KHAPLU, Gilgit-Baltistan: A key highway connecting northern Pakistan and China via land remained closed for trade and traffic for the sixth consecutive day on Wednesday, as hundreds continue to stage sit-in protests against lengthy power outages, protesters and officials said. 
The protest, which began last week, involves residents, political parties and civil society groups who vowed to continue their sit-in at the Karakorum Highway (KKH) in Gilgit-Baltistan (GB) that connects Pakistan to China, until their demands for reliable electricity were met.
The KKH, a vital trade and strategic route linking Pakistan with China, has been obstructed at Aliabad, the district headquarters of Hunza. The area plays a critical role in bilateral trade facilitated by the China-Pakistan Economic Corridor (CPEC), which has increased since an agreement to keep the Khunjerab Pass open year-round for economic exchanges.
“The sit-in is continuing in Hunza and the main KKH is still blocked for all kinds of traffic,” Zahoor Ilahi, a protester and member of a committee formed by protesters, told Arab News over the phone.
“More than 200 heavy vehicles, including containers, are stranded in Hunza due to the protest. Today shutter-down and wheel jam strikes are also being observed across Hunza,” he added. 
Ilahi said no public transport vehicles were on the roads, only those vehicles were operating that were facilitating protesters. He said women and children have also joined the sit-in protest since Tuesday.

“All four rounds of negotiations with the government have failed,” he said. “And today a meeting is also underway between the protesters and the government.”
He said the protesters were demanding their basic right, electricity, lamenting that no other part of the country was facing power cuts of over 20 hours.
“There is no chance of ending the sit-in until our demands are met,” Ilahi warned. 
Shreen Karim a local female journalist, said all activities in Hunza were paralyzed due to power outages.
“From businesses to health and education of students, all are suffering due to power cuts,” she told Arab News. “The Internet is also not properly working due to power cuts. We are also facing issues in sending reports to the newsroom.”
Power cuts, known locally as load shedding, are a chronic issue in Pakistan, with many areas facing significant disruptions. The harsh winters in GB exacerbate the problem, leaving residents without adequate heating or access to essential services.
Faizullah Faraq, the GB government’s spokesperson, admitted that the region has been facing prolonged power outages.
“The government is trying to engage the protesters to end the protest,” Faraq told Arab News. “Not only Hunza, other regions are also facing power outages. All of the power stations are hydel, and due to the low flow of water, the production of the electricity is slashed during the winter,” he added.
He said protesters were pressing the government to run thermal stations to minimize power outages. However, Faraq said the government could not run thermal generators as it was running on federal grants. 
“And we don’t have a share in the NFC [National Finance Commission],” he said, referring to a series of economic programs that allocate revenues between the center and Pakistan’s provinces. 
“And the government is not in a position to bear the fuel costs of thermal generators. That’s why the negotiations with the government did not reach any conclusion.”
Faraq further said that the chief minister had directed GB’s chief secretary to discuss the issue with the federal government.
“A meeting will be held in Islamabad to discuss the power outage issue,” the spokesperson said.
And if they release funds, the government will run the thermal generators, and the sit-in will be ended.”

RIYADH: UAE’s ADNOC Logistics and Services has boosted its global position by acquiring an 80 percent stake in Navig8 TopCo. Holdings Inc. for $1.04 billion, strengthening its status as a prominent player in energy maritime transportation. 

The transaction includes a contractual commitment to acquire the remaining 20 percent by mid-2027, positioning ADNOC L&S for expanded global operations and increased shareholder value. 

Navig8, a prominent international shipping pool operator and commercial management company, brings a modern-owned fleet of 32 tankers and an established presence in 15 cities across five continents. 

The firm has investments in technical management services, is a marine fuels provider operating in over 1,000 ports globally, and has additional ventures within the marine sector. 

“The completion of this landmark acquisition is a significant milestone in our transformational growth strategy,” said Abdulkareem Al-Masabi, CEO of ADNOC L&S. 

“By integrating Navig8’s extensive fleet and global presence, we can enhance our service offerings, generating substantial value for customers and shareholders. This strategic move unlocks new opportunities for commercial growth and expansion into new markets, reinforcing our position as a leading global energy maritime logistics company,” Al-Masabi added.

The acquisition aligns with ADNOC L&S’ growth strategy, complementing its integration with Zakher Marine International in 2022 and reinforcing its ambition to expand its global reach and service portfolio. 

ZMI, an Abu Dhabi-based owner and operator of offshore support vessels, brought with it the world’s largest fleet of self-propelled jack-up barges. 

ZMI’s acquisition expanded ADNOC L&S’s fleet to over 300 vessels, reinforcing its position as the region’s largest integrated logistics provider and enabling the company to offer its customers a broader range of services. 

ADNOC L&S, a subsidiary of Abu Dhabi National Oil Co., will benefit from Navig8’s acquisition through expanded services, including commercial pooling, bunkering, technical management, and environmental, social, and governance-focused industrial and digital solutions. 

The acquisition is structured to ensure economic ownership of Navig8 starting from Jan. 1, 2024. 

The remaining 20 percent will be acquired in 2027 for deferred consideration ranging from $335 million to $450 million, depending on earnings before interest, taxes, depreciation, and amortization performance during the interim. 

Nicolas Busch, CEO of Navig8, expressed enthusiasm for the deal, saying: “We are excited to join forces with ADNOC L&S and the wider ADNOC Group. This achievement highlights the exceptional efforts of the Navig8 team over the past two decades, setting the stage for this next phase.” 

The acquisition is expected to deliver immediate financial benefits, with ADNOC L&S projecting a 20 percent increase in earnings per share by this year compared to the previous year. 

The company’s share price saw a 5.23 percent increase as of Jan. 8, 1:00 p.m. Saudi time.

It anticipates annual synergies of at least $20 million by 2026, underscoring the value-accretive nature of the transaction.