Category: Latest News

ISLAMABAD: Independent Power Producers (IPPs) have expressed serious concern over the reinterpretation of provisions in the Income Tax Ordinance 2001 (ITO), warning that the move could significantly impact the power sector by altering the long-standing tax treatment of capacity payments and introducing minimum tax liabilities. Following China Power Hub Generation Company and Engro Powergen, Saif Power Limited (SPL) has also approached authorities seeking clarity and resolution on the issue. In a letter to the government, SPL referred to its earlier communication dated February 17, 2026, highlighting pending sales tax refunds…

Read More

ISLAMABAD: The Board of Governors of the International Atomic Energy Agency has unanimously approved an agreement with Pakistan for the application of international safeguards at Unit-5 of the Chashma Nuclear Power Plant (C-5), Deputy Prime Minister and Foreign Minister Ishaq Dar announced on Tuesday. In a statement posted on the social media platform X, Dar said the approval marked an important milestone for Pakistan’s peaceful nuclear energy programme. “This important development reflects the international community’s continued confidence in Pakistan’s commitment to the peaceful use of nuclear energy and its adherence…

Read More

KARACHI/LAHORE: Pakistan’s largest exploration and production company, Oil and Gas Development Company Limited, is preparing to increase domestic energy production as global supply disruptions threaten liquefied natural gas (LNG) availability. Managing Director Ahmed Hayat Lak said the company plans to raise natural gas production by about 5%, taking output to nearly 865 million cubic feet per day (mmcfd). At the same time, the company intends to increase crude oil production by around 14% to 40,000 barrels per day. The move comes as the ongoing conflict in the Middle East disrupts…

Read More

The United States has reportedly lost close to $2 billion worth of military equipment during the first four days of its conflict with Iran, according to estimates based on open-source intelligence and data compiled by Anadolu Agency. The largest reported loss involves a US AN/FPS-132 early warning radar system located at Al Udeid Air Base, which was struck by an Iranian missile on Saturday. The radar system, valued at approximately $1.1 billion, was confirmed by Qatar to have been hit and damaged during the attack. Another significant loss occurred on…

Read More

ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb held a meeting with Robert Jan Siegert and a delegation from Engro Corporation and Engro Vopak Terminal Limited to discuss bilateral economic cooperation and review operations of the Engro-Vopak terminal at Port Qasim. The delegation included Ahsan Zafar Syed, Ammar Shah, and Yasir Ali. According to a statement issued by the Ministry of Finance Pakistan, the Engro team briefed the finance minister on the operations of Engro Vopak Terminal Limited, a joint venture between Royal Vopak and Engro Corporation. The terminal…

Read More