Pakistan names new petroleum, privatisation chiefs in reshuffle

Pakistan's prime minister appointed new heads for the key petroleum and privatisation portfolios on Friday- both departments seen as central to the country's recovery from an economic crisis.

Former junior finance minister Ali Pervaiz Malik was appointed as petroleum minister in a broader cabinet reshuffle.

His key task will be spearheading a major transaction in the Reko Diq copper and gold project.

Barrick Gold, which owns 50 per cent of the project, is also in talks with railway authorities to revamp Port Qasim's coal terminal for copper transport, CEO Mark Bristow told Pakistan's Dawn News in January.

Muhammad Ali, formerly the special assistant to the prime minister on the power sector, has taken over as adviser for privatisation.

This follows Pakistan's failed attempt at offloading a 60 per cent stake in debt-ridden airline PIA, which only received a single offer, well below the asking price.

Privatising PIA and other state-owned enterprises is crucial for raising funds and reforming these entities under the ongoing $7 billion IMF bailout programme, set up to address an economic crisis stoked by surging inflation and a trade deficit caused by ballooning energy imports.

Bilal Azhar Kayani will take over as Pakistan's Minister for Railways.

The ministry is in talks with China to upgrade and reconstruct Pakistan's railway network, and develop the Gwadar port, under China's $65 billion investment in Pakistan, part of Beijing's Belt and Road Initiative.