The multibillion-dollar Reko Diq copper and gold project has advanced significantly toward execution, with the Petroleum Division informing the Senate Standing Committee on Petroleum that financing arrangements are close to completion and physical progress has reached 20 percent. Officials reiterated that Phase 1 of the project remains firmly on schedule for late 2028. The first phase requires an investment of $7.7 billion, of which $2.5 billion has already been secured. Committee members were also invited to visit the project site for a detailed on-ground review.
Despite the encouraging progress, several senators raised concerns over the absence of representatives from Barrick Gold, the project’s operating partner. They emphasized that a member of the operational team must attend future committee sessions to ensure transparency, accountability, and consistent oversight.
According to the briefing, Reko Diq is expected to yield substantial long-term economic gains over its projected 37-year lifespan. The mine is estimated to generate $26 billion in benefits for Balochistan, $11 billion for the federal government, and nearly $15 billion for Pakistani partner companies, positioning it among the country’s most strategic mineral ventures.
The meeting took a tense turn when the Petroleum Division was unable to present basic production figures for the Sui gas fields. Senators Quratulain Marri and Bilal Ahmed repeatedly sought current data, but even the DG Petroleum Concessions admitted he lacked the information, citing his recent appointment. Lawmakers warned that the matter may be escalated to the president and prime minister.
Officials also briefed the committee on declining LNG demand, reduced imports, and current gas production levels. Senators stressed that Balochistan must receive priority under Article 158 before gas is supplied elsewhere.