Author: Admin

DUBAI: Iran has pledged to intensify efforts to address economic problems caused by US sanctions, as tensions with Washington continue to escalate and a senior Iranian official warned of a “painful response” to any further attacks. Six months after US-Israeli strikes triggered the conflict, the situation appears largely deadlocked. A preliminary ceasefire agreement reached in June has collapsed, while diplomatic efforts to revive peace talks have made little progress. After a relative lull in military activity during August, hostilities have resumed. US Central Command said it struck three Iranian tankers…

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ISLAMABAD: Pakistan LNG Limited (PLL) has reissued a tender for the purchase of a liquefied natural gas (LNG) cargo for delivery between September 12 and 16, after rejecting two earlier bids because of high prices. In its first tender, BP Singapore emerged as the sole bidder, offering LNG at $26.90 per million British thermal units (MMBtu) for delivery during September 4–8. PLL rejected the offer as too expensive. The company subsequently floated a second tender for a September 8–12 delivery window. BP Singapore again emerged as the sole bidder, reducing…

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ISLAMABAD: The federal government has decided to impose financial penalties on oil refineries that fail to sign Upgradation Agreements (UAs) with the Ministry of Energy’s Petroleum Division by October 1, 2026, according to well-informed sources. The decision was taken by the Federal Cabinet while considering amendments to the Pakistan Oil Refining Policy for Upgradation of Existing Brownfield Refineries, 2023, following recommendations of the Cabinet Committee on Energy (CCoE). The Petroleum Division told the Cabinet that the amended policy aims to ensure production of Euro-V compliant petrol and diesel, increase refining…

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KARACHI: The Karachi Metropolitan Corporation (KMC) has launched a crackdown on petrol pumps over inadequate fire-safety arrangements, sealing several fuel stations across the city and prompting strong protests from petroleum dealers. The Enforcement and Implementation Department of the KMC sealed multiple fuel stations after inspections found their firefighting and fire-safety arrangements unsatisfactory. The Pakistan Petroleum Dealers Association (PPDA), however, has challenged the action, alleging that KMC issued notices allowing dealers seven days to rectify identified deficiencies, but some stations were sealed just a day after the notices were served. In…

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ISLAMABAD: The Frontier Works Organisation (FWO), backed by the federal government, has sought recovery of around $432 million invested in the proposed 437-kilometre Faisalabad-Peshawar white oil pipeline within four years through a guaranteed transportation tariff, a move aimed at securing the participation of Azerbaijan’s state-owned oil company, Socar. Under a tariff petition submitted to the Oil and Gas Regulatory Authority (Ogra), transportation charges for petroleum products from Faisalabad to Thalian near Rawalpindi and onward to Tarujabba near Peshawar are proposed at around $64 per tonne in 2029, declining gradually to…

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