Category: Latest News

Saudi Aramco Posts 22% Profit Decline Amid Lower Oil Prices

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Saudi-Aramco

RIYADH – Saudi Aramco reported a 22% drop in its second-quarter profit, totaling 85 billion riyals (\$22.67 billion), as lower crude and refined product prices continued to weigh on revenues. The state-owned oil giant, a key pillar of the Saudi economy and the world’s largest oil exporter, has now recorded profit declines for 10 consecutive quarters following record earnings in late 2022. “The decrease in revenue was mainly due to lower crude oil prices and lower refined and chemical product prices,” Aramco stated in its latest quarterly report. Aramco’s shares…

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Rs431bn Dispute: Power Division, SBP Clash Over Pending Payments to Chinese Power Projects

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Power-Division1

ISLAMABAD: A significant dispute has emerged between the Power Division and the State Bank of Pakistan (SBP) over the repatriation of Rs431 billion owed to Chinese coal-based power projects, raising concerns over investor confidence and payment transparency. The issue surfaced during a meeting of the Sub-Committee on Reforms, chaired by Minister for Petroleum and Natural Resources Ali Pervaiz Malik, where officials debated the delay in foreign currency payments due to Chinese Independent Power Producers (IPPs) such as Port Qasim and Sahiwal. While the Power Division claims that Rs431 billion remains…

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Structural Shake-up in WAPDA Sparks Internal Controversy

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WAPDA-MoUs

ISLAMABAD: The incoming chairman of the Water and Power Development Authority (WAPDA) is expected to face a challenging start amid internal unrest sparked by controversial structural changes made by the acting management in recent weeks. Sources reveal that the acting chairman implemented several senior-level reorganisations—adding and removing key posts and advisers—just before the appointment of the new chairman. These decisions, allegedly taken without a proper quorum, were rushed through a hastily convened meeting and formalised the same day the Ministry of Water Resources held interviews for the new leadership. The…

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Pakistan, China to Strengthen Collaboration on Electric Vehicles

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electric-vehicles

BEIJING: Federal Minister for Planning, Development, and Special Initiatives Ahsan Iqbal has identified electric vehicles (EVs) as a pivotal area for future cooperation between Pakistan and China, emphasizing the sector’s potential to transform Pakistan’s energy and transportation landscape. Speaking at a press conference at the Pakistani Embassy in Beijing, Iqbal underscored Pakistan’s interest in leveraging China’s technological leadership, particularly in emerging innovations like sodium-ion batteries, which offer significant advantages over traditional lithium-ion alternatives. He announced that the upcoming Pakistan-China Business Conference, scheduled for September 4, will act as a vital…

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Govt Unveils Rs100bn EV Subsidy Scheme Backed by New Car Levy

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Electric-Vehicle

ISLAMABAD: In a landmark move to accelerate Pakistan’s transition to electric mobility, the government has approved a five-year Rs100 billion subsidy programme aimed at deploying 116,000 electric bikes and 3,170 electric rickshaws/loaders. This initiative, set to be formally launched by Prime Minister Shehbaz Sharif on August 14, will be financed through a newly introduced tax on conventional vehicles—dubbed the New Electric Vehicle Adoption Levy (NEVAL). Approved by the Economic Coordination Committee (ECC), the NEVAL will impose a 1% levy on local and imported cars up to 1300cc, 2% on 1301–1800cc…

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