Author: Admin

ISTANBUL: Turkiye’s Energy Minister Alparslan Bayraktar has said that Russia has provided new financing worth $9 billion for the Akkuyu nuclear power plant, which is being constructed by Russia’s state-owned nuclear energy company Rosatom. Ankara now expects the country’s first nuclear power plant to become operational in 2026. The $20 billion Akkuyu project, located in the Mediterranean province of Mersin, is being built under a 2010 bilateral agreement. Originally scheduled to start operations this year, the project has faced delays. Briefing local reporters in Istanbul, Bayraktar said the new financing…

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ISLAMABAD: In a significant shift in policy, the government is now considering offering only the Gujranwala Electric Power Company (GEPCO) for outright privatisation, while Islamabad Electric Supply Company (IESCO) and Faisalabad Electric Supply Company (FESCO) are likely to be offered under long-term concession agreements, well-informed sources told Business Recorder. The Privatisation Commission (PC) is finalising the transaction model for power distribution companies (DISCOs), with Letters of Intent (LoIs) expected to be issued in January 2026. Earlier, the government had planned to privatise GEPCO, IESCO and FESCO outright in the first…

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Dynea Pakistan Limited has approved the expansion of its wind energy project at Hub, Balochistan, increasing the planned capacity to 2.5MW from the earlier proposed 1.1MW, as part of its strategy to improve efficiency and advance sustainability goals. In a notice to stakeholders, the company said its Board of Directors had authorised the revised project size to achieve better economies and operational efficiency. The initiative remains subject to regulatory approvals and the finalisation of contractual arrangements, including the Engineering, Procurement and Construction (EPC) agreement, which is currently under process. The…

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ISLAMABAD: Pakistan and the United Arab Emirates have reaffirmed their commitment to strengthening bilateral cooperation across multiple sectors during UAE President Sheikh Mohamed bin Zayed Al Nahyan’s first official visit to Pakistan on the invitation of Prime Minister Shehbaz Sharif. President Sheikh Mohamed was accorded a warm welcome, including an escort by JF-17 fighter jets, and held extensive talks with Prime Minister Shehbaz Sharif. The discussions focused on deepening fraternal relations and expanding collaboration in trade, investment, energy, infrastructure, information technology and people-to-people exchanges. Both sides underscored the need to…

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