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Pakistan’s leading oil and gas exploration company, Oil & Gas Development Company Limited (OGDCL), announced Wednesday that it has officially joined the United Nations Global Compact (UNGC), the world’s largest corporate sustainability initiative, to promote sustainable development. By becoming a member of the UNGC, OGDCL aligns itself with a global network of more than 17,000…
Pakistan Refinery Limited (PRL) is taking a significant step to enhance its refining capabilities through its Refinery Expansion & Upgrade Project (REUP). Senior management from PRL recently visited China to engage with Engineering, Procurement, and Construction (EPC) contractors and financial institutions. On November 16 last year, Pakistan Refinery Limited (PRL) signed an upgrade agreement with…
The Uprise Group has thrown its hat into the ring for the privatization bid for the national flag career, Pakistan International Airlines (PIA), spearheaded by Pakistani seasoned entrepreneur Tabassum Pardesi. Pardesi, renowned for her pioneering role in the aviation industry, now leads the Uprise Group. This conglomerate encompasses Uprise Markets, Uprise Africa, and Uprise Aviation….
The Competition Commission of Pakistan (CCP) has granted approval to the share acquisition in Unity Foods company of Pakistan by four acquirers, including a Singapore-based investment holding company. The approved transaction involves the acquisition of a 23.20% shareholding in M/s. Unity Foods Limited by the four acquirers. One of the acquirers is M/s. Wilmar Pakistan…
The government has unveiled a major policy shift to directly aid farmers by offering fertilizer subsidies, bypassing traditional channels that often favor manufacturers over recipients. Federal Energy Minister Musadak Malik announced the decision Thursday, citing concerns that much of the support meant for farmers ends up with factory owners rather than those working the land….
The Securities and Exchange Commission of Pakistan (SECP) has announced a series of amendments to the Companies (Further Issue of Shares) Regulations, 2020, after extensive consultations with stakeholders and the public. The SECP revealed Thursday the adoption of revised regulations aimed at simplifying the process of right issuance, bolstering disclosures in offer documents, and adjusting…
Federal Minister for Privatization & Board of Investment Abdul Aleem Khan emphasized the urgent need for privatizing 15 to 20 institutions amid the current economic challenges, labeling loss-making entities as detrimental to the national economy. Khan, speaking outside Parliament on Thursday following his Senate vote, underscored that the persisting deficit of Pakistan International Airlines (PIA)…
Pakistan’s Ministry of Energy has warned that without substantial investments in indigenous energy resources and energy efficiency measures, the nation could face a staggering annual expenditure of $60 billion on petroleum imports by 2044, a significant leap from the current $17.5 billion in FY2022-23. Pakistan has recently approved work on work on an 80-kilometer portion…
The Competition Commission of Pakistan (CCP) has given the green light to three mergers involving M/s Saudi Iron and Steel Company (Hadeed), which holds a stake in Pakistan’s steel market. The approval for mergers encompasses the restructuring of two entities across three stages of transactions. Hadeed, headquartered in Saudi Arabia, is a prominent producer of…
Miracle Saltworks Collective Inc. USA, a company specializing in the mining and crafting of Himalayan Salt, has announced to investment of $200 million in a collaboration with the Pakistan Mineral Development Corporation (PMDC) to capitalize on the rich mineral resources of the region. The announcement was made during a gathering where the Chairman Senate emphasized…
Global demand for liquefied natural gas (LNG) is projected to surge by over 50% by 2040, driven by increasing industrial coal-to-gas transition in China, along with elevated usage of LNG in South Asian and South-east Asian nations to bolster economic expansion, as per Shell’s LNG Outlook 2024. Trade in LNG hit 404 million tonnes in…
Pakistan State Oil (PSO), Inter State Gas Systems Pvt. Ltd (ISGS) and the military-owned Frontier Works Organization on Wednesday formed a consortium and signed a Memorandum of Understanding (MoU) for Machike-Thallian-Tarujabba White Oil Pipeline Project. The signing ceremony took place at the Special Investment Facilitation Council (SIFC) Secretariat, PM Office. Present at the event…
The state-run Oil & Gas Development Company Limited (OGDCL) on Monday declared the discovery of crude oil at the SONO-9 well, according to an official statement released on Monday. Sono-9 is noteworthy as the first well to be directly completed with an Electrical Submersible Pump (ESP) following thorough well logging and pressure testing. The company’s…
BYD surpassed Tesla to claim the title of the world’s largest electric car company in the final quarter of 2023, as per a stock exchange filing. The Chinese company achieved this milestone by selling a record-breaking number of cars last year, including 525,409 battery electric vehicles (BEVs) in the three months ending December 31. In…
China’s Shipbuilding Dominance to continue in 2024, as market observers and shipbuilders anticipate sustained leadership in the global shipbuilding market. It is expected to maintain the lead in the global market throughout 2024. Chinese shipyards have shown robust growth in new orders and output, outperforming foreign rivals in innovation, productivity, and supply chain advantages. In…
US Light Vehicle (LV) sales experienced an 8.5% year-on-year (YoY) growth in November, reaching 1.22 million units, preliminary estimates reveal. The YoY surge, attributed to weak sales a year prior, fell slightly below expectations, although the selling rate remained consistent with recent months. Despite the improvement in inventory, customers seem to require higher incentives, marking…
The UAE-based conglomerate Nation Trust Holding (TNTH) has formalized an MoU with Kohinoor Spinning Mills Limited (KOSM) to establish a raw and value-added mineral venture in Pakistan with a planned investment of $8.2 million. KOSM will be a collaborative partner, managing its facilities in Chakwal and handling government approvals, the company’s filing to the Pakistan…
Pakistan Refinery Limited (PRL) has signed and executed the upgrade agreement with the Oil and Gas Regulatory Authority (OGRA) to upgrade its plants, the company reported on Thursday. Pakistan Refinery Limited (PRL) has emphatically pledged its commitment to national progress by steadfastly adhering to the mandatory provisions outlined in the Pakistan Oil Refining Policy for…
Pakistan Refinery Limited (PRL) is anticipated to finalize an agreement with the Oil and Gas Regulatory Authority (OGRA) on Thursday, aligning with the ‘brownfield refinery policy’ to avail incentives aimed at enhancing existing plant development. An official from the refinery, who opted to remain anonymous, confirmed the impending signing. The official disclosed that the requisite…
The Kuwait Foreign Petroleum Exploration Company (KUFPEC) and the Pakistani Oil and Gas Development Company (OGDCL) have officially inked a Memorandum of Understanding (MoU), solidifying a collaborative alliance between the two energy giants. The comprehensive MoU outlines a strategic framework for the joint assessment of potential business prospects, both within Pakistan and in international upstream…