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Category: highlights

‘Take or Pay’ provision in SPAs: OMAP concerned over proposed clause by Ogra

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Solarization

PESHAWAR: The Khyber Pakhtunkhwa government has practically launched its flagship project “Solarization of Houses” aimed at providing free and subsidized solar energy solutions to households across the province. Chief Minister Ali Amin Khan Gandapur formally inaugurated the initiative at a special ceremony held at the Chief Minister’s House in Peshawar. The event was attended by provincial cabinet members, members of…

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Oil steady as tariff uncertainty keeps investors on edge

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oil price

LONDON: Oil prices held steady on Monday as concern over the impact of U.S. tariff uncertainty and rising output from OPEC+ producers pressured prices while potential sanctions on Iranian oil exports provided some support. Brent crude rose by 10 cents to $70.46 a barrel by 1057 GMT. U.S. West Texas Intermediate crude was at $67.14, also up 10 cents. Last…

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Ontario imposes 25% surcharge on electricity exports to US

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Power-sector

OTTAWA: The Canadian province of Ontario is imposing a 25% surcharge on electricity exports to New York state, Michigan and Minnesota to protest against U.S. President Donald Trump’s tariffs on Canada, Premier Doug Ford said on Monday. “President Trump’s tariffs are a disaster for the U.S. economy. They’re making life more expensive for American families and businesses,” Ford said in…

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Bazaar Technologies expands into fintech with Wemsol acquisition

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Bazaar-Tech-Logo (1)

CCP approves bazaar’s 100% stake in Wemsol, strengthening Its position in digital payments The Competition Commission of Pakistan (CCP) has granted approval to Bazaar Technologies (Private) Limited for the acquisition of a 100% shareholding in Wemsol (Private) Limited. The move marks Bazaar’s strategic expansion into Pakistan’s fintech ecosystem, diversifying its portfolio beyond e-commerce and wholesale distribution. Bazaar Technologies, founded in…

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Govt planning to borrow Rs1.25trn from banks to clear circular debt, says brokerage house

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Power-sector

In a key development for Pakistan’s power sector, the government was planning to borrow Rs1.25 trillion from the banking sector to retire the circular debt, stated brokerage house Topline Securities in a report on Friday. Pakistan circular debt crisis is a significant challenge for the country’s energy sector and its broader economy. The circular debt refers to the cascading cycle…

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Global LNG: Asian spot LNG price flat amid bearish Europe gas sentiment

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LNG

SINGAPORE: Asian spot liquefied natural gas (LNG) prices were flat this week, holding at a ten-week low amid Europe’s bearish gas price sentiment, though some emerging spot demand has curbed losses. The average LNG price for April delivery into northeast Asia <LNG-AS> was at $13.50 per million British thermal units (mmBtu), industry sources estimated. Asian LNG prices are bearish, driven…

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Pakistan’s industry paying double power costs of US, China, India: report

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power-sector

ISLAMABAD: Pakistan’s industrial sector is paying almost double the electricity prices compared to China, India and the United States, and even higher than the European Union, adversely impacting its export competitiveness. According to the latest ‘Electricity 2025 — Analysis & Forecast to 2027’ report by the Paris-based International Energy Agency (IEA), the average 2024 electricity rates in the United States and India…

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Oil eases in choppy trading on U.S. tariffs, OPEC+ plans to raise output

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Oil prices

HOUSTON: Oil prices eased slightly in choppy trade on Thursday with Brent still below $70 under pressure from trade tariffs between the U.S., Canada, Mexico and China, and OPEC+ plans to raise output. Those factors and a larger than expected build in U.S. crude inventories had sent Brent as low as $68.33 on Wednesday, its weakest since December 2021. Brent…

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Oil down on OPEC+ output increase, tariffs start and US pause on Ukraine aid

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oil price

LONDON: Oil prices extended losses on Tuesday following reports that OPEC+ will proceed with a planned output increase in April and as U.S. tariffs on Canada, Mexico and China came into effect, as well as Beijing’s retaliatory tariffs. Brent futures were down $1.05, or 1.5%, at $70.57 a barrel by 1133 GMT while U.S. West Texas Intermediate (WTI) crude was…

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Saudi Aramco profits down 12.39 percent in 2024: statement

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Saudi Aramco profits

RIYADH: Saudi Aramco’s net profits dropped 12.39 percent to $106.25 billion in 2024, the world’s biggest oil exporter said on Tuesday, following a year of lower prices and output cuts. Profits fell on lower revenues “primarily attributable to lower prices and volumes sold of crude oil, as well as lower refined and chemical product prices”, it said. Expected dividends for…

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