Author: Admin

PSO Flags Supply Chain Risks Over Unplanned Diesel Allocations

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PSO-Head

KARACHI: Pakistan State Oil (PSO) has raised alarm over what it described as “extraordinary and unplanned” allocations of high-speed diesel (HSD), warning that the practice is severely disrupting its supply chain planning and exposing the market to risks. In a letter to the Oil and Gas Regulatory Authority (Ogra), the state-owned oil marketing company said it would not accept volumes beyond its regular October allocation, accusing refineries and oil marketing companies (OMCs) of creating distortions by failing to lift their commitments and producing more than declared levels. PSO said it…

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Climate Crisis: Global South Cannot Afford Hollow Slogans, Warns Sherry Rehman

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Sherry-Rehman

ISLAMABAD: Chairperson of the Senate Standing Committee on Climate Change, Senator Sherry Rehman, has cautioned that the Global South cannot endure another climate summit of “slogans without substance,” stressing that the crisis is real and existential for vulnerable nations. Delivering keynote addresses at the London School of Economics Environment Week on the Road to COP30, she said: “Our house is burning. As micro-emitters, many developing countries did not create this ball of fire, yet we are paying the highest price.” Rehman called for urgent reforms in climate financing, arguing that…

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NA Panel Criticises Discos Over Rampant Unannounced Loadshedding

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Load-shedding

ISLAMABAD: The National Assembly’s Committee on Cabinet Secretariat on Wednesday condemned the widespread unannounced loadshedding by electricity distribution companies (Discos), terming it a violation of policies and directions set by the National Electric Power Regulatory Authority (Nepra). Committee Chairman Malik Ibrar Ahmad announced that officials from the Power Division will be summoned in the next meeting to explain the issue. The panel was informed that load management was being carried out under the Aggregate Technical and Commercial (AT&C) Loss Policy on the instructions of the Power Division. Mr Ahmad, however,…

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Cnergyico Secures Second US Crude Cargo After Successful Trial

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Cnergyico-Ltd

KARACHI: Pakistan’s largest oil refiner, Cnergyico, has booked a second shipment of US crude after deeming its initial purchase commercially viable, Vice Chairman Usama Qureshi said on Wednesday, signaling the possibility of sustained imports. The company will receive a 1 million-barrel cargo of West Texas Light (WTL) crude in November under a term supply arrangement with European trader Vitol, Qureshi confirmed. “This is our second cargo. Our trading team evaluated several options for November and found WTL’s gross refining margin slightly better than Gulf crude,” he said, adding, “If economics…

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Power Stocks Lead PSX Rally Amid Circular Debt Deal Hopes

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Circular-Debt

KARACHI: The Pakistan Stock Exchange (PSX) extended its positive run on Wednesday as optimism grew over a major financing agreement between the government and commercial banks to address the country’s mounting power sector circular debt. Despite investor caution ahead of the upcoming IMF review for the release of a $1 billion tranche starting September 25, the benchmark KSE-100 index crossed the 158,000-point barrier during the session. According to Topline Securities, the index gained as much as 1,101 points intraday before profit-taking trimmed the advance. It eventually closed at 158,236 points,…

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