Category: Latest News

ISLAMABAD: Consumers in Pakistan may soon receive substantial relief in petroleum prices after Prime Minister Shehbaz Sharif directed authorities to immediately pass on the benefits of declining international oil prices to the public. In response to the Prime Minister’s directive, the government has constituted a high-level committee tasked with developing a transparent weekly pricing mechanism for petroleum products, Federal Minister for Petroleum Ali Pervaiz Malik announced on Thursday. According to the minister, recent diplomatic efforts have contributed to easing tensions in the Middle East, with the United States and Iran…

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ISLAMABAD: The Ministry of Energy (Power Division), on the instructions of Federal Minister for Power Sardar Awais Ahmad Khan Leghari, has issued comprehensive operational directives to all power Distribution Companies (DISCOs), the National Power Control Centre (NPCC), and the National Grid Company (NGC) to ensure uninterrupted electricity supply throughout Muharram, particularly on the 9th and 10th of Muharram (Ashura). According to an official statement, all DISCOs have been directed to immediately coordinate with district administrations, law enforcement agencies, and management committees to obtain detailed lists of Majalis venues, Imam Bargahs,…

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ROME: Saudi Arabia’s energy giant Aramco is considering expanding its oil storage infrastructure worldwide following disruptions to energy shipments through the Strait of Hormuz during the recent Iran conflict, according to Aramco Chairman Yasir Al-Rumayyan. Speaking at the FII PRIORITY Europe Summit in Rome, Al-Rumayyan said the company is evaluating plans to increase its global storage capacity to strengthen supply security and improve its ability to respond to future geopolitical disruptions. “Aramco has storage facilities around the world, particularly in Asia, including South Korea and Japan, and we are seriously…

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PERTH: Global oil prices declined on Friday as concerns over supply disruptions eased following the resumption of tanker traffic through the Strait of Hormuz after the signing of a U.S.-Iran interim peace agreement. Brent crude futures fell by 54 cents, or 0.68%, to $78.31 per barrel, while U.S. West Texas Intermediate (WTI) crude dropped 46 cents, or 0.60%, to $76.14 per barrel by 0146 GMT. The more actively traded August WTI contract was down 79 cents at $75.06 per barrel. Both benchmark contracts touched their lowest levels since early March…

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ISLAMABAD: Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest exploration and production (E&P) company, has successfully increased its working interest in the Qadirpur Development and Production Lease (D&PL) from 75% to 82.99% following the completion of an acquisition agreement with KUFPEC Pakistan B.V. (KPBV). The development was disclosed in a notice submitted to the Pakistan Stock Exchange (PSX) on Friday. According to the company, the acquisition of an additional 7.99% working interest has been finalized after receiving the necessary approval from the Government of Pakistan and executing the Deed…

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