Latest news with #MusadikMalik
Express Tribune
20 hours ago
- Business
- Express Tribune
Russia offers stakes in its Nigeria oil, gas fields
Listen to article Russia has offered Pakistan stakes in its oil and gas fields in Nigeria, a move that will help secure energy supplies and ease pressure on foreign exchange. Russian energy giant Gazprom wants Pakistan's largest oil and gas explorer – Oil and Gas Development Company Limited (OGDCL) – to enter into joint ventures in its overseas oil and gas exploration projects. At present, Pakistan produces 15% of crude oil locally whereas remaining needs are met through expensive imports that build pressure on foreign exchange reserves. Earlier, Pakistan Petroleum Limited (PPL) tried to explore oil and gas in Iraq but that venture did not yield any result. Now, a Pakistani delegation, led by Petroleum Minister Ali Pervaiz Malik, which is on a visit to Russia, has informed Moscow that Pakistan is interested in getting stakes in the fields that are already being developed to avoid risks. Ali Pervaiz Malik, who had replaced former petroleum minister Musadik Malik, was keen to address issues of oil and gas sectors. OGDCL Managing Director Ahmed Hayat Lak is also part of the delegation. Sources told The Express Tribune that the petroleum minister held a meeting with the chief executive officer of Gazprom, a Russian company responsible for overseas investment in oil and gas fields. During the meeting, the CEO of Gazprom offered Pakistan's petroleum minister to form joint ventures between OGDCL and Gazprom in those fields which were being operated by the Russian company outside Pakistan and Russia. At present, Gazprom is operating in different countries such as Bangladesh, Vietnam and Nigeria. He informed the Pakistani side that OGDCL could enter into a joint venture with Gazprom in any field. Pakistani companies including OGDCL, Mari Petroleum, Pakistan Petroleum Limited (PPL) and Government Holdings Private Limited (GHPL) had also formed a joint venture with a state-owned firm of the UAE in Dubai in an offshoring block. The UAE had offered a field to Pakistani companies, which had already been developed to avoid risks and was not a new block. Sources said that the Pakistani side informed the CEO of Gazprom that it was not interested in those blocks which had not been developed so far and wanted to follow the Dubai project model. Pakistan wants to get stakes in those fields which have already been developed by Gazprom. According to sources, Gazprom offered the petroleum minister to buy stakes in a developed hydrocarbon block in Nigeria, where no risk was involved. It proposed that Gazprom, a Nigerian state-owned company and OGDCL could become partners in that field. Sources said that the Russian company would now send a proposal to OGDCL for evaluation as it would be a pure commercial deal. The Pakistani side had already offered Russia to become part of OGDCL's bid for offshore drilling in Pakistan. Officials say a joint venture with Gazprom in Nigeria will also become a base for engaging the Russian company in offshore drilling in Pakistan. OGDCL and other Pakistani companies have already reached an understanding with a Turkish firm to offer a joint bid for an offshore exploration field in Pakistan. Officials say Pakistan is also looking towards the Russian firm to become its partner in this venture. Russia has been struggling to establish a firm footing in Pakistan's energy sector for the last one decade but it has not been able to achieve success. It was also working with Pakistan to build an LNG pipeline from Karachi to Lahore for transporting imported gas. However, US sanctions on Russian firms were a key hurdle, which could not allow implementation of the project. The structure of Pakistan Gas Stream Project was changed almost six times to avoid US sanctions but nothing could provide successful. Now, Gazprom has offered Pakistan to become a partner in oil and gas fields in Nigeria. Pakistan is hopeful that this joint venture could become successful.
Business Recorder
10-06-2025
- Politics
- Business Recorder
India disrupting Indus Water flows: Musadik Malik
Federal Minister for Climate Change and Environmental Coordination Musadik Malik accused India of using dams to disrupt the flow of the Indus River system reported Bloomberg on Tuesday. 'India is manipulating the flow of rivers that run into Pakistan by holding and releasing, holding and then flooding,' he was quoted as saying during an interview with Bloomberg. The minister added how India lacks the storage capacity to completely stop the water, noting that when the water was needed for crop sowing, 'it was not available' over the past month. He also said their neighbour was doing this 'to disturb crop patterns and the food security of Pakistan'. Following the April 22 attack, Indian Prime Minister Narendra Modi ordered officials to expedite planning and execution of projects on the Chenab, Jhelum and Indus rivers, three bodies of water in the Indus system that are designated primarily for Pakistan's use, reported Reuters. About 80% of Pakistani farms depend on the Indus system, as do nearly all hydropower projects serving the country of some 250 million. Any efforts by Delhi to build dams, canals or other infrastructure that would withhold or divert significant amount of flow from the Indus system to India 'would take years to realise,' said water security expert David Michel of the Washington-based Center for Strategic and International Studies. There will be no compromise on water, says Bilawal Meanwhile, in the interview, Malik added, 'Because they don't have storage dams, they have not been able to materially affect us.' 'If they start to build storage dams, it would be deemed as an act of war,' he said.
Bloomberg
10-06-2025
- Politics
- Bloomberg
India Is Disrupting Indus Water Flows, Pakistan Minister Says
Pakistan's climate minister accused India of using dams to disrupt the flow of the Indus River system, as both countries seek international support amid a fragile ceasefire agreement. India is manipulating the flow of rivers that run into Pakistan by 'holding and releasing, holding and then flooding,' Minister for Climate Change and Environmental Coordination Musadik Malik said Monday in an interview in London. While India lacks the storage capacity to completely stop the water, Malik noted that 'when the water was needed for crop sowing, it was not available' over the past month.
Hindustan Times
02-06-2025
- Politics
- Hindustan Times
Exposed by India globally over terror, Pakistan now dispatches delegations abroad
Taking cue from India, Pakistan on Monday dispatched delegations for a diplomatic outreach to other countries like the US and UK in a bid to seek support following the damages to its airbases and terror targets last month under 'Operation Sindoor' carried out by Indian armed forces in retaliation to the April 22 Pahalgam attack. Pakistan on Monday unveiled the details of its global diplomatic push which it says also seeks to 'highlight the importance of dialogue to tackle problems between the two countries'. Pakistan's diplomatic outreach, which comes days after India dispatched delegations to several countries for an anti-terror drive, comprises two teams marching towards different directions to garner support for the country, as per a Foreign Office statement cited in a PTI news agency report. India has sent seven multi-party delegations to 33 global capitals as part of its diplomatic outreach following the terrorist attack in Pahalgam that claimed 26 lives. A high-level multi-party delegation of Pakistan will visit New York, Washington DC, London and Brussels from 2 June 2025," the Foreign Office (FO) said. The nine-member delegation is led by the Pakistan People's Party Chairman and former foreign minister Bilawal Bhutto Zardari. The other members of the delegation include federal minister Musadik Malik, former foreign ministers Hina Rabbani Khar and Khurram Dastgir Khan, former ministers Syed Faisal Ali Subzwari and Sherry Rehman, Senator Bushra Anjum Butt. It also includes two former foreign secretaries - Jalil Abbas Jilani and Tehmina Janjua. The second delegation, led by special assistant to the prime minister, Syed Tariq Fatemi, was slated to visit Moscow from June 2. The details of its composition were not shared. The two delegations are expected to hold a series of meetings with the leadership of international bodies, public office holders, senior officials, parliamentarians, think tanks, media and diaspora, the FO said. "The visits of these delegations are aimed at projecting Pakistan's perspective on the recent Indian aggression," it said, adding that they would also 'highlight that dialogue and diplomacy should take precedence over conflict and confrontation,' it added. The FO said, the 'need for immediate resumption of the normal functioning of the Indus Waters Treaty will also be a key theme of the delegations' outreach'. Tensions between India and Pakistan escalated after the Pahalgam terror attack on April 22, when terrorists, found to have links with Pakistan, shot and killed 26 civilians in Jammu and Kashmir town's Baisaran meadow. India then carried out precision strikes on terror infrastructure in Pakistan and Pakistan-occupied Kashmir in the early hours of May 7. Pakistan attempted to attack Indian military bases on May 8, 9, and 10. Indian forces responded strongly to the Pakistani actions before a ceasefire 'understanding' was reached for stopping all military actions following talks between the directors general of military operations of both sides on May 10.
Express Tribune
29-05-2025
- Business
- Express Tribune
Pakistan, ADB push for climate strategy tied to carbon markets
Minister of State for Petroleum Dr Musadik Malik addressing a press conference in Islamabad on December 5, 2022. PHOTO: PID Listen to article Federal Minister for Climate Change and Environmental Coordination, Dr Musadik Malik, met with an Asian Development Bank (ADB) delegation led by Toru Kubo, Senior Director for Climate Change and Sustainable Development (CCSD), to explore collaboration in carbon markets and shape a new climate strategy. According to a press release issued Thursday, both sides agreed to formulate a comprehensive, impact-driven strategy with a focus on carbon credit mobilisation, climate innovation, and outcomes-based project implementation. Malik assured ADB of full ministerial cooperation and active engagement in the strategy's development. Kubo reaffirmed ADB's support, highlighting the Bank's efforts to help Developing Member Countries invest in low-carbon technologies, boost carbon finance readiness, and access international carbon markets.
