Day: July 23, 2026

WASHINGTON: The United States and Saudi Arabia have signed a landmark civil nuclear cooperation agreement that will allow the Kingdom to develop nuclear power plants using American technology, marking a significant milestone in bilateral strategic relations while reigniting debate over nuclear proliferation in the Middle East. The agreement, announced by the US Department of Energy on Wednesday, enables Saudi Arabia to build civilian nuclear reactors with US technology and grants the Kingdom the right to enrich uranium and reprocess nuclear waste—activities that can also provide pathways for developing nuclear weapons…

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MANILA: Pakistan and Russia have reaffirmed their commitment to strengthening bilateral cooperation in trade, energy, connectivity and other areas, while enhancing coordination on regional and global issues through multilateral forums. The understanding was reached during a meeting between Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar and Russian Foreign Minister Sergey Lavrov on Wednesday on the sidelines of the 33rd ASEAN Regional Forum (ARF) Ministerial Meeting in Manila. According to an official statement, the two leaders reviewed the current state of Pakistan-Russia relations and underscored the importance of…

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ISLAMABAD: Pakistan State Oil (PSO) is facing mounting financial pressure as its total receivables have climbed to Rs908.709 billion, highlighting the deepening circular debt crisis and intensifying liquidity challenges across Pakistan’s energy sector. According to PSO’s daily receivables and payables statement as of July 20, 2026, the largest outstanding amount—Rs535 billion—is owed by Sui Northern Gas Pipelines Limited (SNGPL) against supplies of re-gasified liquefied natural gas (RLNG). This accounts for more than half of the company’s total receivables. The company’s receivables from the power sector have reached Rs168 billion, reflecting…

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Oil prices extended their gains in Asian trading on Thursday, rising more than 2% to their highest levels in over six weeks as escalating security threats in the Strait of Hormuz and the Red Sea heightened concerns over global crude supplies. Brent crude futures surged $2.20 (2.3%) to $96.27 per barrel, the highest level since early June, after settling at $94.07 in the previous session following a gain of more than 3%. US West Texas Intermediate (WTI) crude also advanced, climbing $1.65 (1.9%) to $88.48 per barrel, building on Wednesday’s…

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ISLAMABAD: The government’s last-minute negotiations with the All Pakistan Petroleum Pump Owners Association (APPPOA) on Wednesday resulted in a split within the association, with one faction agreeing to postpone its planned nationwide strike for two weeks, while the other insisted the shutdown would proceed as scheduled. The association had earlier announced that nearly 15,000 petrol stations across Pakistan would close from Wednesday midnight after initial talks with the government failed over key demands, including opposition to daily petroleum pricing, an increase in dealers’ commission, and the removal of supply quotas…

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