Author: Admin

OPEC takes long-term view of global oil markets, aims for stability

Admin
global oil markets,

NEW DELHI: Decisions from oil producer group OPEC+ take a long-term view of the global markets and are aimed at providing price stability, Secretary General Haitham Al-Ghais said at the India Energy Week conference on Tuesday. The comments came after U.S. President Donald Trump repeatedly called on the producer group to increase oil production to help reduce prices. Iran urges OPEC to unite against potential US oil sanctions The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, said earlier this month that it remained…

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Dr. Zeelaf Munir Elected Chairperson of Pakistan Business Council

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Zeelaf-Munir

KARACHI: The Pakistan Business Council (PBC) has elected Dr. Zeelaf Munir as its new chairperson for an 18-month tenure, succeeding Shabbir Diwan, CEO of Gatron (Industries) Limited. Ziad Bashir, CEO of Gul Ahmed Textiles, has been elected as vice chairman. Dr. Zeelaf, who previously served as Vice Chairperson of PBC, is also the Managing Director & CEO of English Biscuit Manufacturers (Pvt) Ltd (EBM). She takes on this leadership role with a commitment to economic growth, policy advocacy, and strengthening Pakistan’s business ecosystem. The newly elected Board of Directors for…

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Lesco Cracks Down on 87 Defaulting Furnaces: Bank Accounts Frozen, SIMs Blocked

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Power-sector

ISLAMABAD: The Lahore Electric Supply Company (Lesco) has launched a major crackdown on 87 defaulting steel furnaces, freezing their bank accounts and blocking mobile SIMs to recover outstanding dues, sources told Business Recorder. Lesco has already disconnected these defaulters and conducted thorough site inspections, documenting all locations with photographic evidence. Awareness campaigns, including banners and wall chalking, have been carried out at defaulting premises. So far, Rs95.9 million has been recovered through installment-based payments, while recovery notices have been issued under the Land Revenue Act for 29 connections, with 27…

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SNGPL Faces Severe Liquidity Crisis as Power Sector Dues Hit Rs148.5bn

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SNGPL-Office

ISLAMABAD: Sui Northern Gas Pipelines Limited (SNGPL) is grappling with a severe liquidity crisis due to outstanding dues from the power sector, which have surged to Rs148.5 billion. The company has warned that the alarming situation threatens its financial stability and ability to meet commitments to upstream gas suppliers. According to SNGPL, key receivables include Rs29.4 billion from Guddu Power, Rs9.8 billion from Nandipur, and Rs1.35 billion from TPS Muzaffargarh, among others. Total undisputed dues stand at Rs35.3 billion, while disputed gas charges amount to Rs34.3 billion. A significant Rs78.1…

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Tariff Subsidy Dispute Drags On as Mediation Faces Delays

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K-Electric-3

ISLAMABAD: The tariff differential subsidy dispute involving K-Electric (KE), the government, and state-owned enterprises (SOEs) remains unresolved, as mediation efforts continue to face hurdles. The Karachi Water and Sewerage Board (KWSB) has refused to cooperate, further delaying the resolution process. The government had appointed a mediator to address KE’s claims for tariff differential subsidies and payables from entities such as Central Power Purchasing Agency-Guarantee (CPPA-G), National Transmission and Despatch Company (NTDC), and Sui Southern Gas Company (SSGC). However, a settlement remains elusive. The dispute, which has unsettled foreign investors in…

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