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Pakistan Seeks Stronger Economic Ties With Saudi Arabia, U.S. Investors Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, has held a series of high-level meetings with global financial and business leaders in Washington, seeking to deepen Pakistan’s economic partnerships with Saudi Arabia, the United States, and other key stakeholders. The meetings, held on the…
In a major relief for consumers hit by rising living costs, the government on Wednesday slashed petrol prices by Rs5.66 per litre for the next fortnight, bringing the new rate down to Rs263.02 per litre from Rs268.68. The Finance Division said the cut, effective from October 16, follows recommendations from the Oil and Gas Regulatory…
United Bank Limited (UBL) announced that it will convert all Basic Banking Accounts (BBA) into its Mukammal Current Accounts starting Wednesday, offering customers broader banking services without any action required on their part. Existing BBA holders will automatically shift to the Mukammal product, which eliminates minimum balance requirements and initial deposits, while adding perks such…
Deal brings Turkiye into Pakistan’s offshore exploration; OGDCL, Mari Energies join consortium In a major boost to Pakistan’s offshore energy ambitions, Pakistan Petroleum Limited (PPL) has announced a strategic partnership with Turkish Petroleum Overseas Company (TPOC), transferring operatorship of the Eastern Offshore Indus Block-C to the Turkish firm under a landmark farm-out agreement. The deal…
Committee also questions SBP over NBP’s £22m UNBL UK share sale to UBL The Senate Standing Committee on Economic Affairs has accused senior officials of the Ministry of Communications and the National Highway Authority (NHA) of concealing major procurement irregularities in the ADB-financed CAREC Tranche-III (Rajanpur–D.G. Khan–D.I. Khan) road project worth Rs172 billion, calling it…
Pakistan plans to reduce retail fuel prices from Oct. 16 following a marginal decline in global oil prices, according to people familiar with the matter. The price of petrol is expected to fall by Rs6.10 per litre, while high-speed diesel may be lowered by 97 paisa, the people said, asking not to be identified before…
Beijing’s latest financial maneuvers signal a determined bid to weaken global reliance on the U.S. currency China is accelerating efforts to boost the yuan’s global standing and chip away at the U.S. dollar’s dominance, marking a significant moment in the shifting balance of global finance. The push comes amid weakening confidence in the greenback and…
The much-anticipated board meeting of K-Electric, scheduled for Monday to discuss crucial matters including potential Saudi investment, was postponed. The meeting, now rescheduled for October 20, was a continuation of the board’s previous session held on October 9. According to company insiders, the postponement was prompted by “some important internal matters including the unavailability of…
In a major breakthrough for Pakistan’s power sector, Saudi investor Prince Mansour bin Saud on Thursday signed a historic memorandum of understanding (MoU) to acquire a majority stake in K-Electric, paving the way to end years of ownership disputes that had stalled foreign investment in the country’s largest power utility. The signing ceremony took place…
In a major step toward transforming its financial footing, Bank Makramah Limited (BML) has secured approval from the Competition Commission of Pakistan (CCP) for the merger of M/s. Global Haly Development Limited (GHDL) with and into BML. The approval marks another milestone in the bank’s ongoing recapitalization and restructuring drive, aimed at reinforcing its position…
Rising demand, stronger grid links, and new studies point to growth potential for investors K-Electric is poised for a major power supply boost as the revised Indicative Generation Capacity Expansion Plan (IGCEP) 2025–2035 projects electricity exports from the National Grid to the utility will surge to 3,456 megawatts (MW) by 2035—up sharply from 2,050 MW…
The Competition Commission of Pakistan (CCP) has launched a formal inquiry into deceptive marketing practices in the housing sector after intelligence reports revealed widespread misrepresentation by several housing societies and developers. According to a CCP statement, the move follows extensive data gathered by the Commission’s Market Intelligence Unit (MIU) and Office of Fair Trade (OFT),…
Watchdog calls for unbundling gas utilities, stronger regulation and private sector entry to cut costs, boost competition Pakistan’s Competition Commission has flagged deep-rooted barriers in the liquefied natural gas (LNG) market, urging sweeping reforms to dismantle state monopolies, strengthen regulation, and open the sector to private players. In a detailed report, the Competition Commission of…
GlobalTech Corporation, the U.S.-based parent of WorldCall Telecom Limited (WTL), has appointed Frank R. Parrish, III as its new president, marking a major leadership transition as the holding company positions itself for global expansion in artificial intelligence, Big Data, and digital infrastructure. Parrish, a seasoned executive with 25 years in assurance and advisory services, brings…
Finnish mineral giant Metso will not only supply equipment and services for Pakistan’s flagship Reko Diq mining project but also train local human resources, officials announced Monday after high-level talks in Islamabad. Federal Minister for Petroleum Ali Pervaiz Malik met a Finnish delegation comprising Ambassador Hannu Ripatti, Piia Karhu, President of Minerals at Metso, and…
Government’s largest-ever restructuring aims to stabilize electricity sector, with consumers set to fund repayments through surcharges
Posts Rs4.24b profit, rebounds from Rs39.5b loss Utility boosts efficiency, expands grid links as revenue surges 46% despite economic headwinds K-Electric Ltd., Pakistan’s largest private power utility, swung back to profitability in the fiscal year ended June 30, 2024, reporting a consolidated net profit of Rs4.24 billion after a staggering Rs39.48 billion loss in 2023,…
Utility sheds 96MW capacity to cut costs, boost profitability while ensuring reliable supply K-Electric Ltd. said Tuesday it will decommission two outdated gas turbine power stations in Karachi to cut costs and boost efficiency, a strategic shift executives say will improve long-term profitability without disrupting supply to its 3.4 million customers. The board-approved decision targets…
Wins $200m Boost, Gets 222 MMCFD Gas Nod for Fertilizer Sector Company shift from loss-making power deals and unlocks stranded reserves, boosts cash flows Mari Energies has secured government permission to supply 222 million cubic feet per day (MMCFD) of gas from its Ghazij/Shawal reservoir to fertilizer companies at market rates—an allocation worth about Rs136…
Pakistan has drawn bids from seven heavyweight consortia — including Citigroup, CBRE, Morgan Stanley and Cushman & Wakefield — to advise on the privatization of its storied Roosevelt Hotel in New York. The technical bids, opened this week by the Privatization Commission, put some of the world’s biggest names in finance and real estate into…
Mari Energies Ltd., Pakistan’s No. 2 oil and gas explorer, is set to formally take over significant stakes in three Orient Petroleum blocks within days, cementing its position in some of the country’s most promising hydrocarbon zones. “The process of formally claiming its stakes and relocating to the sites will conclude in a few days….
1,100 electric taxis to hit the roads; online applications open until Oct 5 The Punjab government on Tuesday rolled out its first-ever E-Taxi Scheme, announcing that 1,100 electric taxis will be distributed in the initial phase to promote eco-friendly and affordable transport across the province. Citizens can apply online at e-taxi.punjab.gov.pk until October 5, 2025….
Citi Pharma Limited has formally entered Pakistan’s veterinary healthcare market through its new subsidiary, Citi Veterinary Limited, which launched trading operations Friday with an ambitious plan to achieve PKR 10 billion in turnover within three years. The company is rolling out 32 veterinary products, including vaccines, backed by letters of credit for eight key offerings…
Pakistan’s power regulator has ordered state-run power distribution companies and K-Electric to refund consumers Rs1.7856 per unit in September electricity bills, while issuing a blistering warning over chronic mismanagement that has cost the sector hundreds of billions of rupees. The National Electric Power Regulatory Authority (NEPRA) said consumers were overcharged in July, prompting the adjustment…
Pakistan’s top corporate regulator has teamed up with Mobilink Microfinance Bank Ltd. to digitize and speed up the process of opening corporate bank accounts, a move aimed at boosting transparency, improving oversight, and easing business operations in the country. The Securities and Exchange Commission of Pakistan (SECP) signed a memorandum of understanding with Mobilink Bank…