Author: Admin

PARCO Secures Alternative Crude Shipments Amid Strait of Hormuz Disruption

Admin
Parco-board

Karachi: In a strategic move to sustain refinery operations amid ongoing disruptions in the Strait of Hormuz, Pak-Arab Refinery Company (PARCO) has successfully arranged two crude oil cargoes via alternative routes, officials in the Petroleum Division told The News. The new shipments have extended PARCO’s crude stock cover from March 15 to March 25, with each cargo carrying approximately 70,000 barrels. One shipment was sourced from Abu Dhabi National Oil Company (ADNOC) and transported via Fujairah port on the Gulf of Oman, a key oil storage and bunkering hub located…

Read More

Pakistan Requests Alternative Supply Route via Yanbu, Saudi Arabia Assures Full Support

Admin
New-Project91

Federal Minister for Petroleum, Ali Pervaiz Malik, held a meeting with H.E. Nawaf bin Said Al-Malki, Ambassador of the Kingdom of Saudi Arabia to Pakistan. During the meeting, both sides discussed matters of mutual interest and bilateral cooperation. The Federal Minister apprised the Ambassador about the current situation and the implications of the closure of the Strait of Hormuz on global energy markets. He stated that Pakistan is closely monitoring the evolving situation on a daily basis, as the majority of Pakistan’s energy supplies transit through the Strait of Hormuz.…

Read More

LESCO Cracks Down on Electricity Theft: Rs74.9m Fines Imposed, 24 Arrested in February

Admin
New-LESCO

LAHORE: The Lahore Electric Supply Company (LESCO) intensified its efforts against electricity theft in February, arresting 24 individuals, levying fines exceeding Rs74.9 million, and charging over two million units to offenders. According to LESCO headquarters, a total of 1,796 cases of electricity theft were detected across all operational circles during the month. Authorities submitted 1,760 FIR requests to police stations, resulting in 547 formal case registrations and 24 arrests. Enforcement operations also recovered over Rs15.8 million during this period. Circle-wise breakdown revealed that the Central Circle recorded the highest number…

Read More

LNG Freight Rates Surge Over 40% Amid Escalating Middle East Conflict

Admin
LNG

SINGAPORE: Daily freight rates for liquefied natural gas (LNG) carriers surged by more than 40% on Monday as escalating tensions in the Middle East disrupted tanker movements through the Strait of Hormuz. According to Spark Commodities, a leading pricing assessment agency for LNG shipping, Atlantic basin rates climbed to $61,500 per day — an increase of 43%, or $18,750, compared to the previous day. In the Pacific basin, LNG freight rates rose to $41,000 per day, marking a 45% jump, or $12,750 higher than the preceding session. The sharp rise…

Read More

Govt Drafts First-Ever Power Sector Indigenisation Plan 2026–35 to Cut Import Dependence

Admin
power-sector-in-pakistan

ISLAMABAD: The federal government is finalising Pakistan’s first-ever Power Sector Indigenisation Plan (PSIP) 2026–35, a comprehensive roadmap aimed at strengthening domestic manufacturing in the power sector, reducing reliance on imports and positioning the country as a competitive player in regional energy supply chains. The plan focuses on the strategic localisation of Electrical Power Equipment (EPE) — including transformers, switchgear, cables, meters and control systems — which are currently imported in large volumes. Phased Strategy for Localisation Drawing lessons from countries such as China, India and Turkey, the framework proposes a…

Read More