Day: June 10, 2026

KARACHI: Pakistan Petroleum Limited (PPL) has signed a memorandum of understanding (MoU) with Folio3, a US-based artificial intelligence technology company with a global delivery network, to explore the use of AI in enhancing efficiency across upstream oil and gas operations. According to a statement issued on Tuesday, the MoU was signed by PPL Managing Director and Chief Executive Officer Pakistan Petroleum Limited Mohammad Khalid Rehman and Folio3 Chief Executive Officer Adnan Lawai at PPL’s head office on June 9. Senior officials including Brigadier (retd) Ajaz Ahmad Khan were also present…

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KARACHI: The oil industry has expressed serious concerns over recent changes in the government’s petroleum product pricing methodology, warning that the revised mechanism could threaten fuel import sustainability and long-term energy security. In a formal communication to the Ministry of Energy (Petroleum Division) and the Oil and Gas Regulatory Authority (OGRA), the Oil Companies Advisory Council (OCAC) said the revised pricing framework, effective June 6, 2026, introduces a calendar year-to-date averaging approach for key cost components of motor gasoline (Mogas), including import premiums, customs duties, and incidentals. The industry body…

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SINGAPORE: A fifth liquefied natural gas (LNG) tanker linked to Qatar has successfully transited the Strait of Hormuz carrying a full cargo, according to ship-tracking data, despite heightened regional tensions. The latest passage brings the total number of loaded LNG vessels exiting the strategic waterway to nine since the outbreak of the conflict. The Strait of Hormuz remains a critical global energy chokepoint, through which a significant share of the world’s LNG and oil supplies pass. Despite security concerns, shipping activity has continued, indicating that key energy flows from the…

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ISLAMABAD: Federal Minister for Energy Sardar Awais Ahmed Khan Leghari has said that Pakistan is actively considering joining the International North–South Transport Corridor (INSTC), a move aimed at strengthening regional connectivity and enhancing trade links across Eurasia, including potential integration with Gwadar Port. He made the remarks while addressing a high-level webinar titled “Pakistan–Russia Bilateral Relations at the Cusp of a Shifting Global Order,” jointly organised by the Institute of Strategic Studies Islamabad (ISSI) and the University of World Civilizations, Moscow. Leghari highlighted expanding cooperation between Pakistan and Russia in…

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ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday directed authorities to accelerate the privatisation of key electricity distribution companies (Discos), underscoring the government’s commitment to power sector reforms aimed at improving efficiency and reducing fiscal burdens on the national economy. Chairing a high-level meeting to review progress on the privatisation programme, the prime minister emphasized that the divestment of government stakes in distribution companies must be conducted in a transparent, competitive, and efficient manner to strengthen investor confidence and maintain public trust. He also instructed relevant authorities to establish a strong…

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