Day: August 3, 2026

### **Mari Energies Awards Spinwam Gas Supply Contract to Universal Gas Distribution**

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Mari-Energies

  **KARACHI:** Mari Energies Limited (formerly Mari Petroleum Company Limited) has awarded a contract to **Universal Gas Distribution Company (Pvt) Ltd** for the sale of up to **17.5 million standard cubic feet per day (MMscfd)** of natural gas from the **Spinwam Gas Discovery**. The company announced the development in a notice to the **Pakistan Stock Exchange (PSX)**, stating that the contract was awarded through a **Letter of Award (LoA)** following a competitive bidding process initiated on **May 15, 2026**. Mari Energies said both parties will now seek the necessary regulatory…

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### **Govt Forms Committee to Assess Bifurcation of LESCO, MEPCO Before Privatisation**

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New-LESCO

  **ISLAMABAD:** The Ministry of Privatisation (MoP) has established a technical committee to examine the feasibility of splitting the **Lahore Electric Supply Company (LESCO)** and **Multan Electric Power Company (MEPCO)** into two or three smaller distribution companies before their proposed privatisation, informed sources said. According to the sources, the move is aimed at determining whether restructuring the two largest power distribution companies (DISCOs) could improve operational efficiency and enhance their attractiveness to potential investors. The committee is chaired by **Sajid Akram**, Adviser (Power) at the Privatisation Commission, and includes **Ghulam…

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### **Turkiye, Iraq Extend Key Oil Pipeline Agreement for One Year**

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New-Project276

  **ISTANBUL:** Turkiye and Iraq have agreed to extend their long-standing oil pipeline agreement by **one year**, ensuring the continued operation of a key export route for Iraqi crude while both countries work toward a broader long-term energy partnership. The agreement was finalised during a meeting in Ankara between Turkish Energy Minister **Alparslan Bayraktar** and Iraqi Oil Minister **Bassem Mohammed Khudair**, shortly after the visit of Iraqi Prime Minister **Ali al-Zaidi**. Announcing the development on X, Bayraktar described the talks as productive and confirmed that the interim arrangement would maintain…

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### **Nepra Member Flags Inconsistencies in Rs332bn National Grid Revenue Approval**

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Nepra-KE-1

  **ISLAMABAD:** A member of the National Electric Power Regulatory Authority (Nepra) has raised concerns over accounting and regulatory inconsistencies in the regulator’s approval of the National Grid Company’s (NGC) Rs332 billion revenue requirement, warning that the methodology understates the company’s equity and allowable return. In a detailed dissenting note to Nepra’s recent 2-1 majority decision, Member (Tariff & Finance) Amina Ahmed questioned the treatment of more than Rs19 billion payable to the Central Power Purchasing Agency (CPPA), describing it as a “mirror image” liability linked to corresponding receivables that…

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### **Iranian Oil Smuggling into Pakistan Falls 60%, Industry Sources Claim**

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iranian-diesel

  **KARACHI:** The flow of smuggled Iranian petroleum products into Pakistan has declined by an estimated **60%** over the past six weeks after multiple oil tankers were reportedly destroyed in Balochistan, causing significant losses to smuggling networks, according to industry sources. Oil sector stakeholders have long urged authorities to curb the illegal trade, which has persisted for years. However, smuggling reportedly surged following the **US-Israeli conflict with Iran**, when global crude oil prices climbed above **$100 per barrel**, increasing demand for cheaper fuel. Industry sources claimed that **at least six…

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