Category: Shortcode

Pakistan Negotiates Postponement of LNG Deliveries Amid Low Electricity Demand

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lng

ISLAMABAD: Pakistan is negotiating with Qatar to postpone 10 liquefied natural gas (LNG) cargoes scheduled for next year, citing reduced electricity demand due to economic slowdown and unaffordable energy prices. Petroleum Minister Musadik Malik revealed that five LNG cargoes under long-term agreements with Qatar for 2025 had already been cancelled, with discussions ongoing to defer another five. “LNG has become surplus as LNG-based power plants are sidelined, and the private sector is unwilling to purchase due to high costs,” he explained. Pakistan typically imports 120–140 LNG cargoes annually, primarily under…

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PM Directs Resolution of Refinery Upgrade Tax Issue Within Two Weeks

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Petroleum-Sector

ISLAMABAD: Prime Minister Shehbaz Sharif has instructed the Petroleum Division to resolve the impasse over the Brownfield Policy, aimed at upgrading local refineries to produce Euro-V standard petrol and diesel, within two weeks. The directive comes amidst delays in implementing the sales tax exemption critical to the policy’s success. The issue, a contentious budgetary measure from the FY25 Finance Bill, is essential for securing $5-6 billion in refinery sector investments. The Prime Minister’s Office has also asked the Petroleum Division to present concrete options to address the situation. The Special…

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EV Industry Pushes for Policy Reforms to Boost Adoption in Pakistan

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Electric-Vehicle

KARACHI: Electric vehicle (EV) motorbike assemblers and dealers in Pakistan are urging the federal government and the Engineering Development Board (EDB) to adopt critical policy reforms under the upcoming New Energy Vehicle (NEV) policy. Their charter of demands includes tax exemptions, free registration for customers, accessible financing options, and localisation incentives to reduce costs and accelerate growth in the NEV sector. With nearly 40 EV motorbike brands entering the market and monthly sales reaching 3,000 units, the government aims to increase EV bike market share to 30%, targeting 500,000 units…

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Pakistan’s Oil Sales Hit 25-Month High Amid Crackdown on Smuggling and Price Cuts

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Oil prices

KARACHI: Pakistan’s petroleum sales surged to a 25-month high in November 2024, reaching 1.58 million tonnes, marking a 15% year-on-year (YoY) increase. This growth, driven by stringent enforcement against smuggled Iranian fuel and significant reductions in petrol and diesel prices, underscores the recovery of the energy market and highlights the effectiveness of recent policy interventions. A report by Arif Habib Limited (AHL), released on December 3, 2024, attributes the rise to intensified restrictions on smuggled fuel, particularly from Iran, which previously comprised 15-20% of the domestic market. Tahir Abbas, Head…

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K-Electric Announces Launch of KHI Awards 2025 to Celebrate Community Impact

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K-Electric

K-Electric (KE) has officially launched the 4th edition of the KHI Awards 2025, with applications now open from December 1, 2024. This prestigious initiative aims to recognize and promote institutional-level philanthropy, encouraging not-for-profit organizations, social enterprises, and entities driving social and environmental impact projects in Karachi, Dhabeji, Gharo (Sindh), and Uthal, Vinder, Bela (Balochistan) to participate. Since its inception in 2021, the KHI Awards have become a cornerstone of KE’s commitment to fostering collaboration and building a united community across various sectors. Over the years, the awards have processed 110…

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