Category: Latest News

KARACHI: Wafi Energy Pakistan Limited (WEPL) reported a robust financial performance for the first quarter of 2026, posting a profit after tax of Rs2.16 billion compared to Rs873 million in the same period last year—an impressive increase of 148 percent. The growth comes amid a backdrop of global energy market volatility, underscoring the company’s operational resilience and continued strategic investments. During the quarter, WEPL also earned recognition on multiple fronts. The company received the Circular Economy Award at the 15th International CSR Awards for its environmentally sustainable Shell fuel station…

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LONDON: The United Arab Emirates has officially withdrawn from the Organization of Arab Petroleum Exporting Countries, marking a notable shift in its regional energy alignment. The intergovernmental body confirmed the development in a statement on Sunday. Established in 1968, OAPEC was created to enhance cooperation and coordination among Arab oil-exporting nations, though it does not play a direct role in setting production quotas. The latest move follows the UAE’s earlier announcement on April 28 to exit the broader producer alliances of Organization of the Petroleum Exporting Countries and OPEC Plus.…

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ISLAMABAD: Altern Energy Limited (AEL) has formally concluded major agreements with the Government of Pakistan and key energy stakeholders, marking a significant development in the country’s independent power sector. In a notice submitted to the Pakistan Stock Exchange on Monday, the company confirmed that it has signed a Termination Agreement (TA) with the Government of Pakistan (GoP) and Central Power Purchasing Agency Guarantee Limited. As a result, several core agreements have been discontinued, including the Implementation Agreement (IA), the sovereign guarantee issued by the government, and the Power Purchase Agreement…

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An Iranian-flagged vessel seized by the United States has been partially returned, with its crew transferred to Pakistan for repatriation, according to international media reports. The ship, identified as M/V Touska, was intercepted by the United States Central Command on April 19 after allegedly failing to comply with repeated warnings while attempting to breach a US-imposed blockade on Iranian ports. The vessel, linked to the Islamic Republic of Iran Shipping Lines, had been operating under sanctions. A US military spokesperson, Captain Tim Hawkins, confirmed that 22 crew members were transferred…

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ISLAMABAD: The Asian Development Bank has announced an ambitious $70 billion initiative to strengthen energy integration and digital connectivity across the Asia-Pacific region by 2035, aiming to enhance cross-border electricity trade, modernise power grids, and expand broadband access. The announcement was made during the bank’s annual meeting held in Samarkand from May 3 to 6. ADB President Masato Kanda emphasized that energy and digital access would be critical drivers of the region’s future growth, competitiveness, and connectivity. The initiative comprises two major components: a $50 billion Pan-Asia Power Grid Initiative…

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