Author: Admin

IEA Warns Middle East Oil Disruptions to Hit Europe Hard in April

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OSLO: The International Energy Agency has warned that escalating oil supply disruptions from the Middle East are set to intensify in April, with significant economic repercussions expected in Europe. IEA Executive Director Fatih Birol said the closure and disruption of the Strait of Hormuz has already curtailed supplies, with more than 12 million barrels of oil lost since the onset of the US-Israel conflict with Iran. Speaking in a podcast with Nicolai Tangen, head of Norway’s sovereign wealth fund, Birol warned that oil losses in April could be twice as…

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Thar Coal Mines Shift to Grid Power, Promising Major Cost and Emission Cuts

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Thar-Coal

ISLAMABAD: Pakistan’s Thar coal mining sector has received a major boost as operators in Block-I and Block-II move to transition from diesel-based systems to grid-powered infrastructure, a step expected to significantly reduce costs and emissions. The initiative, led by Sindh Engro Coal Mining Company, involves an investment of Rs5.3 billion to develop grid stations and transmission links. The project will connect mining operations to Hyderabad Electric Supply Company’s 132 kV Islamkot grid station, enabling an electricity offtake of around 60 MW. The transition follows a request by the Government of…

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UAE Urges UN to Authorise Action, Including Force, to Reopen Strait of Hormuz

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New-Hormuz

ABU DHABI: The United Arab Emirates has called on the United Nations to urgently approve measures—including the possible use of force—to restore navigation through the strategically vital Strait of Hormuz, according to a report by Bloomberg. In a formal letter addressed to UN Secretary-General Antonio Guterres and the Security Council president, UAE Ambassador Mohamed Abushahab urged immediate intervention to ensure safe passage in and around the strait. The UAE has specifically requested the invocation of Chapter VII of the UN Charter, which allows the Security Council to take enforcement actions…

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Pakistan Assures IMF on Fuel Subsidy, Signals Price Hikes if Fiscal Space Shrinks

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New-IMF

ISLAMABAD: Pakistan has assured the International Monetary Fund that it will raise fuel prices if additional fiscal space cannot be created, as inflation climbed to 7.3% in March, driven by rising energy costs. Sources said the commitment was made ahead of a staff-level agreement for the release of a $1.2 billion loan tranche. The government conveyed that the current subsidy on petrol and diesel is temporary and will only continue if sufficient budgetary savings are identified. Prime Minister Shehbaz Sharif had earlier maintained fuel prices after an initial 20% hike…

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Pakistan, Norway Sign Landmark Carbon Trading Deal Under Paris Agreement

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New-Project1

ISLAMABAD: Pakistan and Norway have signed their first bilateral carbon trading agreement under Paris Agreement Article 6.2, marking a major step toward accessing international carbon markets and climate finance. The memorandum of understanding, signed under the Ministry of Climate Change and Environmental Coordination, signals Pakistan’s transition from policy planning to implementation in carbon trading. Federal Minister Musadik Malik termed the agreement a milestone, stating it would move the country from “readiness to execution” in climate cooperation. Under the deal, Pakistan will develop projects generating carbon credits across key sectors including…

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