Islamabad | ReNews Pakistan

Pakistan is seeking investment from US financial institutions for its oil refinery modernisation programme as the country moves to strengthen bilateral energy cooperation with Washington and improve its capacity to meet domestic fuel demand.

Federal Minister for Petroleum Ali Pervaiz Malik discussed investment opportunities in Pakistan's refining sector during a meeting with US Chargé d’Affaires Natalie A. Baker on October 26.

According to an official statement, the meeting focused on expanding cooperation in the energy sector, attracting American investment, ensuring uninterrupted fuel supplies and exploring opportunities for liquefied natural gas (LNG) imports from the United States.

Malik informed the US envoy that Pakistan was pursuing a major refinery upgradation programme aimed at introducing modern refining technologies, improving petroleum product quality and increasing domestic production.

He said the programme offered significant investment opportunities for US financial institutions and could contribute to Pakistan's long-term energy security.

The petroleum minister highlighted challenges arising from the evolving geopolitical situation, particularly the ongoing conflict in the Middle East, which had complicated global fuel availability and increased the importance of measures to ensure uninterrupted energy supplies.

Pakistan has already made progress on its refinery modernisation programme. In September 2026, four of the country's five domestic oil refineries signed formal agreements with the government to upgrade their refining facilities.

The participating companies include Attock Refinery Limited, National Refinery Limited, Pakistan Refinery Limited and Cnergyico Pakistan Limited.

The projects are expected to attract approximately $5 billion in investment over the next five years. The planned upgrades aim to improve refining efficiency, enhance petroleum product quality, increase domestic fuel production and reduce dependence on imported petroleum products.

During the meeting, US Chargé d’Affaires Natalie Baker expressed Washington's willingness to strengthen cooperation with Pakistan in addressing its energy requirements.

She appreciated Pakistan's efforts to maintain fuel supplies despite regional disruptions and emphasised the importance of creating investment and commercial opportunities for American companies.

Baker also expressed optimism about the possibility of establishing long-term energy supply contracts between the two countries, saying such arrangements could provide mutual benefits and open new business opportunities for US firms.

Managing directors of Pakistan State Oil (PSO) and Pakistan LNG Limited (PLL) briefed the meeting on the interest shown by American companies in supplying LNG to Pakistan.

Karachi | ReNews Pakistan

Land disputes involving nearly 100 cooperative housing societies in Karachi concern properties reportedly valued at approximately Rs 1 trillion, according to a newspaper report citing the Sindh Cooperatives Department. The report alleges that administrative irregularities and violations of restrictions on property transactions have exposed several societies to litigation, investigations and uncertainty for members. The societies reportedly include nine operating under government administration. Alleged violations involve plot allotments, transfers, ownership changes, development work and other transactions undertaken despite restrictions imposed in 2017. The report says these actions have contributed to disputes over valuable land and raised questions about oversight of administrators appointed to manage society affairs. According to the report, the provincial cooperatives secretary took notice of the alleged breaches and issued a letter reiterating the restrictions. The communication reportedly warned government administrators and relevant officials against exceeding their authority or undertaking activities prohibited under the existing framework. The report refers to the Sindh Cooperative Housing Authority Ordinance, 1982, and departmental instructions governing administrators’ responsibilities. It states that administrators appointed to societies should focus on authorised administrative functions, including verification of members, scrutiny of records and arrangements for elections, rather than exercising unrestricted powers over land and financial matters. The department’s instructions, as reproduced in the report, prohibit administrators from allotting or transferring plots, changing ownership, approving subdivisions or amalgamations, and allowing commercial use of society property. Restrictions also reportedly cover development expenditure, new appointments and the appointment of legal advisers without the required authorisation. Financial controls form another part of the instructions. Societies are reportedly required to operate bank accounts through joint signatures, while payments exceeding Rs 500 must be made through crossed cheques. Expenditure above Rs 25,000, except employees’ salaries, requires prior approval from the competent authority, according to the report. Administrators must also submit monthly statements detailing their societies’ income and expenditure. The clipping presents these requirements as safeguards intended to improve transparency, protect members’ interests and prevent unauthorised financial decisions. However, it alleges that violations continued after the restrictions were introduced in 2017. Among the societies named in the report are government employees’ housing schemes and other cooperative residential societies across Karachi. Some have reportedly held elections and handed management to elected representatives, while others remain under government administration. The report alleges that no substantial action had been taken against administrators over the violations it describes. The provincial cooperatives secretary reportedly said he had recently assumed charge and would respond after examining the matter. The clipping does not provide detailed responses from the individual administrators or societies named, nor does it establish the outcome of the reported cases and investigations. For society members and prospective purchasers, the central concern is whether disputed transactions were properly authorised and supported by verified records. The reported Rs 1 trillion figure represents an estimate of the value of land involved in disputes; it should not be interpreted as an established financial loss. The allegations and valuation remain attributed to the newspaper report, pending examination of the underlying departmental correspondence, society records and any relevant judicial findings.

Islamabad | ReNews Pakistan

The ownership of nearly 114,000 acres of land across Pakistan has been formally transferred to Pakistan Railways in a major step towards protecting national assets, establishing clear legal ownership and improving transparency in government land records.

According to the information provided, the initiative was undertaken in line with Prime Minister Shehbaz Sharif's vision and through the efforts of the Chairman of the National Accountability Bureau (NAB).

Federal Minister for Railways Muhammad Hanif Abbasi also provided special attention and oversight to facilitate the process of transferring the land's legal ownership to Pakistan Railways.

The division-wise details show that 19,797 acres of land in Lahore Division, 16,114 acres in Rawalpindi Division and 14,675 acres in Peshawar Division have been transferred to Pakistan Railways.

Similarly, the ownership transfer covers 29,454 acres in Multan Division, 10,717 acres in Sukkur Division, 10,970 acres in Karachi Division and 10,771 acres in Quetta Division.

Additionally, 1,026 acres of land in Mughalpura and 269 acres under CFI have been included in the ownership transfer process.

The figures provided for the nine administrative categories total 113,793 acres, representing approximately 114,000 acres of railway land across the country.

The development is being viewed as an important step towards strengthening the legal status of government-owned land and safeguarding valuable public assets.

The correction and formalisation of railway land ownership records are expected to help address administrative issues, clarify ownership rights and support the management of railway properties across different regions.

Pakistan Railways owns valuable land in major commercial, residential and industrial locations throughout the country. Clear legal ownership of these properties could facilitate better land management, protection against unauthorised occupation and future development planning in accordance with applicable rules.

The federal government has already been pursuing measures to identify railway properties, recover encroached land and update official ownership records.

Pakistan Railways and NAB have also been cooperating on initiatives aimed at identifying and protecting railway properties in different parts of the country.

However, the transfer of legal ownership and the physical recovery of illegally occupied land are separate administrative and legal processes. The latest development primarily concerns the correction and formal transfer of land ownership records.

The initiative forms part of broader efforts to strengthen the protection, management and transparency of public land assets while improving Pakistan Railways' control over its legally owned properties.

Islamabad | ReNews Pakistan

The Securities and Exchange Commission of Pakistan (SECP) has revised the eligibility criteria for audit firms appointed by financial institutions and other regulated entities, introducing a revised list of approved auditors based on the size, assets and nature of financial institutions.

The commission issued Circular No. 24 of 2026, partially amending Circular No. 7 of 2026. The revised framework covers entities regulated under several laws, including the Securities Act, 2015, Futures Market Act, 2016, Insurance Ordinance, 2000, and Companies Act, 2017.

According to the circular, the revised eligibility criteria for the appointment of auditors by lending non-banking finance companies (NBFCs) will apply to financial years beginning on or after January 1, 2027.

Under the revised framework, the SECP has identified a first category of approved audit firms eligible to audit major financial institutions, including securities exchanges, futures exchanges, clearing houses, depository companies and securities brokers holding trading and clearing category licences.

The same category applies to asset management companies and pension fund managers with assets under management of Rs 50 billion or more. It also covers deposit-taking lending NBFCs and non-deposit-taking lending NBFCs with assets of Rs 1 billion or more.

Modarabas with assets of Rs 1 billion or more, along with collective investment schemes, voluntary pension schemes and real estate investment trusts (REITs) having assets of Rs 10 billion or more, are also covered under the first category.

Insurance, reinsurance and takaful operators with total assets exceeding Rs 10 billion, collateral management companies, credit rating companies and professional clearing members are also required to appoint auditors from this category.

The approved audit firms include A.F. Ferguson & Co., Baker Tilly Mehmood Idrees Qamar, BDO Ebrahim & Co., Crowe Hussain Chaudhury & Co., EY Ford Rhodes, Grant Thornton Anjum Rahman, Ilyas Saeed & Co., KPMG Taseer Hadi & Co., Kreston Hyder Bhimji & Co., Muniff Ziauddin & Co., Nasir Javaid Maqsood Imran, Parker Russell A.J.S., Rahman Sarfaraz Rahim Iqbal Rafiq, Reanda Haroon Zakaria Aamir Salman Rizwan & Co., Riaz Ahmad & Co., Rizwan & Co., RSM Awais Hyder Liaquat Nauman, S.M. Suhail & Co., Yousuf Adil and UHY Hassan Naeem & Co.

The SECP has also established a separate category for smaller regulated entities, including securities brokers holding trading and self-clearing category licences, asset management companies, pension fund managers and relevant NBFCs with assets under management below Rs 50 billion.

The revised framework differentiates financial institutions according to their asset size and regulatory classification, requiring them to appoint audit firms that meet the eligibility criteria applicable to their respective categories.

The changes establish a revised framework for auditor appointments across Pakistan's regulated financial sector, including non-banking lenders, investment management companies, insurance operators and real estate investment trusts

Islamabad | ReNews Pakistan

The National Electric Power Regulatory Authority (NEPRA) has proposed a new regulatory framework allowing federal and provincial governments to establish standalone electricity systems in selected areas where conventional distribution networks face persistently high losses, poor bill recovery, inadequate service quality or economically unsustainable operating costs.

The proposed National Electric Power Regulatory Authority Standalone Electric Power System (Pilot Projects) Regulations, 2026, aim to introduce alternative electricity supply arrangements independent of the national or provincial power grid.

NEPRA has released the draft regulations for public consultation, inviting government institutions, electricity consumers and other stakeholders to submit their comments and recommendations to the regulator's registrar within 30 days of publication.

Under the proposed framework, standalone electricity systems may include power generation facilities, energy storage equipment and associated electrical infrastructure. However, these systems would operate without any direct or indirect connection to the national or provincial electricity grid.

The initiative is intended for areas where traditional electricity distribution arrangements have become financially or operationally difficult to maintain because of high distribution losses, poor revenue recovery, inadequate services or the high cost of maintaining conventional networks.

The draft regulations provide that either the federal government or a provincial government would act as the sponsoring authority for an alternative electricity supply scheme.

With the consent of the relevant distribution company, the sponsoring government could notify a designated area for the establishment of a standalone electricity system.

Following notification, the designated area would be excluded from the licensed service territory of the existing distribution company and the relevant supplier of last resort.

The proposed regulations would initially allow a maximum of two pilot projects for each distribution licensee. However, NEPRA could approve additional projects upon a request from the sponsoring government.

Each proposed scheme would be required to provide detailed information about its geographical coverage, technology, implementation schedule, participating institutions, costs, safety arrangements and expected public benefits.

The framework also places emphasis on consumer protection and service quality.

Implementing agencies would be required to establish minimum service standards covering electricity availability, supply capacity, fault rectification, equipment replacement timelines and consumer complaint resolution.

Prior consultation with affected consumers and advance notification would also be mandatory. The schemes would need to address arrangements for providing electricity to future consumers within the designated areas.

According to the draft, the federal or relevant provincial government would finance standalone electricity systems either fully or partially, depending on the approved cost-sharing arrangements.

Karachi | ReNews Pakistan

The State Bank of Pakistan (SBP) has revised investment regulations for banks and development finance institutions (DFIs), introducing updated limits on investments in companies, startups, mutual funds, Real Estate Investment Trusts (REITs) and private equity funds.

According to a circular issued on October 23, 2026, the central bank has amended Regulation R 6 of the Prudential Regulations for Corporate and Commercial Banking to regulate equity investments and strengthen financial risk management.

Under the revised framework, the aggregate investment of a bank or DFI in the shares of a single company must not exceed the lower of 5% of its Tier-I capital or 10% of the investee company's paid-up shares.

The SBP has also specified investment limits for startups, including financial technology companies. Banks and DFIs may invest up to Rs 500 million or 5% of their Tier-I capital in a single startup, whichever is lower.

Investment ceilings have also been specified for mutual funds, Real Estate Investment Trusts and private equity funds. Under the revised rules, investment in any single fund must remain within the lower of 5% of the financial institution's Tier-I capital or 20% of the fund's total units.

The revised limits are also relevant to Pakistan's real estate investment sector, particularly REITs, which provide a regulated investment structure for property-related assets and projects.

The new framework could influence how banks allocate capital to real estate investment vehicles and other investment funds, depending on their available capital and existing investment exposure.

The central bank has further directed banks and DFIs to maintain formally approved policies governing equity investment decisions, supported by internal evaluation procedures.

These assessments must take into account the institution's financial position, overall investment portfolio, risk appetite, expected returns, professional expertise and business strategy, including an appropriate exit strategy.

Under the revised regulations, strategic investments and investments in mutual funds and private equity funds will also be included when calculating applicable aggregate investment limits.

However, units of the National Investment Trust (NIT) will remain excluded from these limits until its privatisation.

The SBP has specified that Tier-I capital calculations will be based on the preceding half-yearly reviewed or annual audited financial statements of the concerned bank or development finance institution.

The regulatory changes establish investment ceilings while requiring financial institutions to assess potential risks and expected returns before making equity investment decisions.

The central bank has clarified that all other existing instructions relating to the subject will remain unchanged.

Islamabad | ReNews Pakistan

The federal government has introduced a bill in the National Assembly seeking to merge the Privatisation Commission and the Public-Private Partnership Authority (P3A) into a single institution responsible for privatisation transactions and public-private partnership projects.

Under the proposed legislation, the new Privatisation and Public Private Partnership Commission (PPPPC) would oversee the sale and transfer of state assets and facilitate, assess and monitor private sector participation in public infrastructure and services.

The bill seeks to amend the Privatisation Commission Ordinance 2000 and repeal the Public Private Partnership Authority Act 2017. If enacted, the existing P3A would be dissolved and its responsibilities transferred to the newly constituted commission.

According to the government, the proposed merger is intended to eliminate overlapping institutional functions, streamline decision making and improve the efficiency of privatisation and public private partnership transactions.

The proposed commission would be headed by incumbent Privatisation Commission Chairman Muhammad Ali. Its board would have a majority of private-sector members, including at least two women, with fixed terms and specified conditions for disqualification and removal.

The legislation proposes placing four funds under the commission's administration: the privatisation fund, public contribution fund, viability gap fund and PPP project development fund.

These funds could receive allocations from the federal budget, international financial institutions, investment income and other permissible sources. They would be non-lapsable, allowing unspent balances to remain available beyond the financial year.

The public contribution fund would help meet government obligations associated with PPP projects, including land acquisition, site handover and the provision of rights of way.

The bill also proposes a federal pipeline of PPP projects, a formal approval mechanism, a risk management unit and dedicated committees to supervise project transactions.

Under the proposed framework, the commission could require government agencies to provide complete details of existing, planned and proposed projects within 15 days, including projects not formally classified as PPP initiatives.

The proposed law provides that agreements between public and private partners would be treated as public documents. Interested individuals could obtain copies, subject to applicable laws. However, the government, commission and relevant agencies would not be liable for private-party claims involving risks not expressly covered by a PPP agreement.

Another significant provision seeks legal and investigation immunity for serving and former chairmen, secretaries, board members, officials and consultants in relation to actions or omissions undertaken in good faith. The bill also proposes the use of public funds to defend proceedings covered by these protections.

Existing contracts executed by the P3A would transfer to the new commission without adversely affecting the contractual position of private parties.

The draft legislation further provides that employees, advisers and consultants of the existing authority would be retained for up to six months or until the expiry of their respective contracts, whichever occurs first, on terms no less favourable than their existing conditions.

If approved, the legislation could significantly reshape the federal government's approach to privatisation, infrastructure investment and public-private partnership management. Its implementation, however, remains subject to completion of the legislative process.

Islamabad | ReNews Pakistan

Pakistan's National Cyber Emergency Response Team (National CERT) has issued an urgent cybersecurity advisory warning government departments, financial institutions and organisations operating critical online services about two serious vulnerabilities in PHP based systems that could expose websites and applications to cyberattacks.

The advisory, circulated to federal ministries, government departments, regulatory authorities, public-sector companies, financial institutions and information technology service providers, calls for immediate protective measures to safeguard digital infrastructure, online services and sensitive information.

According to National CERT, two critical vulnerabilities, identified as CVE 2026 109618 and CVE-2026 109619, have been discovered in PHP systems widely used to operate websites, online portals and business applications.

Both vulnerabilities carry severity scores of 9.2 out of 10 under the Common Vulnerability Scoring System, indicating a substantial cybersecurity risk to affected systems.

Successful exploitation could potentially enable unauthorised attackers to execute malicious code remotely, gain access to sensitive information or interfere with normal server operations without requiring prior authentication.

National CERT has directed relevant organisations to identify vulnerable PHP installations, prioritise security updates and strengthen protection for internet-facing applications.

The advisory also emphasises the use of web application firewalls (WAFs) as an additional protective measure against potentially malicious requests and attempts to exploit vulnerable web services.

IT departments and cybersecurity teams have been advised to maintain close monitoring of system logs, identify unusual activity and investigate potential indicators of compromise.

Organisations have also been instructed to report suspected system intrusions, unauthorised access and web shell activity promptly to National CERT Pakistan.

The warning is particularly relevant to organisations operating online financial platforms, government information systems and business applications that depend on affected PHP technologies.

It may also have implications for digital systems used in the property and construction sectors, including online land record services, property transfer portals, housing development platforms, building approval systems and electronic payment services, where those platforms rely on vulnerable PHP installations.

However, the advisory does not establish that any specific Pakistani land records platform, development authority or property portal has been compromised.

The actual exposure of individual services depends on their software versions, hosting environments, security configurations and the measures already implemented by their operators.

International cybersecurity authorities have issued similar warnings following the disclosure of the vulnerabilities.

The PHP development team released emergency security fixes on October 21, 2026, while cybersecurity agencies across several countries urged website administrators and service providers to apply the updates immediately.

Security specialists have emphasised that web application firewalls should supplement, rather than replace, software patching and continuous system monitoring.

Islamabad | ReNews Pakistan

Pakistan is intensifying efforts to attract international investment into its mineral sector as growing global demand for copper, lithium, gold and other critical minerals increases the strategic and economic importance of the country's natural resources.

Pakistan's mineral wealth has been estimated at approximately $8 trillion, with 92 minerals identified across the country and 52 being commercially extracted.

However, the $8 trillion figure represents a broad estimate of mineral potential rather than a verified valuation of economically recoverable reserves.

The government is seeking to translate this resource potential into investment, industrial development and long-term economic activity through greater international engagement and improved infrastructure.

A major initiative in this regard is the Pakistan Minerals Investment Forum 2026, scheduled to take place on November 12 and 13 at the Jinnah Convention Centre in Islamabad.

The forum is expected to bring together international investors, mining executives, policymakers, financial institutions and technical experts to explore opportunities in mineral exploration, extraction, processing and associated infrastructure development.

Discussions will also address investment regulations, financing requirements, sustainable mining practices and the infrastructure needed to support commercially viable mineral projects.

Global demand for critical minerals has increased alongside the expansion of electric vehicles, renewable energy systems, battery storage technologies and advanced industrial applications.

Copper and lithium, in particular, have gained strategic importance because of their extensive use in electrical infrastructure, batteries and technologies supporting the transition towards cleaner energy.

Pakistan's geological position provides significant opportunities for mineral exploration.

Parts of the country lie within the Tethyan Metallogenic Belt, a major mineral-bearing geological zone extending from southeastern Europe through Türkiye and the Middle East towards the Himalayan region.

The belt is particularly associated with copper and gold mineralisation, providing a geological foundation for large-scale mining developments.

Major mineral projects, including Reko Diq in Balochistan, highlight Pakistan's potential to attract international investment in mineral extraction and supporting infrastructure.

Pakistan's critical minerals prospects received further attention in July 2026 when Oil and Gas Development Company Limited (OGDCL) confirmed the presence of lithium in underground formation water obtained from a high-temperature geothermal well in Sindh.

The discovery was made at the Wahid Bakhsh well in Khairpur district through advanced geochemical analysis of geothermal brine.

According to the company, the lithium concentrations were comparable to those found in certain internationally recognised lithium-bearing geothermal brine resources.

However, the discovery does not establish that large-scale commercial extraction is already feasible.

Further technical studies are required to determine the extent of the resource, suitable extraction technologies, production costs and overall commercial viability.

OGDCL has also initiated cooperation with the Pakistan Institute of Nuclear Science and Technology to explore technologies for lithium extraction and assess the potential for commercial development.