Category: Latest News

Japan’s Komatsu to Invest \$100 Million in Mining Equipment Hub in Karachi

Admin
Oil-Price

KARACHI: Japanese heavy machinery giant Komatsu is set to establish a \$100 million maintenance and repair hub in Karachi to service mining equipment for Pakistan and the broader region. This strategic move follows a \$440 million contract with Canada’s Barrick Gold for the Reko Diq copper and gold project in Balochistan, as reported by Nikkei Asia. The new facility will support Komatsu’s supply of large-scale dump trucks, electric rope shovels, and excavators for the Reko Diq project, with deliveries scheduled to begin in fiscal year 2026. Komatsu Pakistan Mining, a…

Read More

Oil Set for Sharpest Weekly Drop in Two Years as Geopolitical Risk Fades

Admin
Oil prices

SINGAPORE: Oil prices are poised to record their steepest weekly decline since March 2023, as easing tensions in the Middle East have erased the war-driven risk premium. By 0429 GMT on Friday, Brent crude rose 35 cents, or 0.52%, to \$68.08 per barrel, while U.S. West Texas Intermediate (WTI) gained 40 cents, or 0.61%, to \$65.64. Despite the modest rebound, both benchmarks are headed for a weekly loss of about 12%. Prices had surged earlier in the week following U.S. missile strikes on Iranian nuclear sites, reaching a five-month high.…

Read More

POL Announces Major Hydrocarbon Discovery in Khyber Pakhtunkhwa

Admin
POL-Project

ISLAMABAD: Pakistan Oilfields Limited (POL) has reported a significant hydrocarbon discovery at the Makori Deep-03 development well in the TAL Block, located in Karak district, Khyber Pakhtunkhwa. The announcement was made through a notice to the Pakistan Stock Exchange (PSX) on Thursday. According to POL, the discovery was confirmed by MOL, the operator of the TAL Block. POL holds a 25% pre-commerciality working interest in the block. Drilling of Makori Deep-03 commenced on December 12, 2024, and reached a total depth of 3,887 meters. Upon testing, the well yielded a…

Read More

Global Energy Access Improves, But Urgent Financial Support Needed to Bridge Gaps and Meet SDG 7 Targets

Admin
renewable-energy

**Washington, New York, Paris, Geneva, Abu Dhabi ** — The Tracking SDG 7: Energy Progress Report 2025 reveals that nearly 92% of the global population now has basic access to electricity, marking continued progress since 2022. However, over 666 million people still remain without access, underscoring the need to accelerate efforts to achieve universal energy access by 2030. Clean cooking access continues to lag. Around 2.1 billion people still rely on polluting fuels, such as firewood and charcoal, with rural areas most affected. While progress in clean cooking has resumed…

Read More

Oil Prices Plunge 6% Amid Israel-Iran Ceasefire Hopes

Admin
oil-Price

NEW YORK: Oil prices tumbled 6% on Tuesday, hitting two-week lows as hopes for a sustained ceasefire between Israel and Iran eased concerns over potential supply disruptions in the Middle East. Brent crude futures dropped \$4.34, or 6.1%, to close at \$67.14 per barrel—its lowest since June 10. Meanwhile, US West Texas Intermediate (WTI) crude slipped \$4.14, or 6.0%, settling at \$64.37 per barrel, marking its weakest level since June 5. The market reacted to news of the ceasefire, despite US President Donald Trump warning that both Israel and Iran…

Read More