Year: 2025

Four Held for Attempted Oil Theft from National Refinery in Karachi

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Refinery-Limited

KARACHI: The Special Investigation Unit (SIU) on Thursday foiled an attempt to steal oil from the National Refinery after uncovering an underground tunnel in the Korangi Industrial Area. According to SIU officials, the operation was conducted in Mehran Town following a tip-off about large quantities of excavated earth being dumped into the Malir River from a clothing warehouse. During the raid, police discovered a 15 to 16-foot-deep well inside the warehouse, from where the suspects had dug an underground tunnel. SIU Sub-Inspector Owais Tanoli said the tunnel, measuring around 140…

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Experts Call for Urgent Reforms to Cut Fossil Fuel Use and Drive Just Energy Transition

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Climate-Finance1

ISLAMABAD: Pakistan needs urgent structural reforms to reduce dependence on fossil fuels, boost export competitiveness and accelerate industrial growth to effectively address climate change, experts said at a seminar held here on Thursday. The discussion, titled “Driving a Just Industrial Transition: Role of Multilateral Development Banks (MDBs) and Solar Rush in Pakistan’s Textile Sector,” was organised by Alternate Development Services (ADS). Speakers stressed aligning MDB financing with national priorities, accelerating solar adoption in the textile sector and ensuring climate justice through concessional finance and debt relief. A study covering 80…

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Pakistan, ADB Sign $730m Agreements to Strengthen Power Grid and Reform State-Owned Enterprises

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Asian-bank

ISLAMABAD: Pakistan and the Asian Development Bank (ADB) have signed two major initiatives worth a combined $730 million aimed at strengthening the country’s power transmission network and accelerating reforms in the state-owned enterprises (SOEs) sector. According to an official statement issued on Thursday, the second Power Transmission Strengthening Project involves financing of $330 million, while the Accelerating SOE Transformation Programme is valued at $400 million. The initiatives are designed to ease overloading of existing transmission lines, improve energy reliability and enhance operational efficiency in key public-sector entities. At the start…

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Russia Delays LNG Expansion Targets Amid Sanctions Pressure

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China-LNG

MOSCOW: Russia has postponed by “several years” its plan to achieve an annual liquefied natural gas (LNG) production capacity of 100 million tonnes, Deputy Prime Minister Alexander Novak said on Thursday, citing the impact of Western sanctions on the country’s energy sector. Speaking to state broadcaster Rossiya-24, Novak said sanctions imposed over the conflict in Ukraine—particularly those targeting new projects such as Arctic LNG 2—have disrupted Russia’s long-term ambitions. Moscow had aimed to secure around 20 per cent of the global LNG market by 2030–2035, up from about 8 per…

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CM Murad reviews $1.319bn ADB-assisted projects, orders faster execution of BRT Red LineADP portfolio shows 67% contract awards, 38% cumulative disbursement

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New-Project104

KARACHI (Dec 24): Sindh Chief Minister Syed Murad Ali Shah presided over a high-level meeting to review the Asian Development Bank’s (ADB) portfolio in Sindh as of December 2025, expressing satisfaction over the scale of ongoing development cooperation while calling for faster implementation and improved disbursement. The meeting, held at CM House, was attended by Provincial Ministers, Dr Azra Fazal Pechuho, Syed Sardar Shah, Jam Khan Shoro, Zulfiqar Shah, CM’s Special Assistant on Public Health Saleem Baloch, PSCM Agha Wasif, Chairman P&D Najam Shah, SMBR Khalid Hyder Shah. The Chief…

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