Author: Admin

India’s Reliance to stop buying Venezuelan oil over US tariffs: sources

Admin
US tariffs

NEW DELHI: India’s Reliance Industries, operator of the world’s biggest refining complex, will halt Venezuelan oil imports after the United States announced a 25% tariff on nations buying crude from the South American nation, three sources said on Wednesday. The Indian conglomerate, which last year obtained approval from U.S. authorities to purchase oil from the sanctioned producer, imports an average of 2 million barrels of Venezuelan crude every month, according to LSEG data. It is scheduled to receive a Venezuelan cargo in early April, LSEG trade flows data showed. U.S.…

Read More

Oil prices climb 1% on US crude and fuel stock draw, Venezuela supply worries

Admin
Oil falls

HOUSTON: Oil prices rose on Wednesday, buoyed by government data showing U.S. crude oil and fuel inventories fell last week and by mounting concerns about tighter global supply following the U.S. threat of tariffs on nations buying Venezuelan crude. Brent crude futures gained 82 cents, or 1.12%, to $73.84 a barrel by 12:11 p.m. ET (1611 GMT), their highest since February 27. U.S. West Texas Intermediate crude futures rose 82 cents, or 1.19%, to $69.82 a barrel. Both benchmarks rose more than $1 a barrel during the session. Oil prices…

Read More

First-Ever EU-Pakistan Business Forum Set for May 14 in Islamabad

Admin
First-Ever

ISLAMABAD: The European Union (EU) delegation to Pakistan has announced the inaugural High-Level EU-Pakistan Business Forum, scheduled for May 14-15, 2025, in Islamabad. This milestone event, jointly supported by the EU, its Member States, and the Government of Pakistan, aims to foster business partnerships, unlock new opportunities, and strengthen economic ties between the two regions. Prime Minister Shehbaz Sharif will officially inaugurate the forum, which will feature business-to-business (B2B) and business-to-government (B2G) meetings, interactive discussions, exhibitions, and the launch of the EU-Pakistan Business Network, connecting over 300 European companies operating…

Read More

Govt Moves Forward with Discos Privatization, FAs Outline Key Reforms

Admin
Power-sector

ISLAMABAD: Financial Advisors (FAs) have briefed the Power Division and Privatization Commission on private sector participation in three power Distribution Companies (Discos), highlighting necessary regulatory and financial reforms, sources told Business Recorder. The government aims to privatize Islamabad Electric Supply Company (IESCO), Gujranwala Electric Power Company (GEPCO), and Faisalabad Electric Supply Company (FESCO). The discussions focused on regulatory changes, balance sheet restructuring, and preparatory steps required before privatization. A consortium led by Alvarez & Marsal Middle East Limited is working on cleaning up Discos’ balance sheets, which currently reflect over…

Read More

Govt Inaugurates First 120KW EV Charging Station in Islamabad, Slashes Charging Rates

Admin
Electric-Vehicle

ISLAMABAD: Energy Minister Awais Leghari on Tuesday inaugurated Pakistan’s first 120KW fast-charging station for electric vehicles (EVs), developed by GoGreen Avenue, marking a significant step towards sustainable transportation. Speaking at the inauguration ceremony, Leghari emphasized the government’s commitment to clean energy and carbon reduction, stating that such initiatives are crucial for transforming the country’s energy and transportation landscape. As part of the drive to promote EV adoption, the minister announced a substantial reduction in electric charging rates, lowering the price per unit from Rs71 to Rs39. The move aims to…

Read More