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 the second Supplemental Implementation Agreement (SIA) with EVTL on January 15, 2025, and a third SIA followed on February 24, 2025. EVTL submitted its final lease extension proposal on February…
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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 sales tax exemptions on petrol, HSD, kerosene, and LDO—previously zero-rated—has led to the accumulation of input tax. Since product prices are state-regulated, companies cannot pass on these costs, adding over…
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 project with the federal and Balochistan governments, expects to begin production in 2028. The mine is one of the world’s largest undeveloped copper-gold deposits and is projected to generate $70…
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 impact its determined tariff, as the government will provide the subsidy from the anticipated Petroleum Development Levy (PDL) collection. The Ministry of Energy proposed that Rs1.71/kWh in relief be extended…
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 of sustainable energy development, technological exchange, and British cooperation in Pakistan’s energy infrastructure. Minister Malik highlighted the government’s commitment to improving energy security and efficiency while welcoming British expertise in…
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