Hub Power Company Limited (HUBCO), Pakistan’s largest independent power producer (IPP), is exploring multiple options for its 1,100-acre base plant at Hub, including the establishment of an aluminium smelter and a Single Point Mooring (SPM) facility.
Topline Securities, which attended the management meeting of HUBCO, shared the development in its report on Tuesday.
During the meeting, HUBCO said that different options have been explored for its base plant at Hub.
“An option to set up an aluminium smelter was explored, which is an energy-intensive business and could help address Pakistan’s surplus energy issue, while also allowing HUBC to use its existing base plant as a backup,” said the brokerage house.
The company’s management was of the view that since the site is located with land and sea transportation infrastructure, they would be able to easily import alumina.
“Given Pakistan’s significant bauxite reserves, i.e. approximately 200 million tons, including ~74 million tons of identified reserves in Khushab, AJ&K, KPK and Ziarat regions, complete integration across the value chain could be explored at a later stage,” it said.
Meanwhile, another option is building a Single Point Mooring (SPM) on the Hub coast to import petroleum products for Pakistan State Oil (PSO), the country’s largest OMC.
“The plan involves using available storage tanks and transporting the products through the Asia Petroleum Pipeline (PSO stake: 49%) to Zulfiqarabad, where it connects with the White Pipeline to the North onward.
“The company will be forming a JV type structure for this transaction, if it moves forward,” read the report.
During the meeting, HUBCO announced that local assembly of BYD electric vehicles is set to begin in the second half of 2026.
“Regarding BYD, management stated that they have received a much better response than what was initially expected in the market. They are currently the largest EV company in Pakistan, and there has been a steady increase in demand for the Atto 3,” said Topline.
HUBCO shared that it is also developing Pakistan’s first and largest EV charging network that would span from Karachi to Peshawar along the motorway.
Meanwhile, regarding car exports to right-hand drive countries, HUBCO management stated that there is a possibility of this in the future; however, their current focus is on developing the plant.
“They also mentioned that two international financing partners are already on board at this stage,” said Topline.
