Islamabad: In a significant development aimed at stabilizing Pakistan’s economy and ensuring a steady supply of petroleum products, the Kingdom of Saudi Arabia (KSA) has signed a Memorandum of Understanding (MoU) with Pakistan for a $1.2 billion Saudi Oil Facility (SOF) for one year. Under the agreement, Saudi Arabia will provide Pakistan with deferred oil payments at a 6% markup,…
Read More
Lahore: Tariq Electric (Pvt) Ltd, a licensed panel builder and official channel partner of ABB, hosted a prestigious event in Lahore, unveiling ABB’s latest product line and cutting-edge electrical solutions. The gathering brought together senior industry professionals, renowned consultants, and key stakeholders from the energy and electrical sectors. A keynote address by Mr. Sean Barnicle from ABB Italy was the…
Read More
ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) is set to hold a public hearing today on the approval of the 220-megawatt SITE Neutral Hybrid Project, a pioneering initiative in Pakistan’s renewable energy sector. K-Electric (KE) will present its stance on the project, which has secured the lowest tariff bid of 3.09 cents per kilowatt-hour (kWh) from Canadian firm JCM…
Read More
Oil prices rose on Monday after U.S. President Donald Trump imposed tariffs on Canada, Mexico and China, raising fears of supply disruption, though gains were capped by concern over what could be an economically damaging trade war. Brent crude futures rose $1.28, or 1.7%, to $76.95 a barrel by 1232 GMT after touching a high of $77.34. U.S. West Texas…
Read More
Ghani Chemical Industries Limited (GCIL), a manufacturer of medical and industrial gases and chemicals, has entered into a Gas Sales & Purchase Agreement (GSPA) with Pakistani E&Ps i.e. Mari Energies Limited and Oil and Gas Development Company Limited (OGDCL), for the supply of natural gas. The listed company shared the development in its notice to the Pakistan Stock Exchange (PSX)…
Read More
Pakistan’s president is set to arrive in Beijing on Tuesday for a five-day state visit. “At the invitation of Chinese President Xi Jinping, President Asif Ali Zardari of the Islamic Republic of Pakistan will pay a state visit to China from Feb. 4-8,” a spokesperson for China’s Foreign Ministry said Monday. Zardari is expected to meet with Xi and other…
Read More
Asian stock markets faced a sharp downturn following U.S. President Donald Trump’s decision to impose tariffs on China, Canada, and Mexico. The move led to a rise in the U.S. dollar’s value, while Tokyo and Seoul stock markets plunged by over 2%. Markets in Sydney, Singapore, and Wellington also witnessed significant losses. The Chinese yuan and Canadian dollar fell to…
Read More
Islamabad: The World Bank will provide a new $1 billion loan for the Dasu Hydropower Project. This loan will be granted after the approval of the revised PC-1, which is estimated to cost PKR 1.7 trillion. According to senior officials from the Economic Affairs Division (EAD), the World Bank has formally agreed to finance the first phase of the Dasu…
Read More
ISLAMABAD: Pakistan ranks 36th among the world’s cheapest petrol markets, with Iran offering the lowest petrol price at Rs7.98 per liter, while Hong Kong tops the list of the most expensive at Rs950 per liter, according to a report by Global Petrol Prices and CNBC on January 27, 2025. Ranking of South Asian CountriesAmong South Asian nations, Bhutan ranks 22nd,…
Read More
ISLAMABAD: Consumers across Pakistan, including Karachi, may soon see a reduction in electricity prices by approximately Rs2 per unit, according to ARY News. The National Electric Power Regulatory Authority (NEPRA) has received a proposal from power distribution companies to implement this price cut as part of the quarterly adjustment for October to December 2024. The request seeks a total reduction…
Read More
