SIFC reports progress in Pakistan’s energy sector

The Special Investment Facilitation Council (SIFC) has reported significant advancements in Pakistan’s energy sector over the past year. Notable achievements include the establishment of an Anti-Theft Task Force, which has recovered approximately 95 billion rupees, and the implementation of strategies to tackle circular debt. Solar projects have been launched in Gilgit-Baltistan (1 MW) and Sukkur (150 MW). Additionally, the Saudi Fund for Development has pledged support for two hydropower projects in Azad Jammu and Kashmir, adding 70 MW to the national grid.

Foreign investments have been pivotal in the sector’s development. Chinese company Sinotec Solar plans to establish a 3 GW solar panel manufacturing plant in Karachi. Another key project involves converting a thermal power plant into a 300 MW solar facility, attracting $200 million in foreign direct investment. Furthermore, Shanghai Electric Group has invested in Thar Coal Block-1.

Progress on the Brownfield Oil Refinery Policy could potentially attract $5-6 billion in investments, with Pakistani oil refineries upgrading to Euro-V standards. In the exploration sector, Mari Petroleum Company Limited successfully completed an appraisal well in the Ghazi formation.

SIFC’s Vision 2031 aims to reduce reliance on traditional energy sources by focusing on renewable energy, including hydropower, solar energy, wind energy, and re-gasified liquefied natural gas (RLNG).