Day: August 25, 2025

Pakistan clears Rs100 billion Chinese energy debt

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ISLAMABAD: Pakistan has decided to settle over Rs100 billion in dues owed to Chinese power plants ahead of Prime Minister Shehbaz Sharif’s upcoming visit to Beijing, reducing the country’s outstanding obligations to Chinese producers by nearly one-fourth. This move aims to address one of Beijing’s major concerns. Monsoon safety gear The Ministry of Finance has issued instructions to release the funds from the power sector subsidies earmarked in this fiscal year’s budget, according to government officials. They said that it is expected the Rs100 billion will be disbursed to the…

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AMI meter to be a game-changer in curbing power theft: IESCO CEO

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gas-meter

ISLAMABAD: The Chief Executive Officer Islamabad Electric Supply Company (IESCO), Engineer Ch Khalid Mahmood, has said that the introduction of Advanced Metering Infrastructure (AMI) meters is a revolutionary step in the power sector of Pakistan having many advanced features and fight against electricity theft and in ensuring transparency is one of those. While giving brief Engineer Ch Khalid Mahmood said AMI meters are equipped with modern features that automatically detect and report theft attempts and meter disturbances to the AMI Operation Centre. Recently numerous power theft and meter accuracy disturbance…

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Oil prices edge up as traders weigh supply risks

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Oil prices

LONDON: Oil prices climbed on Monday as traders weighed concerns that Russian supply could be disrupted by more U.S. sanctions and Ukrainian attacks targeting energy infrastructure in Russia. Brent crude futures rose 40 cents, or 0.6%, to $68.13 by 1200 GMT, and West Texas Intermediate (WTI) crude futures gained 44 cents, or 0.7%, to $64.10. “The market is somewhat concerned that these peace negotiations are going nowhere,” said Ole Hansen, head of commodity strategy at Saxo Bank. “The market is looking for supply to exceed demand in the autumn months, but in…

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Santos extends exclusivity for $18.7 billion ADNOC-led offer, profit declines

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Australian gas producer Santos on Monday agreed to further extend the exclusivity period for an $18.7 billion takeover bid from a group led by Abu Dhabi National Oil Co (ADNOC), and reported a better-than-feared 22% drop in first-half profit. Its shares rose 1% in early trading after extending the due diligence period to September 19 to give the consortium led by ADNOC’s investment arm XRG more time to secure required internal approvals before making a binding takeover offer. Santos said the consortium had on Sunday “again confirmed it has not…

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