Author: Admin

IMF Rejection Puts $7bn Refineries Upgrade Project at Risk

Admin
New-IMF

ISLAMABAD: Pakistan’s $6–7 billion refinery upgrade programme has hit a major hurdle as the International Monetary Fund (IMF) once again rejected government proposals on sales tax exemptions for petroleum products, casting uncertainty over the country’s largest-ever energy sector overhaul. The decision came during talks between the IMF review mission and senior Petroleum Division officials on Monday. According to officials, the IMF remains opposed to partial or zero-rating of sales tax on petroleum products and associated upgradation machinery, insisting instead on a uniform 18% General Sales Tax (GST). The government had…

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Mari Energies Acquires 65% Stake, Operatorship of Peshawar Block from Hycarbex

Admin
Mari energies

KARACHI: Mari Energies Limited has announced a major expansion of its upstream portfolio through the acquisition of a 65% working interest and operatorship of the Peshawar Block in Khyber Pakhtunkhwa from Hycarbex-American Energy Inc. The transaction was formalised under a farmout agreement between the two companies, as disclosed in a material information notice filed with the Pakistan Stock Exchange (PSX) on Tuesday. The deal remains subject to regulatory approvals, execution of deeds of assignment with the Government of Pakistan, and completion of other formalities. Mari Energies said the acquisition reflects…

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OGDCL Strikes Major Gas and Condensate Discovery in Sindh

Admin

ISLAMABAD: Oil & Gas Development Company Limited (OGDCL), Pakistan’s largest exploration and production firm, has announced a significant hydrocarbon discovery at its Bitrism East-1 well in District Khairpur, Sindh. In a notice to the Pakistan Stock Exchange (PSX) on Wednesday, OGDCL said it holds a 95% working interest in the Bitrism Exploration License, while Government Holdings (Private) Limited (GHPL) retains the remaining 5%. The well was spudded on June 30, 2025, and drilled to a depth of 3,800 meters in the Sembar Formation using the company’s in-house expertise with its…

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Pakistan Shares Future Power Generation Plans with German Development Agency

Admin
power-tariff

ISLAMABAD: Federal Minister for Power Sardar Awais Ahmed Khan Leghari has outlined the government’s future power generation roadmap, aimed at building a sustainable, transparent, and modern energy system to address current sectoral challenges. He shared the plans during a meeting with a delegation of the German development agency (GIZ) led by Deputy Head of Mission Arno Kirchhof. Discussions focused on ongoing cooperation under the €7 million “Decarbonization and Digitization of Power Distribution Network” program, launched in 2024 and set to continue until 2026. The initiative provides technical assistance to the…

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Govt Hikes Petrol, Diesel Prices; LPG Rates Cut for October

Admin
petrol-price1

ISLAMABAD: The federal government on Tuesday announced a hike in petroleum prices, raising petrol by Rs4.07 and high-speed diesel (HSD) by Rs4.04 per litre for the next fortnight. According to the Finance Division, the new price of petrol stands at Rs268.68 per litre, up from Rs264.61, while HSD has risen to Rs276.81 from Rs272.77. The decision was made on the recommendations of the Oil and Gas Regulatory Authority (Ogra) and relevant ministries. Petrol, widely used in motorcycles, rickshaws, and private vehicles, directly impacts middle- and lower-income households, whereas HSD powers…

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