Category: Latest News

ISLAMABAD: The Power Division is set to sign Public Service Obligation (PSO) agreements with power Distribution Companies (DISCOs) for the management of tariff subsidies, relief packages, and the collection of statutory surcharges under the National Electric Power Regulatory Authority (NEPRA) Act, informed sources told Business Recorder. According to sources, the move is being undertaken in line with the State-Owned Enterprises (Governance and Operations) Act, 2023, which allows the federal government to assign specific public service obligations to state-owned enterprises (SOEs). Historically, DISCOs have been carrying out several public service functions…

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DUBAI: Saudi Aramco CEO Amin Nasser has warned that the global oil market will take time to recover after losing nearly one billion barrels of oil over the past two months amid severe shipping disruptions in the Strait of Hormuz. Speaking to Reuters on Sunday following Aramco’s announcement of a 25 percent increase in first-quarter net profit, Nasser said the energy market remained under significant pressure despite ongoing efforts to maintain stable oil supplies. “Our objective is simple: keep energy flowing, even when the system is under strain,” Nasser stated.…

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KARACHI: A high-level Chinese business delegation comprising more than 50 members is scheduled to visit the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) today (Monday) to participate in business-to-business (B2B) meetings with Pakistani entrepreneurs and investors. The visiting delegation aims to explore joint venture opportunities and strengthen bilateral trade and investment cooperation between Pakistan and China. Representatives from diverse sectors including chemicals, renewable energy, automobiles, construction, building materials, and information technology are part of the delegation. During their visit, Chinese businessmen and industrialists will hold meetings with Pakistani…

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ISLAMABAD: Federal Minister for Petroleum Ali Pervaiz Malik held a meeting with John L Thornton, Executive Chairman of Barrick Gold, to review progress and discuss the next phase of development of the Reko Diq Copper-Gold Project. According to a statement issued on Sunday, both sides exchanged views on the ongoing advancement of the Reko Diq project, which is considered one of the world’s largest undeveloped copper and gold reserves. During the meeting, Malik emphasized the strategic importance of the project for Pakistan’s economic growth and the development of the country’s…

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Global oil prices jumped sharply on Monday after US President Donald Trump rejected Iran’s response to a US-backed peace proposal, reigniting concerns over supply disruptions and continued tensions in the strategically vital Strait of Hormuz. Brent crude futures rose by $4.16, or 4.11 percent, to reach $105.45 per barrel by 0340 GMT, while US West Texas Intermediate (WTI) crude climbed $4.38, or 4.59pc, to $99.80 per barrel. The rally followed Trump’s remarks describing Iran’s response as “unacceptable,” intensifying fears that ongoing geopolitical tensions could further disrupt global oil flows through…

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