Author: Admin

Oil prices steady ahead of imminent OPEC+ decision; geopolitical turmoil in focus

Admin
oil price

Oil prices were little changed on Wednesday, with traders expecting OPEC+ to announce an extension to supply cuts this week while heightened geopolitical tensions continue to dominate market sentiment. Brent crude futures were up 5 cents, or 0.07%, at $73.67 a barrel by 1214 GMT while U.S. West Texas Intermediate crude futures fell 4 cents, or 0.06%, to $69.90. On Tuesday, Brent posted its biggest gain in two weeks, rising by 2.5%. A shaky ceasefire between Israel and Hezbollah, South Korea’s curtailed declaration of martial law and a rebel offensive…

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Meta Seeks Nuclear Power Developers to Meet AI and Environmental Goals

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Meta-Project

Meta, the tech giant, is inviting proposals from nuclear power developers to add 1 to 4 gigawatts of U.S. nuclear generation capacity by the early 2030s. This move aligns with the company’s efforts to address rising electricity demand for artificial intelligence and environmental sustainability. “Nuclear energy will play a pivotal role in transitioning to a cleaner, more reliable, and diversified electric grid,” Meta stated. The company’s initiative reflects broader trends, with U.S. data center power demand projected to triple by 2030, requiring 47 gigawatts of new generation capacity, according to…

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PM Directs Resolution of Refinery Upgrade Tax Issue Within Two Weeks

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Petroleum-Sector

ISLAMABAD: Prime Minister Shehbaz Sharif has instructed the Petroleum Division to resolve the impasse over the Brownfield Policy, aimed at upgrading local refineries to produce Euro-V standard petrol and diesel, within two weeks. The directive comes amidst delays in implementing the sales tax exemption critical to the policy’s success. The issue, a contentious budgetary measure from the FY25 Finance Bill, is essential for securing $5-6 billion in refinery sector investments. The Prime Minister’s Office has also asked the Petroleum Division to present concrete options to address the situation. The Special…

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KE Cuts Power to Railways Over Unpaid Bills; Railways Cites Rs70 Billion in Dues

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K-Electric

KARACHI: The power utility company, K-Electric (KE), disconnected electricity to Pakistan Railways (PR) on Tuesday over unpaid bills amounting to Rs430 million since May 2024, disrupting key operations, including the online ticketing and signal systems for 38 daily passenger trains from Karachi. In its statement, KE stressed the unsustainability of continuing supply without payment and highlighted repeated defaults despite prior accommodations. “Notices and disconnections have been issued before, but undertakings by railway authorities to clear dues and pay monthly bills have been consistently dishonored,” KE stated. The utility warned that…

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EV Industry Pushes for Policy Reforms to Boost Adoption in Pakistan

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Electric-Vehicle

KARACHI: Electric vehicle (EV) motorbike assemblers and dealers in Pakistan are urging the federal government and the Engineering Development Board (EDB) to adopt critical policy reforms under the upcoming New Energy Vehicle (NEV) policy. Their charter of demands includes tax exemptions, free registration for customers, accessible financing options, and localisation incentives to reduce costs and accelerate growth in the NEV sector. With nearly 40 EV motorbike brands entering the market and monthly sales reaching 3,000 units, the government aims to increase EV bike market share to 30%, targeting 500,000 units…

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