KARACHI: Pakistan is preparing to build its first strategic petroleum reserves and invite international traders to hold commercial stocks on its soil, a push aimed at shielding the economy from supply disruptions after years of relying on shipments through the volatile Strait of Hormuz, Reuters reported.
Economy
LNG tanker exits Hormuz for Pakistan as crude supertanker finally heads to China after three-month Gulf standstill
KARACHI: A liquefied natural gas tanker slipped out of the Strait of Hormuz on Monday bound for Pakistan, while a supertanker carrying Iraqi crude for China finally cleared the Middle East Gulf on Saturday after nearly three months stuck inside, shipping data showed.
Pakistan plans dedicated security force to protect key water projects and Chinese workers
ISLAMABAD: The government has moved to create a standalone paramilitary force to safeguard the nation’s most critical water and power infrastructure, including massive dams and hydropower plants that employ thousands of Chinese engineers and technicians, officials said Monday.
PM Sharif urges Chinese firms to invest in agriculture, tech, and mining as economic ties deepen
ISLAMABAD: Prime Minister Shehbaz Sharif of Pakistan on Sunday pressed Chinese companies to pour money and expertise into his country’s farms, factories, and mineral riches, framing the push as a practical next step in the two nations’ long alliance and the second phase of the China-Pakistan Economic Corridor.
Pakistan cuts fuel prices for second straight week, easing costs ahead of Eid travel
ISLAMABAD: The government reduced the price of petrol by 6 rupees per liter and high-speed diesel by 6.80 rupees per liter on Friday, the second consecutive weekly cut as officials respond to swings in global oil markets linked to tensions in the Middle East.
Lucky Motors bets on fuel crisis and solar surge to accelerate Pakistan EV push with China’s GAC
KARACHI: Pakistan’s Lucky Motor Corp. is counting on record fuel prices and widespread rooftop solar adoption to accelerate demand for electric vehicles, as the automaker begins rolling out models from China’s Guangzhou Automobile Group and targets local assembly by the end of 2026.
SBP reserves rise $1.214 billion to $17.081 billion on IMF inflows, Panda bond sale
KARACHI: The State Bank of Pakistan’s foreign-exchange reserves increased by $1.214 billion in the week ended May 15, reaching $17.081 billion, the central bank said on Thursday.
Pakistan reaffirms fiscal targets as IMF mission wraps up week of budget and reform talks
ISLAMABAD: The International Monetary Fund’s latest mission to Pakistan has ended after a week of discussions with federal and provincial officials, securing fresh commitments to fiscal discipline and structural reforms as the government prepares its budget for fiscal year 2027.
Pakistan reopens offshore frontier after two decades with 23-block award
ISLAMABAD: Pakistan formally reopened its offshore oil-and-gas frontier on Wednesday after nearly two decades, signing production-sharing agreements and exploration licenses for 23 blocks in a bid to curb heavy reliance on imported fuel and revive interest in one of the region’s most underexplored maritime basins.
Pakistan extends airspace ban on Indian civilian and military aircraft until June 24
ISLAMABAD: The airports authority has extended its prohibition on all Indian civilian and military aircraft using Pakistani airspace, pushing the restrictions into late June as tensions between the two nuclear-armed neighbors continue more than a year after a deadly attack in occupied Kashmir triggered a brief but intense conflict.