Day: August 12, 2026

Govt Sets Six-Year Deadline for Refinery Upgrades, Offers Extra Incentive for Early Completion

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oil-refineries

# Govt Sets Six-Year Deadline for Refinery Upgrades, Offers Extra Incentive for Early Completion **ISLAMABAD:** The government has directed oil refineries to accelerate their multibillion-dollar modernisation projects under the amended **Brownfield Refining Policy 2023**, setting a **six-year deadline** for completion while offering an additional incentive to refineries that finish their upgrades within three years. At a meeting with refinery heads, **Petroleum Minister Ali Pervaiz Malik** conveyed the Federal Cabinet’s decisions and directed companies to finalise and sign their upgrade agreements at the earliest. The meeting was attended by Petroleum Secretary…

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ADNOC Offers Spot Crude in Eighth Tender Since June Amid Strait of Hormuz Disruptions

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New-ADNOC

# ADNOC Offers Spot Crude in Eighth Tender Since June Amid Strait of Hormuz Disruptions **SINGAPORE:** The **Abu Dhabi National Oil Company (ADNOC)** has launched another tender to sell spot crude, marking its **eighth tender since the beginning of June**, as the UAE state-owned oil giant seeks to move crude from the Gulf amid continued challenges around the Strait of Hormuz, according to trade sources. ADNOC on Monday offered **Upper Zakum, Umm Lulu and Das crude** for loading in October and November. Bids are due by **August 13** and will…

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Transporters’ Strike Continues as Deadlock with Government Persists

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New-Project294

# Transporters’ Strike Continues as Deadlock with Government Persists **ISLAMABAD:** The deadlock between the government and the **All Pakistan Goods Transporters Alliance** continued despite two days of negotiations, with transporters refusing to call off their strike until their demands are formally accepted and written assurances are provided. According to an official statement, a detailed meeting chaired by **Federal Minister for Communications Abdul Aleem Khan**, who is also convener of the committee constituted by the Prime Minister, agreed to establish a **Joint Monitoring Committee** comprising customs authorities and representatives of goods…

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IMF Mission to Visit Pakistan Next Month for EFF, RSF Reviews

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# IMF Mission to Visit Pakistan Next Month for EFF, RSF Reviews **ISLAMABAD:** An International Monetary Fund (IMF) staff mission is scheduled to visit Pakistan next month to conduct discussions on the **fourth review of the Extended Fund Facility (EFF)** and the **second review of the Resilience and Sustainability Facility (RSF)**. According to official sources, the IMF mission will assess Pakistan’s economic performance during **January-June 2026** and begin negotiations for the release of the next tranche under the EFF and financing under the RSF. The mission is expected to review…

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GENCO Pension Liabilities Shifted to DISCOs as ECC Rejects NEPRA Proposal

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Nepra-KE-1

# GENCO Pension Liabilities Shifted to DISCOs as ECC Rejects NEPRA Proposal **ISLAMABAD:** The government has rejected a proposal by the National Electric Power Regulatory Authority (NEPRA) to use proceeds from the sale of GENCO assets to finance pensions of employees of the closed power plants, deciding instead to shift the pension liabilities to distribution companies (DISCOs). According to well-informed sources, the Economic Coordination Committee (ECC) approved a proposal of the Power Division under which GENCO pensioners would be adjusted in DISCOs responsible for disbursing their pensions. The decision was…

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