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Category: Shortcode

First-Ever EU-Pakistan Business Forum Set for May 14 in Islamabad

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First-Ever

ISLAMABAD: The European Union (EU) delegation to Pakistan has announced the inaugural High-Level EU-Pakistan Business Forum, scheduled for May 14-15, 2025, in Islamabad. This milestone event, jointly supported by the EU, its Member States, and the Government of Pakistan, aims to foster business partnerships, unlock new opportunities, and strengthen economic ties between the two regions. Prime Minister Shehbaz Sharif will…

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Govt Moves Forward with Discos Privatization, FAs Outline Key Reforms

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Power-sector

ISLAMABAD: Financial Advisors (FAs) have briefed the Power Division and Privatization Commission on private sector participation in three power Distribution Companies (Discos), highlighting necessary regulatory and financial reforms, sources told Business Recorder. The government aims to privatize Islamabad Electric Supply Company (IESCO), Gujranwala Electric Power Company (GEPCO), and Faisalabad Electric Supply Company (FESCO). The discussions focused on regulatory changes, balance…

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Govt Inaugurates First 120KW EV Charging Station in Islamabad, Slashes Charging Rates

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Electric-Vehicle

ISLAMABAD: Energy Minister Awais Leghari on Tuesday inaugurated Pakistan’s first 120KW fast-charging station for electric vehicles (EVs), developed by GoGreen Avenue, marking a significant step towards sustainable transportation. Speaking at the inauguration ceremony, Leghari emphasized the government’s commitment to clean energy and carbon reduction, stating that such initiatives are crucial for transforming the country’s energy and transportation landscape. As part…

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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.…

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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…

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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…

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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…

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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…

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BYD Surpasses Tesla, Reports Record $100 Billion Revenue in 2024

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Chinese-EV

BEIJING: Chinese electric vehicle (EV) giant BYD has overtaken *Tesla, posting a record *$107.2 billion in revenue** for 2024, as it accelerates its global expansion. The *Shenzhen-based automaker, a dominant force in **China’s EV market, is aggressively **expanding into Europe, unveiling a *new compact EV with super-fast charging to challenge established brands. This expansion comes as *Tesla faces headwinds in…

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Turkiye, Denmark Pledge Support for Pakistan’s Climate Fight

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Climate-Change

ISLAMABAD: Federal Minister for Climate Change and Environmental Coordination, *Musadik Malik, held discussions with envoys from *Turkiye and Denmark on Monday to strengthen cooperation in climate resilience and carbon credit projects. Turkiye-Pakistan Climate Collaboration Ambassador of *Turkiye, Irfan Neziroglu, reaffirmed his country’s commitment to assisting **Pakistan in combating climate change, particularly through *carbon credit initiatives and *forestry management. Both sides…

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