Category: Shortcode

Aramco Secures 40% Stake in Gas & Oil Pakistan Ltd, CCP Approval Granted

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Oil-Pakistan

The Competition Commission of Pakistan (CCP) has given the green light for Aramco, a global energy and chemicals leader, to acquire a 40% equity stake in Gas & Oil Pakistan Ltd (GO). This move marks Aramco’s inaugural entry into Pakistan’s fuels retail sector, showcasing its confidence in the nation’s economic prospects and its dedication to fostering growth. Aramco Asia Singapore Pte Ltd, a wholly-owned subsidiary of Saudi Aramco based in Singapore, filed the pre-merger application with the CCP. The company specializes in various aspects of the energy industry, including sales,…

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IMF Approves Final $1.1 Billion Tranche for Pakistan

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IMF-board

In Washington, the International Monetary Fund’s Executive Board has given the green light for the immediate release of around $1.1 billion to Pakistan. This decision marks the completion of the second review under the Stand-By Arrangement (SBA), bringing the total disbursements under this program to approximately $3 billion. The board’s unanimous approval, except for India’s abstention, signals confidence in Pakistan’s strengthened policy efforts under the SBA, which have contributed to stabilizing the economy and initiating modest growth. The IMF emphasized the importance of Pakistan continuing its policy and reform endeavors,…

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Oil Prices Drop 1% Amid Israel-Hamas Ceasefire Talks and U.S. Inflation Concerns

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Russian-oil

Oil prices declined in early Asian trading on Monday, reversing gains from Friday. This drop came as Israel-Hamas peace talks in Cairo alleviated concerns about a broader conflict in the Middle East, and U.S. inflation data dampened expectations of imminent interest rate cuts. Brent crude futures fell by as much as $1, or 1.1%, to $88.50 a barrel before recovering slightly to $88.55 at 0149 GMT. West Texas Intermediate (WTI) futures were down 84 cents, or 1%, at $83.01 a barrel. The increased efforts to broker a ceasefire between Israel…

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Government Urged to Facilitate Soft Loans for Solar and Green Energy Sector

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solar-panel

The President of Sarhad Chamber of Commerce and Industry, Fuad Ishaq, has called upon the government to provide soft loans to support the growth of the solar and green energy sector. Highlighting the sector’s potential to meet the country’s increasing energy demands while promoting environmental sustainability and job creation, Ishaq emphasized the need for proactive measures from federal and provincial authorities. In a meeting with GreenWend Energy’s Patron in Chief, Prof Subhan Qureshi, and Chief Technical Officer Saad Rashid, plans for the International Solar Expo 2024 (ISE 2024) were discussed.…

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Turkmenistan Pledges Completion of TAPI Gas Project

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TAPI-gas

Turkmenistan’s commitment to finalizing the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project alongside regional partners remains unwavering, according to TAPI Pipeline Company Limited CEO Muhammetmyrat Amanov. Amanov emphasized that Turkmenistan has advanced the energy initiative with steadfast dedication and adherence to international legal frameworks. The completed section of Turkmenistan’s segment and ongoing discussions align closely with global standards, ensuring environmental sustainability by transitioning to natural gas, which significantly reduces emissions compared to coal and oil. At the Turkmen Energy Investment Forum (TEIF 2024) in Paris, Amanov highlighted the project’s pivotal role in…

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