Category: Latest News

ISLAMABAD: Oil and Gas Development Company Limited (OGDCL) has significantly increased domestic oil production in recent months, with output rising from 32,500 barrels per day to 41,000 barrels per day, according to the company’s Managing Director Ahmed Hayat Lak. Speaking about the country’s energy reserves and production capacity, Ahmed Hayat Lak revealed that OGDCL has the capability to further increase oil production beyond 43,000 barrels per day. He stated that before the recent tensions in the Middle East, OGDCL’s nationwide oil production stood at around 32,500 barrels per day. However,…

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ISLAMABAD: The International Monetary Fund (International Monetary Fund) has urged Pakistan to maintain domestic prices of petroleum, electricity, and gas in line with actual costs while ensuring targeted protection for low-income and vulnerable consumers, as the country continues to implement its reform programme alongside a $1.3 billion tranche approval. In its latest statement, the IMF stressed that energy sector reforms remain essential, particularly in a volatile global commodities environment. It said Pakistan must continue efforts to strengthen anti-corruption institutions, advance privatization of state-owned enterprises, and remove unnecessary regulatory barriers to…

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ISLAMABAD: The Power Division is set to sign Public Service Obligation (PSO) agreements with power Distribution Companies (DISCOs) for the management of tariff subsidies, relief packages, and the collection of statutory surcharges under the National Electric Power Regulatory Authority (NEPRA) Act, informed sources told Business Recorder. According to sources, the move is being undertaken in line with the State-Owned Enterprises (Governance and Operations) Act, 2023, which allows the federal government to assign specific public service obligations to state-owned enterprises (SOEs). Historically, DISCOs have been carrying out several public service functions…

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DUBAI: Saudi Aramco CEO Amin Nasser has warned that the global oil market will take time to recover after losing nearly one billion barrels of oil over the past two months amid severe shipping disruptions in the Strait of Hormuz. Speaking to Reuters on Sunday following Aramco’s announcement of a 25 percent increase in first-quarter net profit, Nasser said the energy market remained under significant pressure despite ongoing efforts to maintain stable oil supplies. “Our objective is simple: keep energy flowing, even when the system is under strain,” Nasser stated.…

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KARACHI: A high-level Chinese business delegation comprising more than 50 members is scheduled to visit the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) today (Monday) to participate in business-to-business (B2B) meetings with Pakistani entrepreneurs and investors. The visiting delegation aims to explore joint venture opportunities and strengthen bilateral trade and investment cooperation between Pakistan and China. Representatives from diverse sectors including chemicals, renewable energy, automobiles, construction, building materials, and information technology are part of the delegation. During their visit, Chinese businessmen and industrialists will hold meetings with Pakistani…

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