, in his closing remarks, hailed CPEC Phase-II as a “corridor of industrialisation,…

Read More