Author: Admin

KARACHI: Pakistan State Oil (PSO) has honoured its top-performing dealer partners at the PSO Excellence Awards 2026, recognising their contribution to maintaining uninterrupted fuel supplies across the country. The awards ceremony was attended by PSO Chief Executive Officer Jawwad Ahmed Cheema, Chief Commercial Officer Amir Zaib Khan, senior management, dealer partners and employees, according to a company statement issued on Monday. Addressing the gathering, Cheema said that as Pakistan’s national oil company, PSO had a responsibility to ensure the availability of fuel nationwide, particularly during periods of high demand, supply…

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LONDON, UK: Iraq and Pakistan have reached separate arrangements with Iran to facilitate the movement of vital oil and liquefied natural gas (LNG) shipments through the Strait of Hormuz, underscoring Tehran’s growing influence over one of the world’s most critical energy chokepoints, Reuters reported. The agreements come amid severe disruption to energy shipments following the U.S.-Israeli war with Iran, which has significantly reduced maritime traffic through the strategic waterway. The Gulf region normally accounts for around 20 percent of global crude oil and LNG supplies, but fighting and restrictions around…

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KARACHI: Pakistan’s gas sector is facing mounting pressure as indigenous production continues to decline, LNG demand remains subdued and gas distribution companies struggle with worsening liquidity constraints, while proposed structural reforms are unlikely to provide an immediate solution to the industry’s financial challenges. According to a new study by the Pakistan Credit Rating Agency (PACRA), domestic gas production is projected to fall sharply from around 2,634 million cubic feet per day (mmcfd) in FY24 to approximately 1,266 mmcfd by FY34. As a result, the share of indigenous gas in Pakistan’s…

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ISLAMABAD: Pakistan has floated a fresh tender to procure a spot LNG cargo for delivery in early September as a shortage of re-gasified liquefied natural gas (RLNG), particularly for power generation, continues to contribute to prolonged electricity outages across the country. State-run Pakistan LNG Limited (PLL) on Sunday invited international suppliers to bid for 140,000 cubic metres of LNG, with a tolerance of plus or minus 5%, for delivery at Port Qasim between September 4 and 8, 2026. The emergency procurement follows the government’s apology last week over extended power…

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KARACHI: Engro Holdings Limited’s wholly owned subsidiary, Engro Corporation Limited, has agreed to sell its entire shareholding in Engro Polymer & Chemicals Limited (EPCL) to Lotte Chemical Pakistan Limited for approximately Rs19.7 billion, or $70.95 million. Under a Share Purchase Agreement (SPA), Engro Corporation will transfer its 56.19% stake in EPCL, subject to regulatory approvals and the fulfilment of other customary conditions. The transaction marks Engro’s exit from EPCL after nearly three decades, bringing an end to the conglomerate’s longstanding involvement in one of Pakistan’s leading downstream petrochemical businesses. EPCL…

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