Category: Latest News

PTA Global Acquires 75% Stake in Lotte Chemical Pakistan for $69 Million

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KARACHI: South Korea’s Lotte Chemical has sold a 75 percent stake in its Pakistani subsidiary, Lotte Chemical Pakistan Limited, to Dubai-based PTA Global Holding for $68.94 million (approximately 98 billion won). The divestment comes as part of Lotte’s broader portfolio restructuring under a government-supported initiative aimed at supporting South Korea’s petrochemical sector amid global oversupply and weak demand. Lotte Chemical Pakistan operates a state-of-the-art plant in Karachi with an annual production capacity of 500,000 tons of high-purity terephthalic acid (PTA), a key raw material for polyester fibers, yarns, and PET…

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CM Murad hails German unity as global inspiration, pledges deeper ties

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KARACHI (Nov 12): Sindh Chief Minister Syed Murad Ali Shah lauded the reunification of Germany as a ‘powerful example of determination, hope, and unity’ that transcends deep divisions, inspiring reconciliation, cooperation, and progress worldwide. Addressing a gathering at the German Consulate in Karachi on the occasion of German Unity Day, Mr. Shah underscored Germany’s “long-standing and trusted friendship” with Sindh and Pakistan, highlighting the celebration as a reflection of enduring spirit. The Chief Minister emphasised the critical need for nations to build bridges of cooperation and understanding to confront contemporary…

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Pakistan and France join hands to explore opportunities in minerals

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ISLAMABAD, November 12,2025: The Government of Pakistan, in collaboration with the Embassy of France in Pakistan, hosted a high-level webinar titled “Pakistan’s Minerals Economy: Gateway to Growth” to highlight the country’s vast mineral resources and promote investment opportunities for French companies and investors in the minerals and mining sector.The event was co-chaired by Federal Minister for Petroleum Ali Pervaiz Malik and French Ambassador to Pakistan Nicolas Galey at the Oil and Gas Development Company Limited (OGDC) Headquarters in Islamabad. Mr. Benjamin Gallezot, Interministerial delegate for supplies of strategic minerals and…

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PPL Sees Output Rise as Deferred Qatar RLNG Cargoes Ease Curtailment

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KARACHI: Pakistan Petroleum Limited (PPL) expects a notable boost in gas output following the deferment of Qatar RLNG cargoes, which had previously caused system back pressure and curtailed local production, company officials revealed during an analyst briefing on Tuesday. According to PPL’s management, the deferment could enhance production by more than 50 million cubic feet per day (mmcfd). The company’s output had fallen 11% in FY25, mainly due to reduced gas offtake from the Kandhkot field and curtailments at Sui, Nashpa, and TAL fields. Negotiations for reallocation of gas from…

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Maryam Nawaz Declares Climate Action a Non-Negotiable Priority at COP-30

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LAHORE: Punjab Chief Minister Maryam Nawaz has declared the fight against smog and climate change a “mission,” emphasizing that environmental protection is now a non-negotiable pillar of her government’s policy framework. Speaking at the inauguration of the Pakistan Pavilion at the COP-30 Climate Conference in Belem, Brazil, the Chief Minister outlined Punjab’s ambitious green transformation plan, marking a decisive shift toward sustainability. She announced a major financial boost to the province’s anti-smog budget—from Rs94 billion to Rs123 billion—to accelerate eco-friendly fuel adoption and innovative waste-to-energy projects. Her roadmap includes a…

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