Day: August 29, 2026

WASHINGTON, AUGUST 29, 2026: US President Donald Trump has announced a major expansion of American involvement in Venezuela’s oil industry, saying the United States has secured majority control of more than 65 billion barrels of Venezuela’s proven oil reserves through partnerships with private companies. Trump provided few details about the structure of the agreement, including which oilfields and companies are involved or how US majority control over the reserves would be exercised. The announcement represents an unprecedented potential expansion of the US role in Venezuela’s oil sector. The agreement follows…

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ISLAMABAD, AUGUST 29, 2026: The Privatisation Commission Board has approved the prequalification of 10 out of 12 interested parties for the privatisation of Faisalabad Electric Supply Company (FESCO), with K-Electric withdrawing its Expression of Interest (EoI) and a Chinese company failing to meet the prequalification requirements. The decision was taken at a meeting of the Privatisation Commission Board chaired by the Prime Minister’s Adviser on Privatisation and Chairman of the Privatisation Commission. K-Electric, Pakistan’s only privatised power distribution utility, withdrew its EoI before the prequalification process was completed. The company…

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BEIJING: China’s state-owned oil and gas major CNOOC sees potential for greater energy cooperation between China and the United States and could consider investment opportunities with US partners in the future, a senior company executive said. CNOOC General Counsel Xu Yugao said there remained significant room for cooperation in the energy sector despite ongoing trade tensions between the two countries, particularly in liquefied natural gas (LNG). “The US is currently the world’s largest producer and exporter of LNG, while China is currently the largest importer of LNG — so there…

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KARACHI: The government and Pakistan State Oil (PSO) are exploring measures to strengthen the country’s strategic fuel reserves and diversify supply sources amid heightened global fuel price volatility and disruptions to key maritime routes, with a focus on safeguarding Pakistan’s energy security. The development came during Federal Minister for Petroleum Ali Pervaiz Malik’s visit to PSO’s head office in Karachi, where he held high-level strategic and operational discussions with the company’s management. According to PSO, the meeting focused on the evolving international energy environment, including volatile global fuel prices and…

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KATHMANDU: Nepal has temporarily suspended search and rescue operations due to heavy rain and poor visibility following a devastating flood in the Himalayan region bordering Tibet that has killed hundreds of people and left thousands missing. The disaster, triggered by a glacier collapse on Wednesday, sent a massive torrent of water, rocks, ice, mud and debris through mountain river systems, destroying buildings, bridges, roads and power infrastructure. At least 626 people have been killed in Nepal, while seven deaths have been reported in China’s Tibet region. Nearly 3,000 people remain…

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