• Govt and mining firm conducting formal overview of procurement plans for venture
• Minister hints at gasoline tariff reduction for home shoppers from July 1
ISLAMABAD: Pakistan and Barrick Mining Company are engaged on upgrading the safety necessities of the multi-billion greenback Reko Diq Copper-Gold Challenge in view of the prevailing scenario, leading to elevated safety prices.
A workforce of Barrick Gold is at present in Pakistan to debate safety upgrades, confirmed Ahmad Hayat Lak, chief govt officer of the Oil and Fuel Growth Firm Restricted (OGDCL), one of many key Reko Diq companions.
He informed journalists that the Reko Diq venture settlement had provisions for safety preparations and that the companions have been discussing attainable upgrades.
He stated either side have been conducting a proper overview of safety preparations and procurement plans for the venture.
Lak added that the overview, as required beneath the settlement, would counsel whether or not safety upgrades and extra funding have been wanted, whereas stressing that Pakistan, because the host nation, bore sole duty for shielding the positioning.
He stated lenders had expressed confidence in present safety protocols throughout a current assembly in Canada, having accomplished their very own due diligence earlier than committing funds.
New financiers are additionally exhibiting robust curiosity in becoming a member of the enterprise, he added.
Petroleum Minister Ali Pervaiz Malik stated Barrick Government Chairman John L. Thornton had not too long ago led a high-level delegation to Islamabad to debate the safety scenario and procurement technique with the federal government.
He stated it was reassuring that Barrick, one of many world’s main mining companies, remained dedicated to the venture regardless of international and native challenges.
The delegation additionally reportedly explored the acquisition of superior heavy-duty gear by way of aggressive bidding and the enlargement of the venture’s lending and credit score constructions.
‘Aid in gasoline tariff’
The minister hinted at reduction in gasoline tariffs for home shoppers within the upcoming pricing overview from July 1, as a substitute of a rise demanded by gasoline corporations. “You’ll hear excellent news” on gasoline costs, he stated.
He stated the federal government had already determined to cost Rs2,000 per million British thermal items (mmBtu) for gasoline equipped to energy era, as a substitute of Rs3,500 per mmBtu within the case of LNG, and {that a} formal abstract could be moved for implementation shortly.
A abstract could be despatched to the federal cupboard to align the pricing of this gasoline with native charges and defend shoppers from larger prices, he added.
The minister stated native gasoline manufacturing had been elevated by 400 million cubic ft per day in response to produce disruptions and that proposals had been ready to deal with the persistent round debt drawback within the gasoline sector.
Petroleum Secretary Hamed Yaqoob Sheikh stated the division was optimistic about receiving a constructive response from the Worldwide Financial Fund (IMF) relating to concessions aimed toward facilitating the upgradation of native oil refineries.
He stated the minister had made a powerful case earlier than the IMF and emphasised that failure to modernize refineries wouldn’t be within the nation’s curiosity.
Printed in Daybreak, June 4th, 2026
