Author: Admin

Petroleum Minister Seeks Data on Captive Consumers Shifted to Grid

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New-Project10

ISLAMABAD: Federal Minister for Petroleum Ali Pervaiz Malik has requested detailed data from Power Minister Sardar Awais Ahmad Khan Leghari regarding captive power consumers who have shifted from gas-based generation to the national electricity grid.Sources in the Petroleum Division of Pakistan told Business Recorder that the data is required to prepare recommendations for the International Monetary Fund (IMF) concerning the captive power levy imposed on industrial gas consumers.According to officials, the Petroleum Division’s team had earlier requested power uptake data for captive power plants (CPPs) that were encouraged to move…

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Senate Panel Questions Expertise of PSO Board Members, Reviews Legal Framework of POL Companies

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New-Project9

ISLAMABAD: A parliamentary sub-committee on Thursday reviewed the legal and regulatory framework governing the boards of petroleum sector companies and raised concerns over the expertise of certain members serving on the board of Pakistan State Oil (PSO).The meeting of the sub-committee of the Senate Standing Committee on Petroleum was held at Parliament House under the convenorship of Senator Manzoor Ahmed Kakar. It was attended by Senator Rana Mehmood-ul-Hassan and Senator Amir Waliuddin Chishti, who joined the session virtually.The committee reviewed the legal framework governing the appointment of boards of directors…

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Hamed Yaqoob Sheikh Appointed Secretary Petroleum Division

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New-Project8

ISLAMABAD: The federal government on Thursday appointed senior bureaucrat Hamed Yaqoob Sheikh as the new Secretary of the Petroleum Division of Pakistan, amid growing speculation about potential fuel supply challenges due to rising tensions in the Middle East.According to an official notification, Sheikh — a Grade 22 officer of the Pakistan Administrative Service — has been transferred with immediate effect. Prior to this appointment, he was serving as Secretary of the National Health Services Regulations and Coordination Division.The move comes at a time when the government is closely monitoring the…

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IMF Raises Objections to Pakistan’s Rs1 Trillion Power Subsidy Plan

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IMF-board

ISLAMABAD: The International Monetary Fund (IMF) has raised objections to Pakistan’s proposal to allocate nearly Rs1 trillion in power subsidies for the next fiscal year, expressing concerns over the rising fiscal burden and persistent inefficiencies in the country’s energy sector.Government sources said the Power Division of Pakistan informed the IMF that it may require around Rs990 billion in subsidies for fiscal year 2026–27, beginning in July. The proposed allocation is about 11 percent, or Rs100 billion, higher than the Rs893 billion earmarked for the current fiscal year.A major portion of…

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US Lifts Sanctions on Rosneft’s German Subsidiary

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New-Project7

WASHINGTON: The United States has lifted sanctions on the German subsidiary of Russian oil giant Rosneft, easing restrictions that had created months of uncertainty around the company’s operations in Germany after its assets were placed under state control by Berlin.The U.S. Department of the Treasury on Thursday issued a general license authorising transactions involving Rosneft Deutschland GmbH and RN Refining & Marketing GmbH, effectively exempting the companies from sanctions imposed by Washington last year.The sanctions were part of a broader set of measures announced by Donald Trump targeting major Russian…

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