Day: April 13, 2026

ISLAMABAD/KARACHI: Pakistan’s first lithium-ion battery manufacturing facility is set to become operational in Karachi’s Korangi Industrial Area, marking a major step toward developing a domestic energy storage industry as the National Lithium-Ion Battery Manufacturing Policy 2026–31 moves closer to approval. According to stakeholders, the proposed plant will initially focus on producing lithium batteries for electric bikes, e-scooters, and electric vehicles, helping reduce reliance on imported battery systems. The development was shared during a meeting chaired by Engineering Development Board (Engineering Development Board) Chief Executive Hammad Mansoor, who confirmed that the…

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ISLAMABAD: High-level negotiations between the United States and Iran ended without agreement after nearly 21 hours of intensive talks in Islamabad, with both sides blaming each other for the breakdown. Speaking before departing for Washington, US Vice President JD Vance said the talks stalled because Tehran refused to commit to abandoning its pursuit of nuclear weapons capability. “The bad news is that we have not reached an agreement, and I think that’s bad news for Iran much more than it is for the US,” Vance stated, adding that Washington’s core…

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ISLAMABAD: Pakistan’s Power Division has put its ambitious $36 billion circular debt refinancing plan on hold after failing to secure concessional financing from international lenders and Saudi Arabia, sources in the power sector revealed. The plan, previously shared with World Bank and Asian Development Bank, aimed to refinance the power sector’s mounting debt over 13 years starting from FY2027. It was designed to ease the sector’s debt servicing burden and reduce electricity tariffs, particularly for industry. The proposal had also been presented to Prime Minister Shehbaz Sharif in December 2025.…

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RIYADH: Saudi Arabia has successfully restored full pumping capacity on its critical East–West crude pipeline, reaching approximately 7 million barrels per day (b/d), following recent disruptions caused by regional attacks, the Kingdom’s energy ministry confirmed on Sunday. The pipeline—linking eastern oil fields to the Red Sea export terminal at Yanbu—had seen its capacity reduced by around 700,000 b/d after a strike targeted one of its pumping stations. Swift repair efforts have now brought operations back to full capacity within a short timeframe. In parallel, Saudi authorities also restored approximately 300,000…

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KARACHI: Pakistan State Oil Company Limited (PSO) has announced the appointment of Jawwad Ahmed Cheema as its new Chief Executive Officer for a three-year term, effective May 18, 2026. He will succeed interim CEO Abdus Sami. The decision was approved by PSO’s Board of Management during its meeting on April 11, 2026, according to a notice submitted to the stock exchange. The leadership transition comes shortly after Syed Taha, former Managing Director and CEO of PSO, was appointed as Chief Executive Officer of K-Electric. Jawwad Cheema brings over 28 years…

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