ISLAMABAD: A leading Chinese company has expressed interest in investing in Pakistan’s renewable energy sector by setting up an industry, said an official statement on Saturday, prompting a senior minister to observe the step will lead to greater employment opportunities and increase the country’s exports.
China’s Hexing Electrical is a reputable mid-sized company that was founded in 1992 and is primarily known for its presence in the global smart metering and energy management industry. The Chinese company has also expanded its business into the renewable energy sector and is involved in the manufacturing of technical equipment.
Its chairman, Liangzhang Zhou, met Pakistan’s minister for investment and privatization, Abdul Aleem Khan, along with his company delegation in the federal capital, Islamabad, to discuss the possibility of setting up the first manufacturing unit of its kind in the country to produce inverters and batteries.
The development comes nearly two months after Prime Minister Shehbaz Sharif went to China on a five-day visit where, apart from the political leadership, he met with representatives of Chinese companies operating in various economic sectors and encouraged them to invest in his country.
“The establishment of new factories will increase the rate of employment and export in the country and once again boost the national economy as well,” he was quoted as saying in a statement circulated by the ministry after the meeting.
Khan highlighted the investment potential in Pakistan, assuring the Chinese business delegation of full cooperation.
He also maintained that the establishment of factories in the electrical sector with foreign investment would serve as a precursor to the country’s economic development.
The chairman of the Chinese company said his organization was serving 90 countries with a workforce of 7,000, though it had only established such factories in 20 states around the world.
The governments in Islamabad and Beijing have already been working on infrastructure development and regional connectivity projects under the multibillion-dollar China-Pakistan Economic Corridor (CPEC).
The two countries hope the private sector will take the lead in the next CPEC phase and benefit from the planned industrial zones in Pakistan through business-to-business collaboration and investments.
Pakistan expects more jobs, higher exports as Chinese company plans renewable energy investment
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Pakistan expects more jobs, higher exports as Chinese company plans renewable energy investment
- China’s Hexing Electrical is known for its presence in the global smart metering and energy management industry
- Its management plans to set up the first manufacturing unit of its kind in Pakistan to produce inverters, batteries
Pakistan flag carrier PIA attracts $36 million bid from real estate company
- Pakistan is looking to offload 51-100 percent stake in debt-ridden airline to raise funds to reform state-owned assets
- Pakistan pre-qualified six groups but only Blue World City company met deadline to submit documents for auction
KARACHI: Pakistan’s state-owned airline PIA has received a 10 billion rupee ($35.99 million) bid from real-estate development company Blue World City, the Privatization Ministry said on Thursday without disclosing the size of the stake.
The cash-strapped country is looking to offload a 51-100 percent stake in debt-ridden Pakistan International Airlines (PIA) to raise funds and reform bleeding state-owned enterprises as envisaged under a $7 billion International Monetary Fund (IMF) program.
The government had pre-qualified six groups in June, but only one — real estate development company Blue World City — met a Tuesday deadline to submit final documents to participate in the process.
Officials from three groups that chose not to bid told Reuters on condition of anonymity that there were concerns about the government’s ability to stand by agreements made for the flag carrier in the long term.
One executive voiced concern about policy continuity once a new government came in. The government of Prime Minister Shehbaz Sharif has relied on a coalition of disparate political parties.
The disposal of PIA is a step former governments have steered away from as it has been highly unpopular given the number of layoffs that would likely result from it.
Underpinning these concerns over policy continuity and honoring contracts was the government’s termination of power purchase contracts with five private companies earlier this month, as well as the process of re-negotiating other sovereign guaranteed pacts.
Changes in Pakistan’s decade-old agreements with private Independent Power Producer (IPP) projects, largely financed by foreign lenders, to address chronic power shortages, “raises the risk of investing as well as doing business in Pakistan, even in the presence of sovereign contracts as well as guarantees,” said Sakib Sherani, an economist who heads private firm Macro Economic Insights.
Other concerns raised by potential bidders included inconsistent government communication, unattractive terms and taxes on the sector, in addition to PIA’s legacy issues and reputation.
($1 = 277.8500 Pakistani rupees)
Pakistan’s Noman Ali, Saud Shakeel move into top 10 Test rankings after England heroics
- Saud Shakeel moves to seventh spot in Test batters ranking while Noman Ali secures ninth spot in bowlers ranking
- Shakeel scored match-winning 134 against England in Rawalpindi Test in which Ali took nine wickets to script Pakistan win
ISLAMABAD: Pakistani cricketers Saud Shakeel and Noman Ali moved into the top 10 Test batter and bowlers’ rankings for the first time in their careers, the International Cricket Council (ICC) reported this week, based on their heroic performances against England this month.
Pakistani spinner Noman Ali and Sajid Khan spun Pakistan to a series victory against England this month, taking 39 wickets in two Test matches against the visiting side.
In Rawalpindi, Ali took nine wickets to spin Pakistan to victory over England in the series decider while Shakeel bagged the Player of the Match award for his stellar knock of 134 that helped Pakistan pile on an impressive lead.
“Left-handers Saud Shakeel of Pakistan and Rachin Ravindra of New Zealand have moved into the top 10 for the first time in their careers,” the ICC wrote on its website on Wednesday.
“Shakeel has advanced 20 slots to reach seventh position after his knock of 134 won him the Player of the Match award.”
Ali also made “huge progress” in the ICC bowlers’ rankings, as per the ICC.
“Noman is in the top 10 for the first time, moving up eight slots to ninth position after finishing with nine wickets in Rawalpindi as Pakistan won by nine wickets to clinch the WTC series 2-1,” the ICC said.
Pakistan’s series victory over England came after the South Asian side suffered a humiliating 2-0 loss to Bangladesh at home. This marked the first time Pakistan won a Test series at home after defeating South Africa in 2021 nearly four years ago.
Pakistan Navy rescues 23 stranded Iranian fishermen from Gulf of Aden
- Iranian vessel issued distress call after its engine broke down, crew member was injured, says Pakistan Navy
- Pakistan Navy says administered first aid to the injured crew member and repaired Iranian vessel’s engine
ISLAMABAD: The Pakistan Navy rescued 23 Iranian fishermen on Thursday from a sailing vessel that reported problems in its engine and injury to a crew member in the Gulf of Aden, the navy said in a press release.
Pakistan Navy Ship PNS Zulfiquar deployed on the Regional Maritime Security Patrol responded to a distress call made by Iranian fishing dhow, Al Muhammadi, which was stranded over 1,200 nautical miles from its home port, the navy said.
“PNS Zulfiquar promptly responded to a distress call of Fishing Dhow Al Muhammadi,” the Pakistan Navy said. “Upon communication with the Pakistan Navy ship, fishing dhow reported a seriously injured crew member as well defective engine and requested for necessary assistance.”
The Pakistani ship dispatched medical and technical teams to provide first aid to the fisherman who had injured his hand while repairing the boat’s engine. Two more sick crew members were provided medical assistance, the navy said.
The Iranian vessel’s engine was also repaired by the Pakistani team.
“In line with the national objective of ensuring peace and stability in the region, Pakistan Navy regularly deploys its assets on Regional Maritime Security Patrol,” it added. “During deployment, Pakistan Navy ships also provide assistance to ships operating at sea.”
The timely and successful rescue operation was an expression of the Pakistan Navy’s determination to ensure the safety of human life at sea, the Pakistan Navy said.
Pakistan has requested Iranian vessels and their crew members in the past. In March, the Pakistan Navy rescued eight Iranian fishermen after their boat caught fire in the open sea.
Two Afghans killed in targeted attacks inside Iranian territory bordering Pakistan — Kabul
- Kabul formed a committee to probe reported attacks targeting Afghan nationals this month in Iran’s Sistan-Baluchestan province
- Pakistan and Iran have hosted millions of Afghan refugees since the ‘80s who fled their country to seek refuge from conflicts
ISLAMABAD: Two Afghan nationals were killed while some others were injured this month in targeted attacks inside Iranian territory bordering Pakistan, Afghanistan’s Deputy Spokesperson Mullah Hamdullah Fitrat said on Thursday.
Afghanistan this month formed a committee headed by Deputy Minister of Interior for Security, Mullah Mohammad Ibrahim Sadr, to probe reports of the killing of Afghan nationals in Iran. The committee also featured representatives from Afghanistan’s Ministries of Defense, Foreign Affairs, Borders and Tribal Affairs, and the General Directorate of Intelligence.
The probe was announced after an Iranian rights group, known as Halvash, initially reported the alleged Afghan casualties in attacks this month, saying they occurred in Iran’s Sistan-Baluchistan border province with Pakistan.
“Thus far, based on the collected evidence, explosions and gunfire have targeted Afghan nationals within the Kalgan Valley, situated in Iranian territory,” Fitrat said in a press release that he posted on social media platform X.
“Presently, the bodies of two martyrs, along with 34 eyewitnesses, some of whom sustained injuries during the incident, have been repatriated by the committee.”
His statement did not specifically blame Iranian authorities for the killings.
The Afghan government spokesperson said certain Afghan individuals remain both in Iran and Pakistan, adding that the committee is “actively engaged” in locating and repatriating them.
“The investigation remains ongoing, and the committee persists in its efforts,” he wrote. “Detailed findings will be disseminated upon the conclusion of the investigation.”
Iran and Pakistan have so far not responded to the Afghan spokesperson’s statement.
Pakistan and Iran both host 90 percent of Afghan refugees, a report released by the United Nations in October 2023 said.
The two countries launched deportation drives to expel hundreds of thousands of Afghan nationals last year, which they said were staying in their countries illegally.
Saudi Arabia’s Wafi Energy becomes majority shareholder in Shell Pakistan
- Wafi Energy, an affiliate of Asyad Group, holds approximately 87.78% of the total issued share capital of SPL
- SPL has a network of 600+ sites, countrywide storage facilities and broad portfolio of global lubricant brands
ISLAMABAD: Wafi Energy Holding Limited has become the majority shareholder of Shell Pakistan Limited (SPL) after Shell Petroleum Company Limited, a subsidiary of global Shell plc (Shell), completed the sale of its 77.42 percent interest in SPL, a statement from the group said on Thursday.
Wafi Energy, an established Saudi company and an affiliate of the Asyad Group, now holds approximately 87.78 percent of the total issued share capital of SPL. The Shell brand will remain in Pakistan through retail and brand licensing agreements, with SPL as the exclusive brand licensee.
“Wafi Energy is excited to announce its entry into Pakistan by acquiring majority ownership of Shell Pakistan Limited. This marks a significant milestone in the Asyad Group’s commitment to expanding its presence in Pakistan and the region,” Ghassan Amoudi, CEO of Asyad Holding Group and incoming Chairperson of SPL, said.
“As the exclusive Shell Licensee, we are delighted that the Shell brand remains in Pakistan. This continuation builds on a strong legacy, supported by a team of highly skilled professionals who ensure customers have access to Shell’s premium fuel and lubricant offerings, all delivered with the highest safety and security standards.”
Waqar Siddiqui, the Chief Executive and Managing Director of Shell Pakistan Limited,said the company would continue to build a “sustainable energy future for Pakistan, combining Wafi Energy’s commitment to growth and investment and Shell’s strong legacy of innovation and trust in the country.
“This new chapter offers Shell Pakistan Limited the opportunity to build upon this strong foundation, ensuring the continued delivery of quality products to their valued customers.”
SPL is one of the oldest multinationals in Pakistan with a network of 600+ sites, countrywide storage facilities and a broad portfolio of global lubricant brands.
Shell has endeavored to support Pakistan’s developmental priorities, from developing and distributing energy by land, air and sea, to providing petroleum products for the construction of mega projects like the Mangla Dam and Kotri Barrage, expanding the country’s growing road infrastructure, to powering the first flights of Pakistan International Airlines, and supporting the next generation of innovative entrepreneurs in Pakistan.
