Day: July 22, 2026

KARACHI: Mari Energies Limited has rejected allegations that it wrongfully terminated its Gas Sale and Purchase Agreement (GSPA) with Petrosin CNG (Pvt) Ltd, stating that its position has consistently been upheld by Pakistani courts and that the ongoing arbitration proceedings remain confidential. In a notice submitted to the Pakistan Stock Exchange (PSX) on Tuesday, the exploration and production (E&P) company issued the clarification in response to recent media reports regarding the termination of the agreement and the related proceedings before the International Chamber of Commerce (ICC). “Mari Energies Limited categorically…

Read More

LONDON: The International Energy Agency (IEA) said its member countries continue to hold more than 1 billion barrels of emergency oil stocks, despite carrying out the largest coordinated release of strategic petroleum reserves in history to help stabilise global energy markets. In a statement issued on Tuesday, the agency said approximately 290 million barrels have already been released since the coordinated action was announced on March 11, while substantial emergency reserves remain available if market conditions require further intervention. The IEA had agreed to release a record 400 million barrels…

Read More

KARACHI: Pakistan’s petroleum retail sector is divided over a proposed nationwide strike, with one dealers’ body announcing an indefinite shutdown while another says it will decide its course of action after consulting members. The All Pakistan Petrol Pump Owners Association has called for an indefinite nationwide strike to press the government to accept its demands. However, the Pakistan Petroleum Dealers Association (PPDA) has not endorsed the strike and says a final decision will be made after its Central Committee meeting in Karachi on Wednesday. The differing positions have created uncertainty…

Read More

ISLAMABAD: The government’s plan to privatise the first batch of three electricity distribution companies (Discos) is facing investor skepticism, with concerns over regulatory uncertainty and inconsistent government policies creating a trust deficit during the marketing process, informed sources told Business Recorder. The Privatisation Commission (PC), led by the Prime Minister’s Adviser on Privatisation Muhammad Ali, has conducted roadshows in Türkiye, Saudi Arabia, China, and several cities across Pakistan to attract investors for the sale of Faisalabad Electric Supply Company (Fesco), Gujranwala Electric Power Company (Gepco), and Islamabad Electric Supply Company…

Read More

WASHINGTON: The United States has spent $37.5 billion on its ongoing military campaign against Iran, with the figure covering operational expenses incurred so far as well as projected costs through September 30, US Defence Secretary Pete Hegseth told lawmakers on Tuesday. Appearing before Congress for the first time since the escalation of hostilities, Hegseth urged lawmakers to approve emergency funding for the conflict, warning that failure to do so would disrupt military training, maintenance, and future defence capabilities. The latest estimate marks a sharp rise in the cost of the…

Read More