KARACHI: Zubair Motiwala, Chief Executive of the Trade Development Authority of Pakistan (TDAP), has resigned from his position, citing personal reasons. Speaking to The News on Thursday, Motiwala confirmed his decision, stating, “I resigned to focus fully on my own business.” A renowned textile industrialist and exporter, Motiwala has held several prominent roles, including President of the Karachi Chamber of…
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KARACHI: Pakistan Petroleum Limited (PPL) has significantly boosted natural gas production at its Shahdad X-1 well in the Gambat South Block, Sanghar District, Sindh, following a successful water shut-off operation. According to a notice submitted to the Pakistan Stock Exchange (PSX) on Thursday, gas production at the well has surged from 2.2 million standard cubic feet per day (mmscfd) to…
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ISLAMABAD: Official documents presented in the National Assembly on Thursday revealed that the Energy Ministry spends billions of rupees annually on providing free electricity to over 200,000 current and retired employees. The records disclosed that these employees collectively consume 441.5 million units of electricity free of charge each year. Of this, 308.2 million units are allocated to serving employees, while…
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ISLAMABAD: The International Monetary Fund (IMF) has proposed aligning gas tariffs for captive power plants (CPPs) with re-gasified liquefied natural gas (RLNG) prices, effective February 1, 2025, as part of efforts to recover the full cost of energy. Previously, the government had agreed to disconnect gas supply to CPPs, citing inefficiency and the supply of electricity to these plants from…
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Saudi Arabian Crown Prince Mohammed bin Salman has expressed plans to expand investment and trade with the United States by $600 billion over the next four years, according to the Saudi State News Agency. In a phone call with President Donald Trump, the crown prince highlighted the potential economic prosperity anticipated from the Trump administration’s reforms. He noted that Saudi…
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ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday hailed the $20 billion Country Partnership Framework (CPF) with the World Bank as a groundbreaking initiative to address Pakistan’s developmental challenges and boost economic growth. Speaking at the launch ceremony, he described the decade-long collaboration as a transformative partnership promoting employment, IT-led development, and climate resilience. The prime minister emphasized that the CPF…
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KARACHI: The Senate Standing Committee on Petroleum held a pivotal meeting at the Pakistan State Oil (PSO) headquarters on Thursday to address the pressing challenges facing the country’s energy sector. PSO Managing Director Syed Muhammad Taha emphasized the urgency of empowering the company’s board of management with regulatory powers to ensure its sustainability and competitiveness. Highlighting the severity of the…
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