Day: June 27, 2026

KARACHI: Wafi Energy Pakistan Limited (WEPL), formerly known as Shell Pakistan Limited, has reported a sharp rise in profitability, posting a 148 percent increase in profit after tax for the latest financial period, alongside key leadership reappointments. The company announced that Ghassan Al Almoudi has been reappointed as Chairperson for another three-year term with effect from June 16, 2026. In addition, the board has approved the reappointment of Zubair Shaikh as Chief Executive Officer for the same tenure, ensuring continuity in strategic leadership and corporate governance. WEPL reported a profit…

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ISLAMABAD: Pakistan and Türkiye have signed three Memoranda of Understanding (MoUs) aimed at expanding bilateral cooperation in the energy sector, marking a significant step towards enhancing technical collaboration and institutional partnerships between the two countries. The agreements were signed during high-level energy consultations held in Istanbul on June 25, 2026, reflecting the shared commitment of both nations to promote knowledge exchange, strengthen institutional capacity, and modernize Pakistan’s power sector. The MoUs were signed between the Independent System and Market Operator (ISMO) and Energy Exchange Istanbul (EPIAS), ISMO and the Turkish…

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ISLAMABAD: Federal Minister for Petroleum Ali Pervaiz Malik has defended the government’s petroleum pricing mechanism, reiterating that no sector is being favoured and that any relief from declining international oil prices will be passed on to consumers while adhering to Pakistan’s international commitments. In a statement posted on social media platform X on Saturday, the minister shared the latest international Platts benchmark prices for petrol and high-speed diesel (HSD), highlighting continued fluctuations in global refined fuel markets. According to the data, petrol prices ranged between $90.36 and $98.35 per barrel…

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ISLAMABAD: Chinese investors have expressed strong confidence in Pakistan’s capital markets, commending the Securities and Exchange Commission of Pakistan (SECP) for its investor-friendly reforms and efforts to strengthen the country’s financial market infrastructure. In a letter addressed to SECP Chairman Dr Kabir Ahmed Sidhu, the Executive Vice President of the China Financial Futures Exchange (CFFEX), Yu Hong, praised the commission’s proactive regulatory approach and its role in facilitating greater Chinese investment in Pakistan. The Chinese consortium acknowledged the SECP’s effective handling of key regulatory and strategic issues related to the…

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ISLAMABAD: Pakistan is revising its 2023 bonded oil storage policy after failing to attract foreign oil suppliers to establish strategic petroleum reserves, exposing a critical weakness in the country’s energy security that became evident during the recent Iran-US conflict. According to official sources, flaws in the existing policy discouraged international oil suppliers from investing in bonded storage facilities despite government efforts to encourage participation. The Petroleum Division is now finalising amendments aimed at creating a more investor-friendly framework. The urgency of the reforms was highlighted during the recent disruption in…

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