Category: Latest News

ISLAMABAD: The federal government has formally established the Petroleum Prices Stabilisation Fund (PPSF), introducing a dedicated mechanism aimed at mitigating the impact of fluctuations in international oil prices and ensuring greater stability in domestic petroleum pricing. The fund has been created following the Federal Cabinet’s approval (Case No. 388/Rule19/2026/462) dated June 5, 2026, according to an official notification issued by the Finance Division on Monday. Under the notification, all receipts generated in the name of the PPSF will be credited to the Public Account of the Federation under a newly…

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ISLAMABAD: Oil & Gas Development Company Limited (OGDCL), Pakistan’s largest exploration and production (E&P) company, has announced the successful completion of the Chak 63-05 development well in the Chak field, located in District Sanghar, Sindh, marking another significant milestone in strengthening the country’s indigenous hydrocarbon production. In a notification submitted to the Pakistan Stock Exchange (PSX) on Tuesday, OGDCL stated that production testing through a 32/64-inch choke yielded 600 barrels of condensate per day (BPD) and 10.5 million standard cubic feet of gas per day (MMSCFD), with a Wellhead Flowing…

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KARACHI/ISLAMABAD: Pakistan International Airlines (PIA) has officially entered a new phase in its history following the successful completion of its privatization process, with management control of the national flag carrier formally transferred to PIA Equity Limited, a subsidiary of the Arif Habib Corporation-led consortium, on June 29, 2026. Marking a significant milestone for Pakistan’s aviation sector, the consortium has assumed operational and administrative control of the airline after the successful first financial closing of the privatization transaction. Alongside the transfer of ownership, Lt Gen (Retd.) Anwar Ali Hyder has been…

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ISLAMABAD: In a major step toward strengthening Pakistan’s clean energy and advanced manufacturing sectors, Pakistani industrial conglomerate Saigol Group and China’s Juhang Energy Technology Group have signed a Memorandum of Understanding (MoU) to establish local manufacturing of lithium-ion batteries in Pakistan. The agreement, announced on Sunday, is expected to reduce Pakistan’s reliance on imported energy storage systems while supporting the country’s transition toward renewable energy. Speaking at the signing ceremony, Prime Minister’s Adviser on Industries and Production Haroon Akhtar Khan described the partnership as another milestone in the growing economic…

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ISLAMABAD: The government’s decision to keep petroleum prices unchanged despite a decline in global oil prices has drawn sharp criticism from opposition leaders, analysts, and industry observers, prompting Petroleum Minister Ali Pervaiz Malik to defend the policy. Responding to growing public criticism, the minister shared a chart of international crude oil prices on social media, asserting that the government remains committed to passing on every possible benefit to consumers while honoring Pakistan’s international commitments. “The government is neither favoring one sector nor unfairly burdening another,” Malik said, adding that Prime…

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