Author: Admin

Fuel Prices Set to Increase Amid Middle East Crisis

Admin
oil-and-gas

ISLAMABAD: After five consecutive reductions, petroleum prices are expected to rise again due to surging global prices driven by the ongoing Middle East conflict. According to official sources, petrol and high-speed diesel (HSD) prices may increase by approximately Rs5.50 and Rs13 per litre, respectively, starting from October 16. This hike follows a notable rise in international rates, with petrol prices climbing by $2.8 per barrel and HSD by $7 per barrel over the last two weeks. The price of petrol in the international market has risen from $76 to almost…

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Indian Billionaire Ratan Tata Passes Away at 86

Admin
ratan-tata

Ratan Tata, the former chairman of the Tata Group, who transformed the Indian conglomerate into a global powerhouse through a series of landmark acquisitions, passed away at the age of 86. The Tata Group announced his death in a statement on Wednesday. Sources had earlier confirmed that Tata had been in intensive care at a Mumbai hospital. After earning a degree in architecture from Cornell University, Tata returned to India in 1962 and joined the group founded by his great-grandfather. He held various positions, notably at Tata Motors and Tata…

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High-level Saudi business delegation arrives in Pakistan on three-day visit

Admin
saudi pakistan deal

PM Shehbaz had earlier stated that he expected agreements worth $2 billion to be signed A high-level delegation of Saudi investors, led by Minister of Investment Khalid bin Abdulaziz Al-Falih, arrived in Pakistan on Wednesday on a three-day visit, amid Islamabad’s expectations that the two countries will sign bilateral agreements worth $2 billion. Federal Ministers Musadik Malik, Jam Kamal Khan, and Abdul Aleem received the delegation at the Noor Khan Airbase. The Foreign Office (FO) announced on Monday that Saudi Arabia’s Investment Minister Khalid bin Abdulaziz Al-Falih would visit Pakistan with…

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Task Force to Approve Mechanism for $5bn Investment in Gas Sector, Including 35% Sale to Private Firms

Admin
Asian-bank

ISLAMABAD: The task force on gas-related issues is expected to address the delayed implementation of the amended Exploration and Production (E&P) Policy 2002 in a critical meeting today (Wednesday), chaired by Deputy Prime Minister Ishaq Dar. The amended policy, approved by the Council of Common Interests (CCI) on January 26, 2024, allows E&P companies to sell 35% of gas from new discoveries to private sector firms at competitive prices, with the remaining 65% allocated to state-owned Sui Southern and Sui Northern gas companies. The implementation framework, however, has been stalled…

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Pakistan Prepares Debt Re-profiling Proposal for $15.4bn CPEC Power Projects Ahead of Chinese PM’s Visit

Admin
CPEC-Power

ISLAMABAD: Pakistan is set to re-profile $15.4 billion of debt tied to electricity projects under the China-Pakistan Economic Corridor (CPEC) during the upcoming visit of the Chinese Prime Minister later this month. A memorandum of understanding (MoU) regarding the debt restructuring is expected to be signed during the visit. The Government of Pakistan has proposed a 5-year extension in the debt repayment schedule, which will increase the overall payment burden by $1.22 billion, raising the total repayment amount from $15.4 billion to $16.62 billion. The MoU will be signed between…

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