Day: June 27, 2025

SNGPL to Launch Rs1 Billion Subsidiary Amid Record Profits

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SNGPL-Office

KARACHI: Sui Northern Gas Pipelines Ltd (SNGPL) has received board approval to establish a wholly owned subsidiary as part of its strategy to diversify operations following a year of record-breaking profitability. In a notice to the Pakistan Stock Exchange (PSX) on Thursday, the company announced that the decision was made during its 638th board meeting held on June 25. The new entity will have an authorized share capital of Rs1 billion, with an initial paid-up capital of Rs50 million. Costs incurred during the registration process will be billed to the…

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Govt Unveils EV Policy with Tax Incentives, Job Creation Goals

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electric-vehicles

KARACHI: The federal government is accelerating its push toward electric mobility through the New Energy Vehicle (NEV) Policy 2025-30, offering tax breaks and setting ambitious targets for job creation and local manufacturing. At a high-level workshop held in Karachi on Tuesday, officials from the Ministry of Industries and Production, including Additional Secretary Asif Saeed Lughmani and Engineering Development Board (EDB) CEO Khuda Bux Rind, met with stakeholders to advance the NEV roadmap. Lughmani emphasized that the policy aims to cut oil imports and tackle climate change, stressing Pakistan’s climate vulnerability.…

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Japan’s Komatsu to Invest \$100 Million in Mining Equipment Hub in Karachi

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Oil-Price

KARACHI: Japanese heavy machinery giant Komatsu is set to establish a \$100 million maintenance and repair hub in Karachi to service mining equipment for Pakistan and the broader region. This strategic move follows a \$440 million contract with Canada’s Barrick Gold for the Reko Diq copper and gold project in Balochistan, as reported by Nikkei Asia. The new facility will support Komatsu’s supply of large-scale dump trucks, electric rope shovels, and excavators for the Reko Diq project, with deliveries scheduled to begin in fiscal year 2026. Komatsu Pakistan Mining, a…

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Oil Set for Sharpest Weekly Drop in Two Years as Geopolitical Risk Fades

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Oil prices

SINGAPORE: Oil prices are poised to record their steepest weekly decline since March 2023, as easing tensions in the Middle East have erased the war-driven risk premium. By 0429 GMT on Friday, Brent crude rose 35 cents, or 0.52%, to \$68.08 per barrel, while U.S. West Texas Intermediate (WTI) gained 40 cents, or 0.61%, to \$65.64. Despite the modest rebound, both benchmarks are headed for a weekly loss of about 12%. Prices had surged earlier in the week following U.S. missile strikes on Iranian nuclear sites, reaching a five-month high.…

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POL Announces Major Hydrocarbon Discovery in Khyber Pakhtunkhwa

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POL-Project

ISLAMABAD: Pakistan Oilfields Limited (POL) has reported a significant hydrocarbon discovery at the Makori Deep-03 development well in the TAL Block, located in Karak district, Khyber Pakhtunkhwa. The announcement was made through a notice to the Pakistan Stock Exchange (PSX) on Thursday. According to POL, the discovery was confirmed by MOL, the operator of the TAL Block. POL holds a 25% pre-commerciality working interest in the block. Drilling of Makori Deep-03 commenced on December 12, 2024, and reached a total depth of 3,887 meters. Upon testing, the well yielded a…

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