Author: Admin

Dr. Kazim Niaz Appointed Pakistan’s Executive Director at World Bank

Admin
world-bank

ISLAMABAD: Dr. Kazim Niaz, Federal Secretary for Economic Affairs, has been appointed as Pakistan’s Executive Director (ED) at the World Bank in Washington, reliable sources confirmed on Tuesday. The position had remained vacant since the resignation of Dr. Syed Tauqir Hussain Shah earlier this year. Dr. Shah, who had been appointed in November 2023 for a four-year term, stepped down at the request of Prime Minister Shehbaz Sharif to rejoin the government as Principal Secretary to the Prime Minister. He later resigned from that role as well and now serves…

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Saudi Aramco, Iraq’s SOMO Suspend Crude Supply to India’s Nayara Energy After EU Sanctions

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Aramco-new

NEW DELHI: Saudi Aramco and Iraq’s state oil marketing firm SOMO have halted crude oil sales to India’s Nayara Energy following European Union sanctions imposed in July on the Russian-backed refiner, according to three sources cited by foreign media. The suspension forced Nayara—majority-owned by Russian entities including Rosneft—to rely entirely on Russian crude imports in August, shipping data from LSEG and Kpler confirmed. Normally, the refiner sources around 2 million barrels of Iraqi crude and 1 million barrels of Saudi crude each month. The last recorded shipments were discharged in…

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PESCO Hosts Landmark Workshop on CTBCM Ahead of Market Reforms

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New-Pesco

PESHAWAR: Peshawar Electric Supply Company (PESCO) has organized a landmark workshop on the Competitive Trading Bilateral Contract Market (CTBCM), marking a significant step toward Pakistan’s transition from the single-buyer model to a competitive wholesale electricity market. The event brought together members of the Board of Directors, senior management of PESCO, TESCO, and HAZECO, as well as representatives of the Government of Khyber Pakhtunkhwa. With the Commercial Market Operations Date (CMOD) of CTBCM expected in September 2025, PESCO has become the first distribution company in the country to host such a…

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Pakistan’s Hydrocarbon Reserves Surge on New Discoveries, Upward Revisions

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Gas-OGDCL

KARACHI: Pakistan’s hydrocarbon reserves have recorded a notable expansion, fueled by fresh discoveries and upward revisions in existing fields, according to a new research report by Topline Securities covering the six months ending June 2025. The report highlights a robust reserve replacement ratio of 235 percent for natural gas, with overall balance recoverable gas reserves rising by 4.6 percent and oil reserves increasing by nearly 1 percent. Mari Petroleum Company Limited (MARI) led the surge, contributing 996 billion cubic feet (BCF) of additional gas and extending its reserve life to…

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Neelum-Jhelum Hydropower Project Declared a Costly Failure of Planning and Execution

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Neelum-Jhelum

ISLAMABAD: The Auditor General of Pakistan (AGP) has declared the Rs507 billion Neelum-Jhelum Hydropower Project a failure in terms of objectives, planning, and execution, saying it neither secured Pakistan’s water rights nor delivered the promised power output. Multiple tunnel collapses and structural flaws have cast serious doubt on the quality of work on this project of national importance. In its performance audit report for 2022-23, submitted to the president and parliament, the AGP noted that even the major headrace tunnel collapse last year—which has kept the project shut for months—was…

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