Category: Latest News

IMF Rebuff Halts \$6 Billion Refinery Upgrade Projects in Pakistan

Admin
New-IMF

ISLAMABAD: In a significant blow to Pakistan’s oil refining sector, the International Monetary Fund (IMF) has rejected key government proposals intended to unlock \$6 billion in refinery upgrade investments, stalling efforts to produce Euro-V standard fuels. According to senior Petroleum Division officials, the IMF’s disapproval has derailed plans critical to Pakistan’s energy transformation. The proposals aimed to restore zero-rated status for petroleum products and introduce a 10% sales tax on imports of new machinery and spare parts necessary for upgrades. The IMF rejected both, citing implementation and verification concerns. Federal…

Read More

Oil Prices Surge Over 9% as Israel Strikes Iran, Raising Middle East Tensions

Admin
Oil prices

LONDON/SINGAPORE: Oil prices soared more than 9% on Friday — marking their sharpest intraday jump since 2022 — after Israel launched airstrikes on Iran, targeting nuclear facilities, missile factories, and key military leaders. The escalation heightened fears of a wider conflict in the Middle East and potential disruption of global oil supplies. Brent crude surged by \$6.29, or 9.07%, to \$75.65 per barrel, after hitting an intraday high of \$78.50 — its highest since January 27. Meanwhile, US West Texas Intermediate (WTI) crude rose \$6.43, or 9.45%, to \$74.47, peaking…

Read More

Pakistan Secures \$700 Million IFC-World Bank Loan for Reko Diq Project

Admin
Reko-Diq

ISLAMABAD: In a major breakthrough, Pakistan has secured a \$700 million concessional loan from the International Finance Corporation (IFC) and the World Bank for the Reko Diq mining project — a landmark development in the country’s resource sector. The approval, granted during a board meeting in Washington, marks a diplomatic win for Islamabad and a blow to India, which had reportedly lobbied against the financing. The decision is expected to unlock \$2.5 billion in private sector investment for the project, positioning Reko Diq as one of the most significant mineral…

Read More

Pakistan Needs \$100 Billion to Achieve Carbon-Neutral Energy Transition by 2050

Admin
Wind-Power

LAHORE: Pakistan is accelerating its shift away from fossil fuels faster than many regional economies, with an ambitious target to generate 60% of its energy from renewable sources by 2030. This transition is part of the country’s broader strategy to cut emissions and combat climate change. According to global data from the Energy Institute, fossil fuels accounted for 81.9% of Pakistan’s total energy consumption in 2023—down from 86.7% in 2019. This 4.8 percentage point drop far outpaces the average decline of 0.8 points seen in other low- and middle-income nations.…

Read More

Oil Industry Warns of \$6bn Investment Risk Over GST Exemption

Admin
petroleum-imports

ISLAMABAD: The oil industry has raised alarm over the government’s failure to withdraw the general sales tax (GST) exemption on petroleum products in the Finance Bill 2025, warning that it puts at risk \$6 billion worth of planned investments for refinery upgrades under the Pakistan Brownfield Oil Refining Policy 2023. In a letter to the Ministry of Energy (Petroleum Division), the Chairman of the Oil Companies Advisory Council (OCAC) conveyed the industry’s “deep concern and strong protest” over the continuation of the sales tax exemption, stressing that it threatens business…

Read More