Author: Admin

Chinese Firm to Invest $1 Billion in PRL Upgrade, Doubling Refinery Output

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PRL-Project

A Chinese investment corporation has committed $1 billion to Pakistan Refinery Limited (PRL) for a major upgrade aimed at doubling its production capacity. The agreement, however, comes with a condition: the Chinese firm seeks full independence from government control, ensuring that PRL repays the investment in dollars without any government intervention. Currently, Pakistan’s State Bank allows the private sector, including refineries, to retain dollars for investment. However, the Chinese company has urged for the removal of such controls to facilitate the smooth repayment of the loan. The firm emphasized that…

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IEA Predicts ‘Age of Electricity’ as Fossil Fuel Demand Set to Peak by 2030

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clean-energy

The world is rapidly transitioning toward a future dominated by low-emission energy sources, with more than half of global electricity expected to come from clean energy by 2030, according to the International Energy Agency’s (IEA) latest World Energy Outlook report. The IEA projects that demand for oil, gas, and coal will peak by the decade’s end, potentially leaving an excess of fossil fuel resources. “We’ve experienced the Age of Coal and the Age of Oil,” said IEA Executive Director Fatih Birol. “Now, we are speeding into the Age of Electricity,…

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SCO Backs China’s Belt & Road Initiative Amid Diverging Views on Regional Security

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New-SCO

PM Shehbaz chairs summit; eight key documents on bloc’s budget, secretariat, and counterterrorism efforts signedSCO members reject Western sanctions, call for the use of national currencies in tradeJoint communique urges closer cooperation in politics, security, and the establishment of an SCO Development BankIndia expresses concerns over cross-border terrorism, affecting trade and connectivity effortsISLAMABAD: Leaders of the Shanghai Cooperation Organisation (SCO) on Wednesday reaffirmed their unwavering support for China’s Belt and Road Initiative (BRI) despite India’s objections, which blocked a full consensus on the project. The meeting, chaired by Prime Minister…

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OMAP Criticizes Proposed OMC Margin as ‘Inadequate’

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Oil-Price

LAHORE: The Oil Marketing Association of Pakistan (OMAP) has called on the Ministry of Petroleum to intervene regarding the Oil and Gas Regulatory Authority’s (Ogra) proposed revisions to oil marketing companies’ (OMCs) margins, which it deems insufficient for the industry’s sustainability. OMAP Chairperson Tariq Wazir Ali expressed concern over the proposed margin increase, stating that it does not account for the rising operational costs, foreign exchange losses, and pending tax refunds faced by OMCs. He warned that the current margin structure threatens the sector’s financial viability and limits critical investments…

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PSO Board Enforces Code to Prevent Corruption

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PSO-Head

ISLAMABAD: In accordance with the State-Owned Enterprises (SOE) Act 2023, Pakistan State Oil’s (PSO) Board of Management (BoM) has implemented a stringent code of conduct aimed at curbing corrupt practices, accepting gifts, and leaking sensitive information, a senior Petroleum Division official informed The News. All bureaucrats serving on the PSO board have signed the code, and violations could lead to legal action by the FIA or NAB, according to official documents. The code ensures transparency, accountability, and good governance. It prohibits bribery, payoffs, and conflicts of interest, while enforcing strict…

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