Category: Latest News

ISLAMABAD: Federal Minister for Petroleum Ali Pervaiz Malik held a meeting with John L Thornton, Executive Chairman of Barrick Gold, to review progress and discuss the next phase of development of the Reko Diq Copper-Gold Project. According to a statement issued on Sunday, both sides exchanged views on the ongoing advancement of the Reko Diq project, which is considered one of the world’s largest undeveloped copper and gold reserves. During the meeting, Malik emphasized the strategic importance of the project for Pakistan’s economic growth and the development of the country’s…

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Global oil prices jumped sharply on Monday after US President Donald Trump rejected Iran’s response to a US-backed peace proposal, reigniting concerns over supply disruptions and continued tensions in the strategically vital Strait of Hormuz. Brent crude futures rose by $4.16, or 4.11 percent, to reach $105.45 per barrel by 0340 GMT, while US West Texas Intermediate (WTI) crude climbed $4.38, or 4.59pc, to $99.80 per barrel. The rally followed Trump’s remarks describing Iran’s response as “unacceptable,” intensifying fears that ongoing geopolitical tensions could further disrupt global oil flows through…

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MUZAFFARABAD: Prime Minister of Azad Jammu and Kashmir, Raja Faisal Mumtaz Rathore, on Sunday laid the foundation stone of a new 132/11 KV grid station in Samahni at an estimated cost of Rs1 billion, aiming to address longstanding electricity issues faced by residents living near the Line of Control (LoC). During his visit to the Samahni area of Bhimber district, the premier also inaugurated the 8.2-kilometre Jandala-Peer Gali road project completed at a cost of Rs680 million and welcomed two former PML-N leaders into the Pakistan Peoples Party. Samahni, located…

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Islamabad: In a major move aimed at enhancing Pakistan’s maritime competitiveness and positioning Gwadar Port as a regional logistics hub, Federal Minister for Maritime Affairs Junaid Anwar Chaudhry on Monday announced significant reductions in port tariffs and charges for international shipping lines. According to an official statement, berthing fees for container vessels at Gwadar Port have been reduced by 25 percent, while port charges on international transshipment containers have been slashed by 40pc. In addition, charges on transit container cargo have been cut by up to 31pc to encourage greater…

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KARACHI, May 8, 2026: Pakistan Petroleum Limited (PPL) has successfully commissioned Faiz X-1 Deep (Basal Sand) at its operated Gambat South Block in District Sanghar, Sindh. Production from Faiz X-1 Deep was ramped up in stages since its commissioning on February 25, 2026, gaining a current flow of approximately 3.6 MMscfd gas and 750 bpd condensate, following optimization of operational parameters.Drilled in 2014, Faiz X-1 discovery could not be developed due to absence of nearby pipeline infrastructure, leaving the project uneconomical. Following the pipeline connectivity and technical and economic re-evaluation,…

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