ISLAMABAD: In a significant development, the government has agreed in principle to extend the lease of Engro Vopak Terminal Limited (EVTL) by 30 years, allowing the company to continue operating its liquefied petroleum gas (LPG) and liquid chemical terminal at Port Qasim beyond its current lease term, which ends in 2026. According to sources, the Port Qasim Authority (PQA) signed…
Read MoreMonth: April 2025
Oil Industry Seeks Super Tax Abolition, Margin Revision in Budget 2026
ISLAMABAD:The Oil Companies Advisory Council (OCAC) has urged the government to abolish the super tax and address unresolved tax and margin issues in the upcoming Budget 2026, warning that continued neglect could jeopardize the financial viability of the petroleum sector. In its formal proposals to the Federal Board of Revenue (FBR), OCAC emphasized that the Finance Act 2024’s introduction of…
Read MoreIFC Commits $300 Million to Reko Diq Copper-Gold Project
The International Finance Corporation (IFC), the World Bank’s private sector investment arm, has pledged $300 million in debt financing for the development of the Reko Diq copper-gold mining project in Balochistan, Pakistan. The funding is part of a broader financing effort aimed at securing over $2 billion from international lenders by early Q3 2025. Barrick Gold, which jointly owns the…
Read MoreNEPRA Approves Rs1.71 per Unit Cut in Electricity Tariff for Three Months
The National Electric Power Regulatory Authority (NEPRA) has approved a reduction of Rs1.71 per unit in electricity prices for a three-month period, from April to June 2025. The move comes in response to the federal government’s request aimed at lowering consumer-end tariffs and stimulating electricity demand. NEPRA issued a written decision confirming the approval, stating that the reduction would not…
Read MorePetroleum Minister Ali Pervaiz Malik Welcomes Britains Support for Capacity Building in Petroleum Sector
Minister for Petroleum, Mr. Ali Pervaiz Malik, held a productive meeting with Ms. Joe Moir, Development Director of the British High Commission in Islamabad, to discuss bilateral energy collaboration and cooperation opportunities in Pakistan’s petroleum sector. The meeting, held at the Ministry of Petroleum, focused on enhancing UK-Pakistan partnerships in oil, gas, and energy sectors. Both sides emphasized the importance…
Read MoreOGDCL Targets 2027 for Production in ADNOC’s Offshore Block-5, Eyes Expansion in Minerals
ISLAMABAD, April 10, 2025: Pakistan’s state-run Oil and Gas Development Company Limited (OGDCL) plans to commence production from Abu Dhabi’s Offshore Block-5 by 2027, marking a major step in its international expansion, said CEO Ahmed Hayat Lak on Wednesday. Speaking on the sidelines of the Pakistan Minerals Investment Forum 2025, Lak stated that while reserves in the ADNOC-partnered block are…
Read MoreFuel Prices in Pakistan May Drop by Up to Rs12 Amid Falling Global Oil Rates
Islamabad, April 10, 2025: Consumers in Pakistan could soon see a significant drop in fuel prices, with a potential reduction of up to Rs12 per litre in petrol and diesel, following a sharp decline in global crude oil prices, according to sources in the Petroleum Division. Brent crude oil has experienced a steep fall over the past week, currently trading…
Read MoreNEPRA Recommends Immediate Removal of IESCO CEO Over Poor Performance
Islamabad, April 10, 2025: The National Electric Power Regulatory Authority (NEPRA) has strongly recommended the immediate removal of Naeem Jan, Chief Executive Officer of Islamabad Electric Supply Company (IESCO), citing unsatisfactory performance. The recommendation was made by NEPRA Member (Technical) Rafique Ahmad Shaikh during a public hearing on IESCO’s request for adjustments related to the multi-year tariff (MYT) components for…
Read MoreKazakhstan to Join TAPI Gas Pipeline Project, Strengthen Scientific and Economic Ties with Pakistan
Islamabad, April 10, 2025: Kazakhstan is poised to formally join the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project, marking a significant step forward in regional energy integration and cooperation. The development was shared by the Kazakh Ambassador during a meeting with Pakistan’s Federal Minister for Science and Technology, Khalid Hussain Magsi, held in Islamabad on Tuesday. The meeting underscored a shared commitment…
Read MoreItaly Targets $3 Billion Trade with Pakistan: Italian CG Calls for Stronger Economic Ties
Karachi, April 10, 2025: Italy is aiming to double its bilateral trade with Pakistan to at least $3 billion in the coming years, announced Italian Consul General in Karachi, Fabrizio Bielli, during his visit to the Karachi Chamber of Commerce & Industry (KCCI). Highlighting Karachi’s economic significance, Bielli described the city as rich with untapped opportunities, particularly in energy, agriculture,…
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