ISLAMABAD: The Oil and Gas Development Company Ltd (OGDCL) on Wednesday began commercial production from the highest-ever oil and gas discovery from a single well in the country’s history. Baragzai X-01 (Slant) exploratory well in the Nashpa Block, Kohat district of Khyber Pakhtunkhwa, is now the highest-producing well and contributes approximately 10pc of OGDCL’s total […]
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Pakistan is considering buying liquefied natural gas (LNG) on the spot market to offset supply disruptions caused by the Iran war, but would favour government-to-government deals to avoid having to pay steep premiums, Petroleum Minister Ali Pervaiz Malik has told Reuters. Qatar’s force majeure forced Pakistan to make costly spot purchases or find alternative fuels […]
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ISLAMABAD: Projecting Pakistan’s fiscal deficit at around 3.2 per cent of the gross domestic product (GDP) and a slightly declining primary surplus from 2.5pc, the International Monetary Fund (IMF) has advised phasing out fiscally draining fuel subsidies, addressing contingent liabilities and broadening the tax base for credible medium-term sustainability. In its twice-a-year Fiscal Monitor 2026, […]
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K-Electric’s (KE) stated in a disclosure to the Pakistan Stock Exchange (PSX) on Wednesday that Shaheryar Chishti had been appointed as the new chairman of the power utility’s board of directors. “We are pleased to notify you that following the election of directors during the extraordinary general meeting held on April 2, 2026, the board […]
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ISLAMABAD: The government on Wednesday apologised to power consumers for higher than promised “load management” arising out of lower water availability for power generation. In a statement, the Power Division said it was “apologising for the additional load management necessitated by reduced hydropower availability”. A spokesman for the Power Division also urged consumers to conserve […]
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The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index gained over 4,300 points during intraday trade on Wednesday, sustaining its bullish momentum for a second consecutive day. The positive trend comes amid hopes that peace talks between the United States and Iran will proceed to a second round, with US President Donald Trump saying they are […]
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Saudi Arabia has pledged an additional $3 billion in deposits for Pakistan and has extended its existing $5bn facility for a further three years, Finance Minister Muhammad Aurangzeb announced in Washington. Pakistan will reportedly return a $3.5bn loan to the UAE this month, putting pressure on its reserves and risking breaches of its International Monetary […]
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ISLAMABAD: Federal Minister for Inter-Provincial Coordination Rana Sanaullah and Wapda Chairman retired Lieutenant General (R) Muhammad Saeed on Tuesday agreed to gear up efforts for timely completion of energy and water-related projects. The meeting was held at the ministry of inter-provincial coordination. The meeting focused on better management of water resources, ongoing Wapda development projects, […]
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LAHORE: Chief Minister Maryam Nawaz has announced an immediate commencement of wheat procurement at Rs3,500 per maund and the provision of free gunny bags worth Rs6 billion to the farmers across the province. Registered farmers will be provided 10 gunny bags per acre through the purchase centres. Presiding over a meeting on wheat procurement, gunny […]
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LAHORE: As the electricity shortfall surges, the forced loadshedding increased up to eight hours in urban and 12 to 16 hours in rural areas in the service areas of Lahore Electric Supply Company (Lesco) and other districts across the province. The situation worsened from Monday evening after the power distribution companies (Discos) in Lahore, its […]
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