Pakistan raises its investment in Reko Diq to $244 million.

In its most recent financial report released on Thursday, the state-owned Pakistan Petroleum Limited (PPL) stated that it had made an additional equity investment of Rs14 billion ($50.2 million) in the multibillion-dollar Reko Diq copper-gold mine.

Reko Diq is located in the southwestern province of Balochistan. The Barrick Mining Corporation of Canada owns fifty percent of the project, while three federal state-owned companies in Pakistan, including PPL, own twenty-five percent. The other twenty-five percent is owned by the Balochistan government.

“The company has made additional equity investment in Pakistan Minerals Private Limited (PMPL) during the period amounting to Rs14,025 million ($50.2m) with respect to the Reko Diq project,” PPL informed its shareholders in its financial statement for the half-year ending December 31.

It further stated that PPL’s overall investment cost in the PMPL has grown to Rs68.1 billion ($243.6 million) due to the additional equity.

To oversee the federal government’s 25% interest in the Reko Diq project, the PMPL was established as a special purpose entity. The PPL, Oil & Gas Development Company Limited (OGDCL), and Government Holdings (Private) Limited (GHPL) are three state-owned enterprises (SOEs) that work together to manage funding, equity contributions, and technical, legal, and strategic interactions with partners like Barrick.

“During the period (July-December FY26), the project continued to advance site works,” the PPL stated. “Barrick, the project’s operator, is reviewing every facet of the project, including the capital budget, development schedule, and security arrangements.”

In the face of escalating violence, Balochistan Chief Minister Sarfraz Bugti reassured investors last week that Pakistan possesses the “capacity and capability” to secure the Reko Diq project.

Oil and natural gas are explored, drilled, and produced by the PPL. Together with its affiliates and subsidiaries, it now owns 47 exploration blocks, including one onshore block in Yemen and one offshore Block-5 in Abu Dhabi.

In December, PPL signed a strategic Deed of Assignment under which it assigned 25 percent of its participating interest (PI) and operatorship of Eastern Offshore Indus C block to Turkish Petroleum Overseas Company, a unit of state-owned Türkiye Petrolleri Anonim Ortaklığı.

With OGDCL and Mari Energies Limited receiving 20 percent of the PI each, the business has kept the remaining 35 percent to play a significant role in the development of the block.