Author: Admin

Oil Sales Up 5% in First Two Months of FY26 on Price Cuts, Curb in Smuggling

Admin
Petrol-oil

KARACHI: Pakistan’s oil sales rose 5 percent year-on-year (YoY) to 2.5 million tonnes in the first two months of FY26, compared with 2.4 million tonnes in the same period last year, driven by easing petroleum prices, improved automobile sales, and reduced smuggling from Iran. In August alone, sales increased 7 percent YoY and 6 percent month-on-month (MoM) to 1.3 million tonnes. Excluding furnace oil (FO), sales for the month stood at 1.28 million tonnes, up 11 percent YoY and 6 percent MoM, while July–August ex-FO volumes rose 10 percent YoY…

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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

Admin
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

Admin
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

Admin
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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