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Qatar’s Al-Mirqab Capital has reportedly notified Pakistani officials that it intends to sell its 49% stake in the Port Qasim coal-fired power project—but no completed sale or ownership transfer has been confirmed. Business Recorder reported the notice on November 5, 2025, citing government sources; in the same report, Power Minister Sardar Awais Khan Leghari said, “I have no such news.”
What is known about the reported exit?
Business Recorder reported that Al-Mirqab Capital formally communicated an intention to divest its shareholding and conveyed the decision to senior officials in Islamabad. The report described a “Notice of Intent to Divest from the Port Qasim Power Plant,” but did not establish that the investor had completed a sale. The minister’s reported response—“I have no such news”—is an important qualification: the report attributed the notice to government sources, not to a public statement by Al-Mirqab Capital.
As of October 8, 2026, no later confirmation of a sale or ownership transfer was found. The available reporting does not establish whether negotiations advanced, a buyer emerged, or approvals were sought. Business Recorder’s November 5, 2025 report is the source for the alleged notice and minister’s response.
Who owns the stake, and what is the project?
The Private Power & Infrastructure Board (PPIB) identifies Al Mirqab Capital of Qatar as the 49% sponsor and Sinohydro Resources Ltd. as the 51% main sponsor of Port Qasim Electric Power Company (Private) Limited. PPIB’s project page has no stated update date, so its sponsor listing is a record of the project structure, not proof of whether a later transaction occurred.
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Port Qasim is a 1,320 MW imported-coal plant near Karachi, in Sindh. It consists of two 660 MW units. PPIB’s register of commissioned and upcoming CPEC projects, dated June 30, 2026, lists its commissioning date as April 25, 2018; the CPEC Secretariat describes it as completed and operational.
| Project detail | Reported or listed value | Source and qualification |
|---|---|---|
| Installed capacity | 1,320 MW | PPIB project page and 2026 register |
| Generating units | Two units of 660 MW each | PPIB project page; update date not stated |
| Commissioning date | April 25, 2018 | PPIB register dated June 30, 2026 |
| Al Mirqab Capital stake | 49% | PPIB project page; update date not stated |
| Sinohydro Resources stake | 51% | PPIB project page; update date not stated |
Sources: PPIB’s CPEC project register, PPIB’s Port Qasim project page, and the CPEC Secretariat project page.
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What financial pressures were reported?
Business Recorder presented delayed payments and foreign-exchange constraints as financial context for the proposed divestment. It reported that the project company had raised concerns about overdue payments under its power purchase agreement and warned the government of a possible suspension of operations. The article also said Sheikh Hamad Bin Jassim Bin Jaber Al Thani had previously sought payment of USD 450 million owed to the project company.
Those details are claims reported by Business Recorder, not independently verified current liabilities or a confirmed explanation for a sale. The report cited a project cost of USD 2.09 billion and said the Al-Thani Group had invested more than USD 1 billion. PPIB, meanwhile, lists the total project price as USD 1,912.2 million; these figures come from different sources and should not be treated as identical measurements. The reported USD 450 million request is not established here as an outstanding balance today.
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What would confirm that the exit happened?
A stated intention to divest does not itself transfer ownership. Confirmation would require a subsequent transaction record or reliable reporting that identifies a completed sale and the new shareholder. PPIB’s sponsor listing is useful for understanding the recorded ownership structure, but its update date is not stated and it is not a transaction notice. The sources available by October 8, 2026 do not resolve whether the reported plan proceeded.
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