Author: Admin

ROME: Saudi Arabia’s energy giant Aramco is considering expanding its oil storage infrastructure worldwide following disruptions to energy shipments through the Strait of Hormuz during the recent Iran conflict, according to Aramco Chairman Yasir Al-Rumayyan. Speaking at the FII PRIORITY Europe Summit in Rome, Al-Rumayyan said the company is evaluating plans to increase its global storage capacity to strengthen supply security and improve its ability to respond to future geopolitical disruptions. “Aramco has storage facilities around the world, particularly in Asia, including South Korea and Japan, and we are seriously…

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PERTH: Global oil prices declined on Friday as concerns over supply disruptions eased following the resumption of tanker traffic through the Strait of Hormuz after the signing of a U.S.-Iran interim peace agreement. Brent crude futures fell by 54 cents, or 0.68%, to $78.31 per barrel, while U.S. West Texas Intermediate (WTI) crude dropped 46 cents, or 0.60%, to $76.14 per barrel by 0146 GMT. The more actively traded August WTI contract was down 79 cents at $75.06 per barrel. Both benchmark contracts touched their lowest levels since early March…

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ISLAMABAD: Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest exploration and production (E&P) company, has successfully increased its working interest in the Qadirpur Development and Production Lease (D&PL) from 75% to 82.99% following the completion of an acquisition agreement with KUFPEC Pakistan B.V. (KPBV). The development was disclosed in a notice submitted to the Pakistan Stock Exchange (PSX) on Friday. According to the company, the acquisition of an additional 7.99% working interest has been finalized after receiving the necessary approval from the Government of Pakistan and executing the Deed…

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KARACHI: Wafi Energy Pakistan Limited (WEPL), formerly known as Shell Pakistan Limited, has reported a sharp rise in profitability, posting a 148 percent increase in profit after tax for the latest financial period, alongside key leadership reappointments. The company announced that Ghassan Al Almoudi has been reappointed as Chairperson for another three-year term with effect from June 16, 2026. In addition, the board has approved the reappointment of Zubair Shaikh as Chief Executive Officer for the same tenure, ensuring continuity in strategic leadership and corporate governance. WEPL reported a profit…

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ISLAMABAD: Electricity consumers across the country may face another rise in monthly bills as power distribution companies (DISCOs) have requested the National Electric Power Regulatory Authority (NEPRA) to approve a positive fuel cost adjustment (FCA) of Rs0.82 per unit for May 2026. According to the petition, the requested increase of Rs0.8173 per unit is higher than the reference fuel cost of Rs8.4315 per unit already approved by the regulator. The adjustment is attributed to higher electricity generation costs during the month under review. If approved, the additional charge will be…

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