Category: Latest News

Oil leaps 4% after OPEC+ keeps output increase unchanged

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oil

LONDON: Oil prices jumped by about 4% on Monday after producer group OPEC+ kept output increases in July at the same level as the previous two months. Brent crude futures climbed by $2.28, or 3.6%, to $65.06 a barrel by 1335 GMT. U.S. West Texas Intermediate crude was up $2.99, or 4.9%, at $63.78. Both contracts lost more than 1% last week. The Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, decided on Saturday to raise output by 411,000 barrels per day (bpd) in July,…

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Pakistan Refinery receives EPCF bids for major expansion

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pakistan refinery

Pakistan Refinery Limited (PRL) has received formal bids from companies interested in handling the Engineering, Procurement, Construction, and Finance (EPCF) work for PRL’s Refinery Expansion and Upgrade Project (REUP). The refinery, a key player in Pakistan’s energy sector, disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Monday. “PRL has received Engineering, Procurement, Construction & Finance (EPCF) bids for its Refinery Expansion & Upgrade Project (REUP). PRL is in the process of evaluating these EPCF bids and will provide further updates in due course as necessary,”…

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Goldman Sachs sees OPEC+ raising oil output by 0.41 mb/d in August

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Goldman Sachs

Goldman Sachs anticipates the eight country OPEC+ oil group will implement a final 0.41 million barrels per day (mb/d) production increase in August, the bank said in a note dated Sunday. “Relatively tight spot oil fundamentals, beats in hard global activity data, and seasonal summer support to oil demand suggest that the expected demand slowdown is unlikely to be sharp enough to stop raising production when deciding on August production levels on July 6th,” Goldman Sachs said in a note. OPEC+, the world’s largest group of oil producers, stuck to…

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Engineer Muhammad Shahid Nazir Appointed as MD of National Grid Company of Pakistan

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Shahid-Nazir

LAHORE: Engineer Muhammad Shahid Nazir has been appointed as the Managing Director of the National Grid Company of Pakistan (formerly NTDC), following formal approval by the company’s Board of Directors. Prior to his elevation, Engineer Nazir served as General Manager Project Delivery (North), where he played a key role in executing major national transmission projects, including his leadership as Project Director for the Matiari–Lahore HVDC Transmission Line—a milestone in Pakistan’s power infrastructure. He also brings valuable international experience, having served abroad on deputation. Engineer Nazir takes over the role from…

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Special Power Tariff Relief Continues Amid Rising Generation Costs

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electricty

ISLAMABAD: Despite escalating electricity generation costs, the special relief of Rs7.41 per unit in power tariff—announced by Prime Minister Shehbaz Sharif—remains in effect, the Ministry of Energy confirmed on Saturday. The ministry attributed the surge in power costs to a historic low in hydropower generation and increased reliance on expensive thermal power plants using alternative fuels. To mitigate the impact, provincial governments and federal ministries have been directed to enforce Energy Efficient Building Codes, particularly during periods of extreme temperatures. Further relief measures include the upcoming launch of energy-efficient fans,…

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