Day: July 8, 2026

KARACHI: Engro Vopak Terminal Limited, Pakistan’s leading bulk chemical and gas terminal operator, has launched a feasibility study for the country’s first refrigerated liquefied petroleum gas (LPG) import and storage facility as part of efforts to strengthen energy security amid rising LPG demand and declining domestic gas production. The company has partnered with S&P Global to assess the technical and commercial viability of expanding Pakistan’s LPG infrastructure through the development of large-scale refrigerated import and storage facilities. According to the company, the proposed project aims to improve access to international…

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ISLAMABAD: The Multan Electric Power Company has posted a net profit of Rs1.05 billion for the fiscal year 2025-26, marking a significant turnaround from the Rs36 billion loss recorded in 2023-24, according to the Ministry of Energy (Power Division). The ministry attributed the recovery of one of Pakistan’s largest power distribution companies to a series of governance and operational reforms implemented under the leadership of Federal Minister for Power Sardar Awais Ahmed Khan Leghari. According to the ministry, the turnaround was gradual and sustainable rather than the result of a…

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LONDON/SINGAPORE: Global liquefied natural gas (LNG) trade reached an all-time high in 2025, driven by robust exports from the United States and a sharp increase in European demand, despite weaker imports across much of Asia, according to a report released by the International Gas Union on Wednesday. The IGU cautioned, however, that escalating tensions in the Middle East could disrupt LNG supplies and slow market growth in 2026. “The conflict in the Gulf has damaged LNG infrastructure, clouded the outlook for the region’s expansion projects, and exposed Asian buyers to…

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ISLAMABAD: The federal government is considering granting a temporary exemption to major state-owned energy companies from key International Financial Reporting Standards (IFRS), a move aimed at preventing an estimated Rs400–500 billion in expected credit losses linked to the unresolved circular debt crisis. A special committee has recommended that the Cabinet Committee on State-Owned Enterprises (CCoSOE) grant a five-year exemption from the implementation of IFRS 9 and IFRS 14 by relaxing provisions of the State-Owned Enterprises (SOEs) Act 2023 and the associated SOE policy. The Act had provided a three-year transition…

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KARACHI: Sindh Chief Minister Syed Murad Ali Shah on Wednesday approved a comprehensive roadmap to promote energy efficiency and conservation across the province, directing authorities to accelerate reforms aimed at reducing electricity consumption, improving energy management, and supporting sustainable development. Chairing the fifth meeting of the Board of the Sindh Energy Efficiency and Conservation Agency at the Chief Minister’s House, the chief minister emphasized that energy conservation remains one of the most cost-effective and sustainable solutions to meet rising energy demand and address climate change. The meeting was attended by…

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