Category: Latest News

Oil Industry Urges Government to Suspend Fotco’s Flow-Rate Penalties

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KARACHI: Pakistan’s oil sector has urged the federal government to intervene and suspend Fauji Oil Terminal & Distribution Company Limited’s (Fotco) unilateral imposition of flow-rate penalties on oil marketing companies (OMCs) and their import/export vessels, effective January 1, 2026. In a letter to the Director-General Oil, Petroleum Division, the Oil Companies Advisory Council (OCAC) warned that Fotco’s action, implemented without any legal or contractual basis, constitutes disproportionate commercial leverage and could impose unsustainable financial burdens on OMCs. Industry margins have remained stagnant for over two years, leaving companies unable to…

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OGDC Eyes Strategic Partnerships in Libya and Vietnam to Boost Energy Supplies

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ISLAMABAD: The Oil and Gas Development Company (OGDC), Pakistan’s largest oil and gas explorer, is planning overseas hydrocarbon exploration in collaboration with Russian and Turkish energy firms, sources told The Express Tribune. OGDC aims to form joint ventures with Russian energy giant Gazprom and Turkish Petroleum for both onshore and offshore exploration projects in Libya and Vietnam, seeking to diversify energy supplies and reduce Pakistan’s energy import bill. Talks with the Russian and Turkish companies are reported to be at an advanced stage. Domestically, OGDC is already part of a…

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Pakistan Signs Major Climate Resilience Initiatives with Asian Development Bank

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ISLAMABAD: Pakistan and the Asian Development Bank (ADB) on Tuesday formalized two major climate resilience projects targeting Sindh and Punjab, the Economic Affairs Division (EAD) said in a statement. The initiatives include the $180.5 million Sindh Coastal Resilience Sector Project (SCRP) and the $124 million Punjab Climate-Resilient and Low-Carbon Agriculture Mechanisation Project, aimed at bolstering climate adaptation, sustainable agriculture, and inclusive development. Economic Secretary Muhammad Humair Karim praised ADB as a trusted development partner and highlighted the projects’ transformative potential. The SCRP will strengthen integrated water resource and flood risk…

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Lobbying to Classify Hybrid Vehicles as EVs Raises Alarm in Pakistan Auto Sector

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KARACHI: A simmering dispute has emerged in Pakistan’s automotive industry as a Chinese assembler and a local importer—who claims to be an automaker despite lacking a production facility—reportedly lobby the Customs Classification Committee to reclassify Range-Extended Electric Vehicles (REEVs) as pure Battery Electric Vehicles (BEVs). Industry insiders warn that the move aims to secure zero-emission tax incentives for vehicles that still rely on internal combustion engines (ICE), potentially distorting market competition and causing billions of rupees in revenue losses for the national exchequer. While REEVs use electric motors to drive…

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Sindh Government Launches Probe into World Bank-Funded Solar Project Amid Corruption Allegations

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ISLAMABAD: The Sindh Government has acknowledged significant misappropriations and irregularities in the USD 100 million World Bank-funded Sindh Solar Energy Project (SSEP) and has initiated a formal inquiry against the culprits. A senior official informed the Senate Standing Committee on Economic Affairs that, under directions from the Sindh Cabinet, the Anti-Corruption Establishment (ACE) is conducting a thorough investigation, including a forensic audit. Committee Chairman Senator Saifullah Abro expressed shock over findings that solar panels costing Rs 20,000 were being sold at Rs 60,000, with multiple panels distributed to single families…

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