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Business Recorder
07-05-2025
- Business
- Business Recorder
Chairman OGDCL Zafar Masud's book ‘Seat 1C' launched
ISLAMABAD: Chairman of Oil and Gas Development Company Limited (OGDCL) Zafar Masud's book titled 'Seat 1C: A Survivor's Tale of Hope, Resilience, and Renewal' was launched on Tuesday at a well-attended ceremony hosted by the Islamabad Policy Research Institute (IPRI). The event was inaugurated by President IPRI, Lt-Gen Majid Ehsan (retd). The book, which chronicles Masud's miraculous survival in a plane crash five years ago, offers a deeply personal reflection on life, trauma, and recovery. Speaking at the event, Zafar Masud said, 'I wrote this book primarily for myself, but it contains life lessons that can be beneficial for everyone.' He noted that Seat 1C explores not just his experience of survival, but also broader themes such as mental health, tradition, courage, arrogance, and survivor's guilt. Copyright Business Recorder, 2025
Express Tribune
09-04-2025
- Business
- Express Tribune
Pakistan bets on minerals for revival!
The writer is a public policy analyst based in Lahore. She can be reached at durdananajam1@ Listen to article New doors of opportunity have been thrown open for local and foreign investors in Pakistan's largely untapped mineral wealth — estimated to be worth trillions of dollars — at the Pakistan Minerals Investment Forum 2025 (PMIF25). Held at the Jinnah Convention Centre in Islamabad, this two-day summit has drawn over 2,000 participants, including more than 300 delegates from countries such as China, Saudi Arabia, the US, the UK and Finland. The objective has been to showcase Pakistan's mineral potential and position the country as a key player in the global mining supply chain. The event was organised jointly by the Government of Pakistan, the Oil and Gas Development Company Limited (OGDCL) and international stakeholders. The rationale behind launching PMIF25 is rooted in Pakistan's urgent need to diversify its economy, attract foreign direct investment and reduce dependence on multilateral lenders like the IMF. A notable shift in government policy is the emphasis on exporting semi-finished and finished mineral products rather than shipping raw materials abroad. This pivot not only promises higher returns but also supports job creation and skill development at home. Deputy Prime Minister Ishaq Dar echoed similar optimism, launching the National Minerals Harmonisation Framework 2025, an integrated reform initiative designed to align policies across federal and provincial levels. He described Pakistan as "strategically positioned to emerge as a global mining powerhouse" due to its rich geological landscape, including world-class deposits such as Reko Diq and untapped reserves of rare earth elements and gemstones. Central to this new planning is Balochistan, a province long known for its resource wealth but equally burdened by neglect and instability. Reko Diq, located in the Chagai district, is among the largest undeveloped copper-gold projects in the world. Saudi Arabia's Manara Minerals has expressed interest in investing in the project, having already visited Pakistan last year for exploratory talks. Commerce Minister Jam Kamal, during a panel discussion, pointed out that Balochistan could spearhead Pakistan's transformation in the mineral sector - provided that security concerns and regulatory bottlenecks are effectively addressed. His comments underscore a crucial reality: that the success of this initiative hinges as much on governance and infrastructure as it does on geology. There is no doubt that PMIF25 has generated substantial interest. The presence of high-level international delegations, including Eric Meyer from the US State Department and Saudi Arabia's Vice Minister for Minerals, signals potential for long-term partnerships. Equally noteworthy is the government's proposal that any investment agreement should include technology transfer provisions. This would ensure that Pakistan not only benefits from mineral wealth in the short term but also builds local capacity in extraction, processing, and equipment manufacturing. Skill development also emerged as a recurring theme, with calls for vocational training centres that would equip Pakistan's youth with technical expertise required for modern mining and processing. While the promises are bold, the assumption that PMIF25 alone could help Pakistan eliminate its dependence on the IMF appears overly optimistic. The mineral sector currently contributes only about 3.2% to Pakistan's GDP. Transforming it into a cornerstone of economic self-reliance will take more than just declarations and summits. The real challenge lies in Pakistan's business environment. Investors frequently cite regulatory unpredictability, delayed approvals, security risks - particularly in resource-rich regions like Balochistan - and an over-complicated tax regime as key deterrents. Moreover, despite the creation of high-profile platforms like CPEC and SIFC, Pakistan has repeatedly found itself returning to the IMF's doorstep. These institutions, while designed to attract investment and streamline decision-making, have not delivered the kind of economic transformation initially envisioned. The disconnect between grand announcements and ground realities must be addressed for PMIF25 to succeed where past initiatives have faltered. If Pakistan genuinely seeks to unlock its mineral potential, it must go beyond forums and frameworks. First, there needs to be political consistency and regulatory stability across provinces. Second, security in mineral-rich zones must be prioritised without alienating local communities. Third, transparency in licensing, environmental compliance and profit-sharing is essential to gain investor confidence and ensure equitable development. The government must also address the broader economic context in which mining firms operate — high inflation, currency volatility and energy shortages remain major hurdles. Without fixing these foundational issues, no amount of mineral wealth will translate into national prosperity. Pakistan's mineral resources are vast, and the potential is real. PMIF25 is a step in the right direction — especially in its emphasis on value-added exports, skill development and international cooperation. But turning this potential into economic resilience requires more than announcements. It demands sustained reform, efficient governance and a commitment to long-term policy implementation. The mineral sector can be a game-changer, but only if Pakistan creates a conducive environment where business thrives, risks are manageable and benefits are widely shared. The world is watching. It's time to deliver. Despite the event's significance, it has not been without criticism, including from segments of the Pakistani diaspora. Some voices abroad have questioned the government's motives and capacity even before the project takes off. While constructive criticism is a democratic right, one wonders if the reflexive scepticism from certain quarters — living in comfort and security overseas — may unintentionally echo the narratives of Pakistan's detractors. It raises the unsettling question: are some critics more invested in Pakistan's failure than its success? In the final analysis, the Pakistan Minerals Investment Forum offers an opportunity to shift gears and diversify the economy. But whether this becomes a landmark success or another unfulfilled promise will depend not just on the size of the rocks under our soil, but on the strength of the institutions above it.
Zawya
09-04-2025
- Business
- Zawya
Pakistani consortium to start production in ADNOC's offshore Block-5 by 2027
Pakistan's Oil and Gas Development Company Limited expects to start production in Abu Dhabi's Offshore Block-5 by 2027, while also increasing domestic oil and gas output and diversifying into minerals, its CEO said on Wednesday. OGDCL partnered with Abu Dhabi National Oil Company (ADNOC) in 2021 to explore and develop oil and gas resources in the block. Ahmed Hayat Lak, managing director and CEO of OGDCL, told Reuters the reserves were still being evaluated, but the company believed production could start in 2027. In terms of local exploration and production, Lak said the company was targeting crossing 50,000 barrels per day in oil production, up from 37,000, and gas output reaching 1 billion cubic feet, from around 800 million cubic feet, in the next three years. "We have developed a short-term, medium-term and long-term strategy or business plan for investing in tight gas," said Lak, following improved pricing by the government. Lak, speaking on the sidelines of the Pakistan Minerals Investment Forum 2025, also said the company planned on diversifying its operations. OGDCL has an 8.3% stake in Pakistan's copper gold mine Reko Diq. "We have decided, as part of the business strategy that we will diversify into the mineral sector, and as a result, yesterday we agreed to partner with Barrick Gold in other exploration licences too," said Lak. Lak called the company's stake in the Reko Diq copper-gold project a "game changer". He said lithium exploration was also on the cards and would be one of the company's priorities. (Reporting by Ariba Shahid in Karachi; Editing by Alison Williams)
Express Tribune
08-04-2025
- Business
- Express Tribune
Jam Kamal urges exploration of unexploited reserves
Listen to article Minister for Commerce Jam Kamal Khan on Tuesday highlighted Pakistan's vast mineral resources, offering significant opportunities for global companies to invest and collaborate in exploring the nearly 95% of mineral reserves that remain untapped across the country. Pakistan Minerals Investment Forum 2025. "I believe you have a country where 95% of the mineral resources are yet to be explored in the way they should be. This is something worth investing in, especially considering the demand for metals such as copper, critical rare earth minerals, lithium ore, iron ore and many others," he said during a panel discussion at the inaugural session of the two-day The forum, jointly organised by the Oil and Gas Development Company Limited (OGDCL) and the Special Investment Facilitation Council (SIFC), featured addresses by Prime Minister Shehbaz Sharif, Deputy Prime Minister and Foreign Minister Senator Ishaq Dar, and was attended by chief ministers, federal ministers, Chief of Army Staff Syed Asim Munir, CEOs of national and multinational companies, and foreign delegates. Kamal expressed appreciation for international companies already operating in Pakistan, including Barrick Gold, and said their presence highlighted the sector's vast potential. He pointed out that over 90 mineral types were present in Balochistan and the northern areas, and while the Geological Survey of Pakistan was actively working to explore these critical and basic mineral reserves, he emphasised that there were still vast untapped opportunities in the sector. He reiterated the need for increased investment and shared global best practices for mineral exploration. Despite limited resources, the commerce minister acknowledged that foreign investment was already being directed toward several projects within the mineral sector. "We are witnessing strong interest from corporate investors within Pakistan, which is a very positive sign. Companies with a successful track record in sectors like energy and textile exports are now, for the first time, entering Pakistan's mineral-rich sector," he said. Kamal reiterated that Pakistan was one of the most attractive destinations for foreign investment, noting that developing the mineral sector would be crucial for meeting the demands of emerging industries. He stressed the importance of streamlining policies and fiscal frameworks to support sustainable investment.
Arab News
08-04-2025
- Business
- Arab News
Pakistan eyes investments from Saudi Arabia, China, US as minerals summit kicks off
ISLAMABAD: Pakistan is hosting ministers and officials of private mining companies from Saudi Arabia, China, the United States and a host of other countries for a two-day minerals summit in the capital today, Tuesday, as it eyes international investment in its natural reserves estimated to be worth $6 trillion. Grappling with a prolonged macroeconomic crisis, Pakistan hopes to tap into its vast reserves of minerals and natural resources to turn its fortunes around. The country is home to one of the world's largest porphyry copper-gold mineral zones, while the Reko Diq mine in southwestern Balochistan has an estimated 5.9 billion tons of ore. Barrick Gold, which owns a 50 percent stake in the Reko Diq mines, considers them one of the world's largest underdeveloped copper-gold areas, and their development is expected to have a significant impact on Pakistan's struggling economy. The Oil and Gas Development Company Limited (OGDCL), Pakistan's leading exploration and production (E&P) company, in collaboration with the government of Pakistan and strategic partners are organizing the summit. Petroleum Minister Ali Pervaiz Malik said this week that the government expects around 2,000 people to attend the Pakistan Minerals Investment Forum from Apr. 8-9 in Islamabad, which would include a 'significant' number of foreign dignitaries. He said officials from China, Azerbaijan, Saudi Arabia, China and the US are expected to attend the summit. 'To truly unlock the potential of this [mining and minerals] sector, we need more than just capital,' Pakistan's Deputy Prime Minister Ishaq Dar said at the summit. 'We need a shared commitment to collaborate. Cooperation among governments, industry leaders, investors and local communities is very essential.' The deputy premier said investment in Pakistan's mineral sector not only represents financial opportunity but a vital step toward securing a sustainable and 'technologically advanced future' for the coming generations. 'The Pakistan Mineral Investment Forum 2025 provides a unique platform for stakeholders, friendly countries and partners to converge, explore new prospects and build mutually beneficial partnerships,' Dar added. Dar called on attendees 'to invest with purpose, with foresight and with the collective well-being' of the people of Pakistan and its partners and investors in mind. Pakistan is expected to unveil its newly developed, investor-friendly National Minerals Harmonization Framework 2025, which aims to attract investment in the country's mineral sector, at the forum. Malik said on Monday that the summit would also feature key agreements and memoranda of understanding (MoUs) signed between Pakistan and other countries. 'It is the prime minister's wish that we do not restrict this event to just words, so we will confirm some MoUs in front of you,' the minister said. 'Along with this, not just MoUs but a few agreements will also be executed after which we will take these matters toward implementation.' Pakistan has designated mining and minerals as a priority sector for national economic development, aiming to reduce its reliance on imports and enhance exports. The country is undertaking efforts to utilize its natural resources through foreign investment and collaboration to stabilize its $350 billion economy, which has suffered a prolonged economic crisis over the past few years. Islamabad has aggressively pursued trade and investment with its regional allies, Central Asian states and Gulf countries in recent months to ward off a macroeconomic crisis that has drained its reserves, weakened its currency and triggered a balance of payment crisis. Pakistan formed the Special Investment Facilitation Council (SIFC), a hybrid civil-military government body, in 2023 to attract international investment in its key priority sectors, mining and minerals among them.
