Category: Latest News

Policy Gaps Stall Foreign Oil Storage Investment as Pricing Dispute Clouds $6bn Refinery Upgrades

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New-Project195

ISLAMABAD: Pakistan is revising its 2023 bonded oil storage policy after failing to attract foreign oil suppliers to establish strategic petroleum reserves, exposing a critical weakness in the country’s energy security that became evident during the recent Iran-US conflict. According to official sources, flaws in the existing policy discouraged international oil suppliers from investing in bonded storage facilities despite government efforts to encourage participation. The Petroleum Division is now finalising amendments aimed at creating a more investor-friendly framework. The urgency of the reforms was highlighted during the recent disruption in…

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US Strikes Iranian Military Sites After Drone Attack on Cargo Vessel; Tehran Vows Swift Retaliation

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New-Project194

WASHINGTON/TEHRAN: Tensions between the United States and Iran escalated sharply on Friday after US forces launched airstrikes on Iranian military installations in response to a drone attack on a commercial cargo vessel transiting the strategic Strait of Hormuz. According to the US Central Command (CENTCOM), American aircraft targeted Iranian missile and drone storage facilities, along with coastal radar sites, following what it described as an Iranian one-way drone attack on the Singapore-flagged cargo ship M/V Ever Lovely on June 25. The vessel was reportedly sailing out of the Strait of…

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Easing US Sanctions Revives Prospects of Iranian Crude Imports for Pakistan

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KARACHI: Pakistan may once again explore importing crude oil from Iran following the temporary easing of U.S. sanctions on Tehran, creating an opportunity to secure discounted crude supplies and reduce the country’s petroleum import bill. Energy experts, however, caution that while Pakistani refineries are technically capable of processing Iranian crude, commercial viability remains a challenge due to the high furnace oil (FO) yield associated with Iranian grades and the limited domestic demand for furnace oil. Pakistan Refinery Limited (PRL) previously imported Iranian crude under a long-term agreement with the National…

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Saudi Aramco Resumes Oil Loadings at Ras Tanura as Gulf Energy Exports Recover

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Saudi-Aramco

RIYADH: Saudi Aramco has resumed crude oil loadings at its Ras Tanura terminal, the world’s largest offshore oil export facility, following a nearly four-month suspension, signaling a gradual recovery in Gulf energy exports despite ongoing security concerns in the Strait of Hormuz. Shipping data showed that crude loading operations resumed on Friday, with two Very Large Crude Carriers (VLCCs) operated by Saudi shipping company Bahri loading cargoes at Ras Tanura, while a third tanker awaited its turn offshore. Each VLCC has the capacity to transport approximately two million barrels of…

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Government Keeps Petrol, Diesel Prices Unchanged Until Further Orders

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ISLAMABAD: The federal government on Friday decided to maintain the prices of petrol and high-speed diesel (HSD) at their existing levels of Rs299.50 per litre and Rs311.47 per litre, respectively, until further orders. The decision was announced through a notification issued by the Petroleum Division, providing temporary relief to consumers amid continued uncertainty in global energy markets. The move follows last week’s substantial reduction in fuel prices, when Prime Minister Shehbaz Sharif announced a Rs74 per litre cut in petrol prices and a Rs67 per litre reduction in HSD prices,…

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