Category: Latest News

Pakistan joins IEF as Momentum Builds for Global Energy Security Dialogue

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IEF

Riyadh, Saudi Arabia, 09 July 2026 — The International Energy Forum today welcomed Pakistan as an IEF Member Country, adding to recent membership growth and strengthening the Forum’s role as the global home of energy dialogue. Pakistan’s accession follows Benin and Sierra Leone’s entry into the Forum, reflecting growing momentum behind inclusive energy dialogue among producing, consuming and transit countries worldwide. IEF Secretary General Jassim Alshirawi said Pakistan’s participation would enrich the Forum’s dialogue at a time of heightened uncertainty in global energy markets. “We are very pleased to welcome Pakistan as an active…

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Engro Vopak Studies Pakistan’s First Refrigerated LPG Import and Storage Terminal

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KARACHI: Engro Vopak Terminal Limited, Pakistan’s leading bulk chemical and gas terminal operator, has launched a feasibility study for the country’s first refrigerated liquefied petroleum gas (LPG) import and storage facility as part of efforts to strengthen energy security amid rising LPG demand and declining domestic gas production. The company has partnered with S&P Global to assess the technical and commercial viability of expanding Pakistan’s LPG infrastructure through the development of large-scale refrigerated import and storage facilities. According to the company, the proposed project aims to improve access to international…

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MEPCO Returns to Profit with Rs1.05bn Earnings After Major Operational Turnaround

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ISLAMABAD: The Multan Electric Power Company has posted a net profit of Rs1.05 billion for the fiscal year 2025-26, marking a significant turnaround from the Rs36 billion loss recorded in 2023-24, according to the Ministry of Energy (Power Division). The ministry attributed the recovery of one of Pakistan’s largest power distribution companies to a series of governance and operational reforms implemented under the leadership of Federal Minister for Power Sardar Awais Ahmed Khan Leghari. According to the ministry, the turnaround was gradual and sustainable rather than the result of a…

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Global LNG Trade Reaches Record High in 2025 Despite Regional Demand Shifts

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LONDON/SINGAPORE: Global liquefied natural gas (LNG) trade reached an all-time high in 2025, driven by robust exports from the United States and a sharp increase in European demand, despite weaker imports across much of Asia, according to a report released by the International Gas Union on Wednesday. The IGU cautioned, however, that escalating tensions in the Middle East could disrupt LNG supplies and slow market growth in 2026. “The conflict in the Gulf has damaged LNG infrastructure, clouded the outlook for the region’s expansion projects, and exposed Asian buyers to…

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Govt Weighs IFRS Exemption for Energy SOEs to Avoid Massive Financial Hit

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Circular-Debt

ISLAMABAD: The federal government is considering granting a temporary exemption to major state-owned energy companies from key International Financial Reporting Standards (IFRS), a move aimed at preventing an estimated Rs400–500 billion in expected credit losses linked to the unresolved circular debt crisis. A special committee has recommended that the Cabinet Committee on State-Owned Enterprises (CCoSOE) grant a five-year exemption from the implementation of IFRS 9 and IFRS 14 by relaxing provisions of the State-Owned Enterprises (SOEs) Act 2023 and the associated SOE policy. The Act had provided a three-year transition…

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