| Alpine Marine Services celebrated 77th Independence Day with an expressive Tree Plantation Drive. Management with all employees came together to emphasize the importance of environmental stability and the role of people in conserving our mother earth. All had the opportunity to learn about the importance of tree planting with nurturing trees, ensuring that the trees grow healthily. The successful event, showcasing the company’s pledge to environmental sustainability. The Tree Plantation Drive nurtured a sense of unity and collective purpose among all participants. It was encouraging and pleasing to see planting trees and discussing the comprehensive implications of environmental stewardship. The event saw a booming success and enthusiastic participation from all participants. The collective effort emphasized the company’s dedication to forming a sustainable and eco-friendly environment. The collective effort was a testament to the company’s dedication to fostering a culture of environmental consciousness.
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Privatisation of 13 Power Sector Entities
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Privatization of 13 power sector entities, including nine power distribution companies (DISCOs) and four power generation companies (GENCOs) by the federal government has been approved. This privatization will be carried out in phases which aim to improve efficiency and attract private investment. The strategic approach aims to ensure a smooth transition and minimize disruptions in the power supply. The privatization will be proceeding in stages with the first phase focusing on four DISCOs: FESCO, GEPCO, HESCO, and IESCO while the second phase will involve privatizing MEPCO, PESCO, and additional companies. It is suitable to mention that the privatization and restructuring of these entities are anticipated to attract significant local and foreign investment, enhance operational efficiency, and ultimately provide more reliable and cost-effective power supply to consumers.
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A subsidiary of Hub Power Company Limited (HUBCO), Mega Motor Company (Private) Limited will join forces with BYD, a leading New Energy Vehicle (NEV) manufacturer from China. BYD is renowned for its groundbreaking advancements in new energy vehicles (NEVs), and their upcoming collaboration in Pakistan is set to make a significant impact. This partnership aims to introduce both fully electric and plug-in hybrid electric vehicles to the market. By doing so, it marks the arrival of advanced NEV solutions in Pakistan, a country increasingly focused on sustainable and energy-efficient transportation. The introduction of these vehicles is expected to transform Pakistan’s automotive landscape, offering cutting-edge technology to a market that is becoming more receptive to green innovations. This move aligns with the global shift towards reducing carbon emissions and enhancing energy efficiency, positioning BYD as a key player in shaping the future of transportation in the region. This initiative aligns with Pakistan’s goals to reduce its carbon footprint and enhance energy efficiency in its transportation sector.
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Mega Motor Company with BYD to Launch Electric Vehicles
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Totalenergies to Sell Its 50% Stake to Gunvor Group
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TotalEnergies has signed an agreement to sell its 50% stake in Total PARCO Pakistan Limited (TPPL) to Gunvor Group. Total PARCO’s extensive retail network, which includes over 800 service stations, coupled with their operations in fuel logistics and lubricants, sets a strong foundation for this partnership. Total Energies, a major global energy company, brings its expertise in oil, biofuels, natural gas, green gases, renewables, and electricity to the table. TPPL is a 50/50 joint venture between Total Energies Marketing and Pak-Arab Refinery Limited (PARCO) in Pakistan. Gunvor, a leading independent commodity trading house, contributes its extensive experience in trading and investments in industrial infrastructure, including refineries, pipelines, storage, and terminals. Gunvor's role as a prominent trader of liquefied natural gas (LNG) further enhances the strategic value of this collaboration. The new entity formed from this partnership will continue to operate under the well-established ‘Total Parco’ brand for its retail business and the ‘Total’ brand for lubricants in Pakistan for the next five years. This arrangement ensures that customers will continue to receive the same high level of service and quality they are accustomed to, while the collaborative efforts of the parties involved promise to strengthen and expand their market presence.
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Oil and Gas Development Company Limited (OGDCL), discovered in Kohat's Tal Block district in the Khyber-Pakhtunkhwa province, with the Razgir-1. The discovery is the result of a successful joint venture involving Oil & Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), and Pakistan Oilfields Limited (POL). This collaboration underscores the effectiveness of combined expertise and resources in exploring and developing energy reserves. The recent discovery at the Razgir-1 well, currently producing around 159 barrels of oil and 16.4 million standard cubic feet of gas daily, marks a significant development for Pakistan's energy sector. Tal Block, has the potential to substantially bolster the country's energy resources. The promising deposits revealed by the Razgir-1 well could significantly strengthen energy challenges and potentially reducing reliance on imported energy of Pakistan. The increase in domestic energy production is expected to contribute positively by improving energy self-sufficiency and potentially reducing energy import costs.
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Discovered Oil and Gas Reserves in Kohat
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Tight Gas Production from Nur West Well-1 in Sindh
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Oil & Gas Development Company Limited (OGDCL) has launched commercial production of tight gas from the Nur West Well-1, located in Sujawal district, Sindh Province. The commencement of production from Nur West Well-1 represents a significant step in augmenting Pakistan's energy supply and showcases OGDCL’s proactive approach in leveraging advanced techniques like hydraulic fracturing to unlock new energy sources. The well currently produces 1.5 million standard cubic feet per day (MMSCFD) of gas. The Nur West Well-1 was drilled to a depth of 2,975 meters and sources its gas from the Lower Guru formation. The wellhead flowing pressure is 1,050 PSI. Initially, conventional testing methods did not produce favorable results, leading to the use of hydraulic fracturing (fracking) to achieve viable production levels. This production has been integrated into the Sui Southern Gas Company Limited (SSGCL) network, which enhances the national gas supply infrastructure. OGDCL holds a 100% working in the Nur Development & Production Lease, emphasizing its full involvement and control over the project. OGDCL has developed a Tight Gas exploration and development roadmap, which is currently being implemented. This strategy underlines the company's commitment to enhancing Pakistan's energy resources, securing national energy needs, and supporting sustainable development in the country.
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Maersk, a prominent European shipping giant, is set to invest $2 billion in Karachi, starting from October 2024. This significant investment will cover various sectors, including infrastructure, terminals, warehousing, and shipbreaking, with the goal of establishing Karachi as a major transshipment hub. Maersk’s investment will target multiple areas essential for enhancing Karachi's maritime and logistical capabilities. By becoming a key transshipment hub, Karachi can significantly bolster its export potential and strengthen its position in global trade networks. The Ministry of Maritime Affairs is actively working to create a conducive environment for such investments. In support of the maritime sector, the government has withdrawn the sales tax on processing plants, fishery seeds, and feed in this year’s budget, which is expected to attract further investment and development. While the government is taking supportive measures, active participation from the business community is crucial. Collaborative efforts between the government and private sector will be key to fully realizing Karachi's potential and achieving the desired outcomes from this investment.
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$2b Investment Deal with Maersk
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Sustainable Pakistan: Oiccic Alliance with UNDP
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The Overseas Investors Chamber of Commerce and Industry (OICCI) has partnered with the United Nations Development Program (UNDP) in Pakistan to promote a more inclusive and sustainable future for the country. This strategic alliance aims to create a conducive environment where businesses, the government, and the public can collaborate to drive equitable growth and sustainability. This partnership symbols a momentous phase towards achieving our collective aims and objectives. This partnership is set to lead initiatives focusing on gender equality, diversity, inclusion, and social impact investments, reflecting both organizations’ commitment. The OICCI-UNDP partnership aims to combine their collective knowledge and expertise to produce impactful research reports, advocacy campaigns, and knowledge-sharing events. This initiative underscores that profitability and social responsibility can go hand in hand, contributing to the increasing bankability of Pakistan and reinforcing the commitment to the United Nations’ Sustainable Development Goals (SDGs).
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GWM is a chief player in the global automotive industry, with a portfolio that includes well-known brands such as Haval, Ora, and Tank, along with the innovative automotive technology firm Salon Mecha Technology Co., Ltd. ORA 07 which specialises in EVs , and a sub-brand of Chinese automotive leading Great Wall Motors (GWM), Sazgar Engineering Works (SAZEW)is scheduling to unveil a new imported CBU ‘ORA-07 EV’ electric vehicle within couple of days and booking of these vehicles will be started. Solar energy implementation is on the escalation, and the conversion to electric vehicles are achieving momentum as new companies arrive the market. However, challenges such as the underdeveloped charging infrastructure, high power tariffs, vehicle pricing, and consumer hesitation towards adopting new technology remain substantial hurdles for both companies and consumers.
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SAZGAR to introduce the ORA-07 EV in Pakistan
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