Author: Admin

KARACHI: A consortium led by prominent Pakistani investor Arif Habib has formally established PIA Equity Ltd (PIAEL) to complete the acquisition of the national flag carrier, Pakistan International Airlines (PIA), marking a significant step in the country’s ongoing privatization drive. According to details, the consortium has already secured a 75% stake in PIA for Rs135 billion, while the remaining 25% stake is expected to be acquired for an additional Rs45 billion. To facilitate the transaction, the group has submitted a bank guarantee along with a standby letter of credit to…

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KARACHI: K-Electric (KE) has announced that it will suspend both preventive maintenance shutdowns and economic loadshedding in response to an ongoing heatwave in the city. The decision follows a heatwave alert issued by the Provincial Disaster Management Authority, urging residents to take precautionary measures to minimise the impact of extreme temperatures. According to KE, electricity demand is expected to surge as temperatures rise, with the Pakistan Meteorological Department forecasting apparent temperatures exceeding 45°C. In light of this, the utility has committed to ensuring uninterrupted and sustainable power supply across Karachi.…

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ISLAMABAD: Pakistan is intensifying diplomatic and operational efforts to ensure the safe transit of two liquefied natural gas (LNG) cargoes from Qatar through the strategically sensitive Strait of Hormuz, amid ongoing regional tensions. According to officials in the Energy Ministry, the LNG-laden vessels are currently positioned near the mouth of the strait, awaiting clearance as Pakistani authorities coordinate closely with Iranian counterparts. Federal Minister for Petroleum Ali Pervaiz Malik has already held discussions with Iran’s ambassador in Islamabad, followed by high-level engagements with Iranian leadership to facilitate safe passage. The…

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KARACHI: Wafi Energy Pakistan Limited (WEPL) reported a robust financial performance for the first quarter of 2026, posting a profit after tax of Rs2.16 billion compared to Rs873 million in the same period last year—an impressive increase of 148 percent. The growth comes amid a backdrop of global energy market volatility, underscoring the company’s operational resilience and continued strategic investments. During the quarter, WEPL also earned recognition on multiple fronts. The company received the Circular Economy Award at the 15th International CSR Awards for its environmentally sustainable Shell fuel station…

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LONDON: The United Arab Emirates has officially withdrawn from the Organization of Arab Petroleum Exporting Countries, marking a notable shift in its regional energy alignment. The intergovernmental body confirmed the development in a statement on Sunday. Established in 1968, OAPEC was created to enhance cooperation and coordination among Arab oil-exporting nations, though it does not play a direct role in setting production quotas. The latest move follows the UAE’s earlier announcement on April 28 to exit the broader producer alliances of Organization of the Petroleum Exporting Countries and OPEC Plus.…

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