Author: Admin

Refineries Warn of Looming Fuel Supply Disruptions as OMCs Slash Diesel Offtake

Admin
Refineries-Face

KARACHI/ISLAMABAD: Pakistan’s leading oil refineries have issued a stark warning of potential fuel supply disruptions after oil marketing companies (OMCs) sharply cut their upliftment of high-speed diesel (HSD), creating what refineries describe as a serious threat to the stability of the national oil supply chain. In a joint letter sent on December 10, 2025, to Oil and Gas Regulatory Authority (Ogra) Chairperson Masroor Khan, Attock Refinery Limited (ARL), Pak-Arab Refinery Limited (PARCO), Cnergyico PK Limited (CPL), National Refinery Limited (NRL) and Pakistan Refinery Limited (PRL) said OMCs were failing to…

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Reko Diq’s $7bn Financing Marks Major Boost in Pakistan–US Economic Cooperation

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Reko-Diq

KARACHI: Finance Minister Muhammad Aurangzeb has said the United States is firmly re-establishing itself as a key economic partner for Pakistan, underscored by the $7 billion financial close of the Reko Diq copper and gold project—backed by the International Finance Corporation and the US EXIM Bank. Speaking at a panel discussion in Riyadh during the Global Development Finance Conference – Momentum 2025, Aurangzeb said economic engagement with Washington is expanding across minerals, mining, and next-generation technologies including AI, blockchain, and digital infrastructure. The session, “Climate Adaptation and Resilience: How do…

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IMF Applauds Pakistan’s Energy Sector Progress, Urges Deeper Structural Reforms

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New-IMF

ISLAMABAD: The International Monetary Fund (IMF) has praised Pakistan for making tangible progress in stabilising its troubled energy sector through tariff rationalisation and targeted structural reforms, while cautioning that deeper, long-term changes are essential to secure lasting sectoral viability. In its latest review under the Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF), the IMF said the government had “reinforced energy sector viability through prompt tariff rationalization and structural reforms,” adding that circular debt flow targets in the power sector had been successfully met. The lender highlighted that…

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Business Leaders Cite Soaring Energy Costs, High Interest Rates as Major Threats to Economic Recovery

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energy-tariffs

KARACHI: Pakistan’s top business leaders warned on Thursday that the country’s fragile economic recovery is being undermined by record-high energy tariffs and an elevated policy rate that continues to choke industrial activity. Speaking at a press conference at the Federation House, FPCCI President Atif Ikram said Pakistan stands “at a decisive economic turning point” and must now move decisively toward stability. He reiterated that crippling electricity prices and an unnecessarily high interest rate have become the biggest barriers to competitiveness. “Electricity tariffs in Pakistan are among the highest in the…

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Cabinet Ratifies Diversion of 45 LNG Cargoes Amid Declining Gas Demand

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China-LNG

ISLAMABAD: The federal cabinet has endorsed a plan to divert 45 liquefied natural gas (LNG) cargoes after a persistent decline in domestic gas consumption left Pakistan with surplus imported stock. The Economic Coordination Committee (ECC) had earlier approved the diversion, and its decision was formally presented to the cabinet, which ratified it in a recent meeting. According to sources, summaries titled “Update on Negotiation with State of Qatar for Mitigation of Surplus LNG” and “Operation of Two SNGPL-Based Urea Manufacturing Plants (Fatima Fertiliser and Agritech)” were placed before the cabinet…

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