PPL to Collaborate with Foreign Investors In Reko Diq Project

Pakistan Petroleum Limited (PPL) has set its sights on potential collaboration with foreign sovereign investors for the Reko Diq Project.

In a notification to the Pakistan Stock Exchange, the company stated that “The Board of Directors (BoD) of Pakistan Petroleum Limited (PSX: PPL) has decided to evaluate a potential engagement with sovereign foreign investors with respect to the Reko Diq Project.”

It has also “decided to appoint advisors through its associated company M/s Pakistan Minerals (Private) Limited (PMPL) to assist in this regard”, disclosed the company’s filing to the Pakistan Stock Exchange on Thursday,

This development aligns with the company’s forward-looking strategy, signaling its intent to explore international partnerships for the Reko Diq Project, a venture of notable importance in the realm of natural resources.

PPL and OGDCL separately announced last year to subscribe to 33.3% shares of Pakistan Minerals Ltd and became part of a reconstituted project that saved Pakistan from an $11 billion penalty linked to the Reko Diq case.

The initial focus of the project was Phase 1, aimed at developing a 40 million tonnes per year ore-processing capacity, with construction scheduled to begin in the third year following the signing of definitive agreements.

According to the reconstituted agreement, Barrick Gold would spearhead the project with 50% ownership, while the remaining 50% would be equally shared between the federal government and the provincial government of Balochistan. With an estimated capital cost of around $7 billion, the project was poised for production between 2027 and 2028.


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