Author name: Bussiness

ISLAMABADThe Board of Directors of Oil & Gas Development Company Limited (OGDCL) on Wednesday declared a first interim cash dividend of Rs 3.50 per share (35%) — the highest first-quarter dividend in the company’s history.The announcement was made during a board meeting held here, which also approved the financial results for the quarter ended September 30, 2025. OGDC posted net sales revenue of Rs 96.192 billion and profit after tax of Rs 38.305 billion, translating into earnings per share (EPS) of Rs 8.91.During the period, the Company contributed Rs 64 billion to the national exchequer through corporate tax, dividends, royalty, and government levies, while its oil and gas production contributed foreign exchange savings of US$703 million as import substitution. The quarter’s results reflected the combined impact of forced production curtailments by SNGPL and UPL and a lower average crude oil basket price, partly offset by a higher realized gas price and appreciation of the US dollar against the rupee. Average daily net saleable production during the quarter stood at 31,315 barrels of crude oil, 641 MMcf of natural gas, and 630 tons of LPG compared with 31,768 barrels, 699 MMcf, and 618 tons, respectively, in the corresponding period last year. In the absence of forced curtailments, average daily saleable production would have been 34,038 barrels of oil, 783 MMcf of gas, and 698 tons of LPG. Production was supported by the injection of four new wells — Aradin-1, Soghri North-1, Jhal Magsi South-1 and South-2 — along with the installation of Electrical Submersible Pumps (ESPs) at Rajian-5 and Pasakhi-11, resulting in an incremental crude oil increase of over 3,100 barrels per day. In total, 24 workover jobs were executed to optimize field performance and arrest natural decline.

ISLAMABAD The Pakistani government has announced plans to revive the Islamabad–Tehran–Istanbul (ITI) freight train by December 31, 2025, following the resolution of trade, administrative, and logistical challenges. The ITI corridor, a vital link for regional trade, aims to boost economic connectivity between Pakistan, Iran, and Turkey. The revival is expected to facilitate faster and more cost-effective freight transport, enhancing trade volumes and strengthening bilateral ties. Authorities are finalizing agreements to ensure smooth operations, marking a significant step toward regional economic integration and prosperity.

Milan Japanese automaker Mazda has partnered with its 50/50 joint venture, Changan Mazda Automobile, to form a carbon emissions pooling agreement in the European Union, enabling the sharing of credits to avert hefty fines, according to an EU document. This move addresses the slower-than-expected shift to electric vehicles among legacy carmakers, amid EU rules targeting average emissions over 2025-2027. The pool, valid for 2025, is open to other manufacturers until November’s end and is expected to renew annually. Similar alliances, like Tesla’s with Stellantis and Toyota, highlight industry strategies to mitigate up to €15 billion ($17.5 billion) in potential penalties.

SacramentoExxonMobil has filed a federal lawsuit against California, challenging two 2023 laws mandating climate-related disclosures as unconstitutional infringements on free speech. The suit, lodged Friday in U.S. District Court for the Eastern District of California, seeks to block Senate Bills 253 and 261 from taking effect in 2026. SB 253 requires companies with over $1 billion in revenue to report global Scope 1, 2, and 3 emissions annually, while SB 261 demands disclosure of climate financial risks and mitigation strategies for firms earning more than $500 million. Exxon argues the laws force it to endorse a ‘misguided’ narrative blaming large corporations for climate change, conflicting with federal securities regulations. The Texas-based oil giant, operating in over 60 countries with minimal California presence, claims the requirements punish size over efficiency and aim to incite public backlash. California officials defend the laws as essential for transparency, noting they’ve withstood prior court scrutiny. The case underscores escalating tensions between fossil fuel giants and aggressive state environmental policies.

ISLAMABADPakistan and Sri Lanka have agreed to explore joint cooperation in marine tourism, recognizing the immense potential of their vast coastlines and rich marine biodiversity to boost sustainable economic growth and regional connectivity. Federal Minister for Maritime Affairs, Muhammad Junaid Anwar Chaudhry proposed enhanced marine tourism collaboration during a meeting with Sri Lankan Minister for Transport, Highways and Urban Development Bimal Niroshan Rathnayake, who called on him in Islamabad. Junaid Chaudhry highlighted that marine industries, including fisheries and tourism, play a crucial role in supporting livelihoods, especially in developing countries. “The economic living of nearly 3.0 billion people depends on the ocean economy, most of whom reside in developing regions,” he said. Citing recent global studies, he noted that coastal and marine tourism generates about 6.5 million jobs worldwide, with the ocean economy projected to grow by 3.5 percent annually. “By 2030, marine and coastal tourism will become the largest value-added component of the marine economy, accounting for up to 26 percent of total production,” he added. Pakistan, which has a 1000-kilometer coastline, is focusing on developing its coastal and marine tourism sectors by promoting harbour cruises, recreational fishing, yachting, and maritime heritage tourism particularly around Gwadar and Karachi to diversify its blue economy.