Category: Popular News

SECMC Signs Islamic Financing Pact with Meezan Bank to Expand Thar Block II Coal Mine

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SECMC-Meezan

KARACHI: Sindh Engro Coal Mining Company (SECMC) has signed an Islamic Facility Agreement with Meezan Bank Limited to finance Phase III of the Thar Block II coal mine expansion. The syndicated facility—comprising Meezan Bank (lead arranger), United Bank Limited, Askari Bank, Sindh Bank, and Pak China Investment Company—will support increasing coal production from 7.6 million tons per annum (MTPA) to 11.2 MTPA. This milestone is part of SECMC’s continued journey under the leadership of the Government of Sindh. Since its inception in 2019, SECMC has demonstrated the commercial viability of…

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Oil prices gain on US trade optimism, drop in crude inventories

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oil price

LONDON: Oil prices rose on Thursday, buoyed by optimism over U.S. trade negotiations that would ease pressure on the global economy and a sharper-than-expected decline in U.S. crude inventories. Brent crude futures had gained 52 cents, or 0.76%, to $69.03 a barrel by 1040 GMT. U.S. West Texas Intermediate crude futures climbed 60 cents, or 0.9% to $65.85 per barrel. “The U.S. crude inventory draw and the trade efforts are adding some support to prices,” said Janiv Shah, an analyst at Rystad. Two European diplomats said on Wednesday that the…

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Pakistan’s bread maker shifts to renewable energy, targets 1MW solar capacity to cut costs

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solar power

Following the footsteps of various companies, Bunny’s Limited, a Pakistani manufacturer of bakery goods, has embarked on a phased transition toward renewable energy, with plans to expand solar power production to 1MW. In its first phase, the company successfully purchased and installed solar panels with 200KVA capacity. The installation of these solar panels will reduce the electricity bill by approximately 15%, read the company’s notice to the Pakistan Stock Exchange (PSX) on Thursday. “In its second phase, the company’s management is working to enhance the solar power production to 1MW.…

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TotalEnergies posts 23% drop in quarterly income as oil, gas prices sag

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totalenergies

PARIS: TotalEnergies reported a 23% fall in second-quarter earnings on Thursday, as expected, the French oil major’s worst performance in four years, as higher upstream production failed to offset lower earnings caused by the recent plunge in oil and gas prices. Adjusted net income fell to $3.6 billion for the three months to June 30 from $4.7 billion a year earlier, matching analyst expectations in an LSEG consensus, and down from $4.2 billion in the first quarter. Brent crude prices have fallen 20% from a year ago, as OPEC+ producers – including…

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World Bank Seeks Amendments as NTDC Splits Into Three New EntitiesProject agreements must be updated; IWS contract extended to 2026

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world-bank

ISLAMABAD, July 24, 2025: The World Bank has requested formal amendments to existing project agreements following the restructuring of the National Transmission and Despatch Company (NTDC) into three new successor entities. The Bank’s Operations Manager for Pakistan, Gailius J. Draugelis, communicated this request in a letter to the Secretary of the Economic Affairs Division (EAD). Under the restructuring, NTDC has been divided into: Since legal agreements for the ongoing National Transmission Modernization I Project are still in NTDC’s name, the World Bank has asked the government to formally notify the…

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