Business

Fauji Foundation, Binance partner for crypto push

Published

6 hours ago

December 16, 2025

ISLAMABAD: Fauji Foundation – the country’s one of the largest business conglomerate – has signed a Letter of Intent (LOI) with Binance, the leading global blockchain and cryptocurrency exchange by trading volumes and users, for commercial collaboration in blockchain, cryptocurrency and payments in Pakistan.

The announcement was made by Pakistan Crypto Council (PCC) in a statement on Monday disclosing that the LoI was signed on Dec 12 at the Fauji Foundation Headquarters, Rawalpindi. The statement said the two sides will explore potential commercial collaboration on blockchain, cryptocurrency, payments and Web 3.0 ecosystem within Pakistan.

“As part of the LoI, Binance will deploy its expertise, advisory support and technological and market insights on the crypto industry, and Fauji Foundation will partner with Binance on payment infrastructure solutions utilising digital assets”, the statement said.

Both sides will further cryptocurrency and blockchain education through their academic wings to learners throughout Pakistan, empowering the youth with the necessary skill sets needed to work in this industry and act as responsible and well informed consumers of blockchain, cryptocurrency, payments and Web 3.0 products and services, the statement added.

LoI signed to collaborate in blockchain, cryptocurrency, payments and Web3

The LoI was signed by Foundation’s Secretary of Committee of Administration retired Brigadier Irfan Khan and Binance Chief Executive Officer Richard Teng. Present on the occasion were Managing Director and CEO Fauji Foundation retired Lieutenant General Anwar Ali Hyder, PCC Adviser Changpeng Zhao and Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib.

With a humble beginning from Rs18m in the 1950s, Fauji Foundation has grown into a leading medical and business conglomerate with annual dividends exceeding Rs30bn. Its portfolio includes over 1,800-bed medical facilities nationwide across 74 medical facilities.

This includes 11 hospitals, 63 clinics and 128 educational institutes, comprising Foundation University, medical, dental and nursing colleges, tertiary colleges, schools and vocational training institutions. The FF’s endowment fund is invested in the sectors of agriculture, infrastructure, food chain, power, energy and financial services, according to FF’s website.

Most of its commercial investments are quoted on the Pakistan Stock Exchange.

Last week, Finance Minister Muhammad Aurangzeb also signed a memorandum of understanding (MoU) with Binance Investments Co Ltd “to leverage emerging financial technologies to Pakistan’s capital markets and enhance global investor access” through collaboration on the tokenisation and blockchain-based distribution of Pakistan’s real-world and sovereign assets, including government bonds, treasury bills, commodity reserves and other federally owned assets.

Published in Dawn, December 16th, 2025

Source link

Business

Pakistan seeks oil deal with Russia as energy ministries hold talks

Published

3 hours ago

December 16, 2025

hussainbinnoman3@gmail.com

Russia and Pakistan are in talks on a potential oil-sector agreement, Finance Minister Muhammad Aurangzeb told RIA news agency in remarks published on Tuesday.

“All of these areas are Russia’s strengths. And we would be very happy if Russia agreed on an agreement in this sector with Pakistan,” Aurangzeb told RIA in an interview when asked about wider cooperation in exploration, production and refining between the two countries.

“At present, the issue is being discussed by the energy ministries of both sides.”

Russia also discussed upgrading a refinery in Pakistan with Russian companies involved, Russian Energy Minister Sergei Tsivilev had said in November.

Pakistan has stepped up engagement with Russia in recent years as Moscow sought new energy markets after Western sanctions over Ukraine, and Islamabad looked to lower import costs.

Pakistan began buying Russian crude in 2023.

Aurangzeb also said Russia and Pakistan are looking into building another steel plant in Pakistan, RIA reported.

Source link

Business

PM Shehbaz directs speedy power reforms

Published

5 hours ago

December 16, 2025

hussainbinnoman3@gmail.com

ISLAMABAD: Prime Minister Shehbaz Sharif on Monday directed the relevant authorities to expedite the privatisation process of power distribution companies (Discos) and generation companies (Gencos).

Presiding over a meeting, the prime minister emphasised that the privatisation of the energy system, leading to the establishment of a competitive electricity market, was the sustainable solution to the country’s energy issues.

The prime minister was told expressions of interest (EoIs) for the privatisation three distribution companies — Islamabad Electric Supply Company (Iesco), Faisalabad Electric Supply Company (Fesco) and Gujranwala Electric Supply Company (Gepco) — will be invited soon.

To align the electricity system with modern requirements, the prime minister directed to initiate work on a Battery Energy Storage System through public-private partnerships.

The premier was also briefed on the progress of power sector roadmap, power generation, distribution, privatisation of Discos and Gencos and other reforms. The meeting was told that PC-I of the 500kV Ghazi Barotha-Faisalabad transmission line was at the approval stage.

Besides, the technical feasibility to shift the imported power plants to Thar Coal has been completed whereas work on the railway line to transport Thar coal to the power plants was also in progress.

Published in Dawn, December 16th, 2025

Source link