Category: Latest News

Global oil prices climbed sharply on Monday, reaching their highest levels in nearly two weeks, as escalating tensions in the Middle East intensified fears of supply disruptions across the Gulf region. Brent crude futures rose by $2.01, or 1.84 percent, to $111.27 per barrel by 0432 GMT, after earlier touching $112 — the highest level since May 5. Meanwhile, US West Texas Intermediate (WTI) crude gained $2.33, or 2.21 percent, to trade at $107.75 per barrel, after hitting an intraday high of $108.70, its strongest level since April 30. Both…

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ABU DHABI: The United Arab Emirates will accelerate construction of a major oil pipeline project aimed at doubling export capacity through Fujairah by 2027, significantly strengthening its ability to bypass the Strait of Hormuz amid ongoing regional tensions, according to the government’s Abu Dhabi Media Office (ADMO). The announcement said Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan has directed the Abu Dhabi National Oil Company (ADNOC) to fast-track the West-East Pipeline project, which is already under construction and expected to become operational in 2027. The…

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ISLAMABAD: Pakistan on Friday received its second liquefied natural gas (LNG) cargo from Qatar within three days, as authorities moved to strengthen energy supplies and prevent power shortages amid regional supply disruptions linked to escalating geopolitical tensions in the Middle East. The LNG carrier Mihzem, carrying around 160,000 cubic metres of LNG, berthed at the Pakistan GasPort Consortium Limited (PGPL) Terminal-1 at Port Qasim, Karachi. Earlier on May 13, the Q-Flex vessel Al Kharaitiyat had docked at the Engro Elengy Terminal, further strengthening gas supplies to the national system. Officials…

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ISLAMABAD: Pakistan has assured the United States of comprehensive security arrangements for American companies engaged in the Reko Diq mining project, one of the country’s largest foreign investment ventures, aimed at reinforcing investor confidence and safeguarding strategic economic interests. The assurance was given by Federal Interior Minister Mohsin Naqvi during a meeting with US Assistant Secretary of State for South and Central Asian Affairs S. Paul Kapur on Friday in Islamabad. The meeting reviewed bilateral relations, regional security dynamics, and opportunities for expanded cooperation between Pakistan and the United States.…

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ISLAMABAD: The Cabinet Committee on Privatisation (CCOP) has approved the transaction structure for the planned privatisation of three major power distribution companies (DISCOs) — Islamabad Electric Supply Company (IESCO), Gujranwala Electric Power Company (GEPCO), and Faisalabad Electric Power Company (FESCO) — as part of broader reforms in Pakistan’s power sector. The meeting, chaired by Deputy Prime Minister and Foreign Minister Ishaq Dar, reviewed key proposals aimed at improving efficiency, reducing losses, and strengthening financial sustainability within the electricity distribution system. According to an official statement issued on Friday, the committee…

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