Author: Admin

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…

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

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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…

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Govt Moves Forward with Discos Privatization, FAs Outline Key Reforms

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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…

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

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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…

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Reko Diq Phase I Cost Revised to $6.8 Billion, Up 58% ECC Approves Increased Budget Following New Feasibility Study

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Reko-Diq

ISLAMABAD: The Economic Coordination Committee (ECC) has approved a 58% increase in the cost of Phase I of the Reko Diq copper and gold mining project, raising the total budget to $6.8 billion. The cost revision is based on an updated feasibility study conducted by Barrick Gold, the project’s 50% partner, accounting for inflation, increased production capacity, and enhanced infrastructure. The additional $2.5 billion in costs is expected to be offset by higher global gold and copper prices. Over the 30-year operational period, Pakistan’s federal and provincial governments anticipate $7.1…

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