Category: Latest News

ISLAMABAD: Pakistan has floated a fresh tender to procure a spot LNG cargo for delivery in early September as a shortage of re-gasified liquefied natural gas (RLNG), particularly for power generation, continues to contribute to prolonged electricity outages across the country. State-run Pakistan LNG Limited (PLL) on Sunday invited international suppliers to bid for 140,000 cubic metres of LNG, with a tolerance of plus or minus 5%, for delivery at Port Qasim between September 4 and 8, 2026. The emergency procurement follows the government’s apology last week over extended power…

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KARACHI: Engro Holdings Limited’s wholly owned subsidiary, Engro Corporation Limited, has agreed to sell its entire shareholding in Engro Polymer & Chemicals Limited (EPCL) to Lotte Chemical Pakistan Limited for approximately Rs19.7 billion, or $70.95 million. Under a Share Purchase Agreement (SPA), Engro Corporation will transfer its 56.19% stake in EPCL, subject to regulatory approvals and the fulfilment of other customary conditions. The transaction marks Engro’s exit from EPCL after nearly three decades, bringing an end to the conglomerate’s longstanding involvement in one of Pakistan’s leading downstream petrochemical businesses. EPCL…

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ISLAMABAD: The Khyber-Pakhtunkhwa (K-P) government has accused the federal government of violating the Constitution by allegedly favouring Punjab in the disbursement of net hydel profits (NHP), despite K-P accounting for the bulk of Pakistan’s hydropower generation. The provincial government claimed that Punjab received around Rs161 billion in hydel profits over the past three years, compared with only Rs88 billion paid to K-P. The Power Division, however, rejected the figures and said K-P had actually received more than Punjab in NHP payments during the last fiscal year. The dispute centres on…

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ISLAMABAD: In a major diplomatic and legal setback for India and a significant victory for Pakistan, the Permanent Court of Arbitration (PCA) at The Hague has ruled that the Indus Waters Treaty (IWT) of 1960 remains fully in force, rejecting India’s unilateral decision to place the agreement in “abeyance”. The PCA on Monday issued its Award on Treaty Status along with a binding Order on Interim Measures. In a unanimous decision, the tribunal affirmed the continued validity of the treaty and directed India to comply with its obligations under the…

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TEHRAN: Iran has warned that any new US attack on its territory would trigger a “much heavier” response, saying it would target any site or facility used to launch attacks against Iran. The warning was issued on Monday in a joint statement by Iran’s Armed Forces General Staff and the Khatam al-Anbiya Central Headquarters. The two military bodies accused Washington of continuing to use the territory, airspace and facilities of regional countries to conduct military operations against Iran. Iran said it respected the sovereignty of neighbouring states but would “never…

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