Author: Admin

Oil falls more than 1% as OPEC+ to consider another output hike

Admin

LONDON: Oil prices fell 1.5% on Thursday, adding to their more than 2% decline the previous session, as investors awaited a weekend meeting of OPEC+ at which producers are expected to consider another increase in output targets. Brent crude fell 89 cents, or 1.3%, to $66.71 a barrel by 1301 GMT, while U.S. West Texas Intermediate crude shed 85 cents, or 1.3%, to $63.12 a barrel. Eight members of the Organization of the Petroleum Exporting Countries and allies – known together as OPEC+ – will consider further increases to production…

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Switching to renewables: Saif Textile to install 10MW solar power system

Admin
solar-power-1

Saif Textile Mills Limited, a local yarn manufacturer, has inked a deal for the installation of a 10-megawatt solar power system, a move aimed at cutting energy costs and boosting profitability. The listed company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday. “Saif Textile Mills Limited has signed a contract with SkyElectric (Private) Limited for the supply and installation of a 10MW solar power system. “Once this solar power system becomes operational, it is expected to reduce the power cost and thus have a…

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FPCCI Trade Delegation in Oman on a Landmark Visit

Admin
New-Project7

Karachi: Oman – Pakistan Business Forum has been successfully organized at Oman Chamber of Commerce & Industry (OCCI) during FPCCI trade delegation’s visit to the brotherly country – which is being led by Mr. Saquib Fayyaz Magoon, SVP FPCCI. Engr. Hamoud Bin Salem Al-Saadi, Acting Chairman of OCCI, warmly welcomed the delegates. The forum was attended by H.E. Syed Naveed Bokhari, Ambassador of Pakistan in Oman; Mr. Aman Paracha, VP FPCCI; Sheikh Nadeem Mehboob Magoon, Chairman of FPCCI’s Pakistan – Oman Business Council; Senior FPCCI members; Omani businessmen and prominent…

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Solar Power Poised to Reshape Pakistan’s Energy Landscape: Saifur Rehman

Admin
Solar-wind

LAHORE: Federal Tax Ombudsman (FTO) Coordinator Saifur Rehman has said that the rising demand for affordable electricity and the high cost of imported fossil fuels are making renewable energy an increasingly viable and sustainable option for Pakistan. Speaking to a delegation of industrialists led by Zia Ur Rehman, he identified solar energy as the most promising alternative, pointing to Pakistan’s year-round abundance of sunlight as a natural advantage that could reduce reliance on expensive thermal generation. He noted that supportive government measures—such as net metering, tax exemptions on solar equipment,…

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OCAC Calls on Oil Industry to Safeguard Fuel Supply Amid Flood Threat

Admin
New-OCAC

KARACHI: The Oil Companies Advisory Council (OCAC) has urged refineries and oil marketing companies (OMCs) to take precautionary measures to ensure uninterrupted fuel supply and safe operations as Pakistan braces for severe flooding. In a meeting held on September 1 with industry stakeholders, including refineries and OMCs, the council reviewed the evolving flood situation in Punjab and its likely movement toward Sindh, warning of a potential “super flood.” To mitigate risks, the OCAC advised member companies to maximise product upliftment from refineries and pipelines, maintain depot and terminal stocks at…

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