Author: Admin

US Crude Surges Above $90 Amid Hormuz Disruption and Escalating Middle East Conflict

Admin
New-oil

Global oil prices surged sharply on Friday, with West Texas Intermediate crude (WTI) jumping more than 10 percent to trade near $90 per barrel for the first time since April 2024, as escalating tensions in the Middle East disrupted energy shipments through the critical Strait of Hormuz. At around 10:37 a.m. CST (1637 GMT), Brent crude futures were up $5.42, or 6.35 percent, to $90.83 per barrel, while WTI gained $7.81, or 9.81 percent, reaching $88.96 per barrel. It marked the second consecutive day that gains in US crude futures…

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Qatar Warns Gulf Energy Exports Could Halt if Iran Conflict Escalates

Admin
New-Project13

Doha: Qatar’s Energy Minister Saad Sherida Al-Kaabi has warned that continued conflict involving Iran could force Gulf energy producers to halt exports within weeks, potentially pushing global oil prices to $150 per barrel and triggering major disruptions in global energy markets. In an interview with the Financial Times, Al-Kaabi said that if the conflict persists, energy exporters across the Gulf region may have no option but to declare force majeure, effectively suspending contractual supply obligations. “Everybody who has not called for force majeure, we expect will do so in the…

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‘Rs1 Million Electric Car Likely to Hit Pakistan Market by June’

Admin
Electric-Vehicle

Karachi: The Chief Executive Officer of the Engineering Development Board (EDB), Hammad Mansoor, has announced that a fully electric “Made-in-Pakistan” car priced at around Rs1 million is expected to enter the local market by June, potentially making electric mobility more accessible to consumers. Speaking to journalists during an Iftar dinner in Karachi, Mansoor said the initiative reflects growing momentum in Pakistan’s electric vehicle (EV) industry and the government’s push to encourage local manufacturing and technological innovation. He also hinted that the upcoming federal budget may include significant reductions in vehicle…

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ECC Approves Revised Wind, Solar Power Agreements to Cut Tariff Liabilities

Admin
Power

Islamabad: The Economic Coordination Committee (ECC) of the federal cabinet on Friday approved revised agreements with 14 wind power producers, amendments to a major solar power project in Punjab, termination of a small independent power producer (IPP) contract, and a reduction in late payment surcharge for government-owned power plants. According to officials, the renegotiated agreements are expected to generate around Rs163 billion in savings over the lifetime of the projects. However, the government will also immediately release approximately Rs235 billion in outstanding payments to government power plants and other producers.…

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Industrialists Slam Govt Over Gas Suspension, Power Tariff Hike

Admin
Gas-Sale

Karachi: Industrialists and business leaders have strongly criticised the government’s decision to suspend gas supply to industries for two days a week and curtail supply to fertiliser plants, warning that the move could further strain Pakistan’s fragile economy amid rising energy costs. Business leaders noted that the country is already facing severe economic challenges due to the escalating cost of doing business. The high prices of electricity and gas, they said, have significantly reduced the competitiveness of Pakistan’s industrial sector in international markets. Businessmen Group (BMG) Chairman Zubair Motiwala and…

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