Author: Admin

ISLAMABAD: Pakistan’s Power Division has put its ambitious $36 billion circular debt refinancing plan on hold after failing to secure concessional financing from international lenders and Saudi Arabia, sources in the power sector revealed. The plan, previously shared with World Bank and Asian Development Bank, aimed to refinance the power sector’s mounting debt over 13 years starting from FY2027. It was designed to ease the sector’s debt servicing burden and reduce electricity tariffs, particularly for industry. The proposal had also been presented to Prime Minister Shehbaz Sharif in December 2025.…

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RIYADH: Saudi Arabia has successfully restored full pumping capacity on its critical East–West crude pipeline, reaching approximately 7 million barrels per day (b/d), following recent disruptions caused by regional attacks, the Kingdom’s energy ministry confirmed on Sunday. The pipeline—linking eastern oil fields to the Red Sea export terminal at Yanbu—had seen its capacity reduced by around 700,000 b/d after a strike targeted one of its pumping stations. Swift repair efforts have now brought operations back to full capacity within a short timeframe. In parallel, Saudi authorities also restored approximately 300,000…

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KARACHI: Pakistan State Oil Company Limited (PSO) has announced the appointment of Jawwad Ahmed Cheema as its new Chief Executive Officer for a three-year term, effective May 18, 2026. He will succeed interim CEO Abdus Sami. The decision was approved by PSO’s Board of Management during its meeting on April 11, 2026, according to a notice submitted to the stock exchange. The leadership transition comes shortly after Syed Taha, former Managing Director and CEO of PSO, was appointed as Chief Executive Officer of K-Electric. Jawwad Cheema brings over 28 years…

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SINGAPORE: Global oil prices surged sharply on Monday, climbing above $100 per barrel, as markets reacted to the United States Navy preparations to enforce a blockade on Iranian maritime trade routes amid escalating geopolitical tensions. Benchmark Brent crude rose by $6.96, or 7.3%, to reach $102.16 per barrel in early trading, after slipping slightly in the previous session. Meanwhile, West Texas Intermediate (WTI) jumped $8.12, or 8.4%, to $104.69 per barrel, reversing earlier losses. The sharp price rally follows the announcement by Donald Trump that the US would begin blockading…

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Tensions in the Middle East escalated sharply as the United States military announced it would begin enforcing a naval blockade on all Iranian ports starting Monday, following the breakdown of high-stakes negotiations held in Islamabad. The move comes after talks between Washington and Tehran failed to yield an agreement, with Donald Trump blaming Iran’s refusal to abandon its nuclear ambitions. The announcement signals a significant escalation in the ongoing conflict, raising fears of further destabilisation in global energy markets. According to United States Central Command, the blockade will target vessels…

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