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OGDC Announces Third Consecutive Discovery: 3,100 BOPD at Baragzai X-01 in Nashpa Block
Pakistan

OGDC Announces Third Consecutive Discovery: 3,100 BOPD at Baragzai X-01 in Nashpa Block

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ISLAMABAD: Oil and Gas Development Company Limited (OGDC), the operator of the Nashpa Exploration License, on Tuesday announced another major oil and gas discovery at its exploratory well Baragzai X-01 (Slant), located in Kohat district of Khyber Pakhtunkhwa. Read More: https://theboardroompk.com/government-quietly-jacks-up-petroleum-levy-by-rs24-to-record-rs84-27-ltr/ The discovery has been made over the Samana Suk and Shinawari formations. The well tested positive during Cased Hole Drill Stem Test (CHDST-03) in the Samana Suk and Shinawari formations, flowing 3,100 barrels of oil per day (BOPD) and 8.15 million standard cubic feet per day (MMSCFD) of gas through a 32/64-inch choke at a wellhead flowing pressure of 3,010 pounds per square inch gauge (PSIG). The latest find at the Nashpa Block is OGDC’s third discovery within a one month duration. Cumulatively, the company has discovered 9,480 barrels of oil per day during this period, representing approximately 14.5 percent of Pakistan’s current domestic crude oil production. Baragzai X-01 (Slant) was spudded on December 30, 2024, as an exploratory well to evaluate the hydrocarbon potential of multiple formations, including Lockhart, Hangu, Lumshiwal, Samana Suk, Shinawari, Datta, and Kingriali. The well was successfully drilled to a total depth of 5,170 metres into the Kingriali Formation. Earlier, based on wireline log evaluations, two cased-hole drill stem tests were conducted in the Kingriali and Datta formations, both of which also resulted in oil and gas discoveries. The new discovery will contribute towards mitigating the energy supply–demand gap through indigenous resources and will add to the hydrocarbon reserves base of OGDC, its joint venture partners, and the country as a whole. OGDC reaffirmed its commitment to accelerating exploration activities and responsibly developing the country’s energy resources to support national energy security and economic growth.

UBL Completes Core Banking Data Migration for 105 Ex-Silk Bank Branches in Six Months with AUTON8
Business

UBL Completes Core Banking Data Migration for 105 Ex-Silk Bank Branches in Six Months with AUTON8

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United Bank Limited (UBL) has successfully completed a large-scale core banking data migration with AUTON8 in six in months, transitioning data from Ex-Silkbank’s Temenos T24 core banking system to UBL’s Symbols platform. The program encompassed customer accounts records across 105 branches and was executed with zero critical data loss within six months, ensuring complete accuracy, reconciliation, and uninterrupted operational continuity. Read More: https://theboardroompk.com/gap-widens-imf-projects-3-2-growth-for-pakistan-below-govts-4-2-target/ The initiative addressed significant technical challenges, including high-volume data processing within restricted banking windows, complex mapping across account structures, branch codes, customer identifiers, and GL/symbol hierarchies, as well as the remediation of legacy data quality issues. To accelerate repeatable conversion cycles and reduce cutover risk, AUTON8 utilised MORPH to configure governed transformation logic between source and target structures, enabling the rapid refinement of mapping rules across dry runs with consistent outcomes carried into the final migration. Sohail Aziz, Chief Information and Digital Officer at UBL, said: “Executing a migration of this scale required precision, strong governance, and absolute confidence in data integrity. The program was delivered through disciplined planning, multiple validation cycles, and minimal operational disruption. This successful outcome strengthens our core banking foundation and supports UBL’s long-term objectives around stability, scalability, and digital modernization.” Farasat Ali Naqvi, EVP Core Banking at UBL, added: “The successful completion of this migration within 6 months represents a significant milestone for UBL. AUTON8 MORPH proved to be a game-changer for us — with its no-code, governed and traceable transformation approach made it possible to deliver this outcome at speed. AUTON8’s structured execution ensured data integrity, minimized operational risk and enabled a smooth post-migration transition.” Ali Raza, Chief Operating Officer at AUTON8, said: “This project reflects AUTON8’s strength in delivering mission-critical banking transformations under tight timelines. Migrating customer records across 105 branches between two entirely different core banking systems, while ensuring zero critical data loss, demonstrates our automation-led execution and deep banking domain expertise. AUTON8 MORPH—our no-code transformation platform—enabled governed, fully traceable mapping and conversion at scale, which is how we delivered within such a compressed timeframe.” The successful delivery of this project reinforces AUTON8’s position as a trusted transformation partner for large-scale banking data migrations, enabling financial institutions to modernize core platforms while safeguarding accuracy, resilience, and customer continuity. It is pertinent to mention here the merger of the United Bank Limited and Silk Bank took place last year under the supervision of the State Bank of Pakistan (SBP).

Pakistan's Local Mobile Phone Assembly Reaches 93% of Demand in 2025 Despite 4% Annual Decline
Tech

Pakistan’s Local Mobile Phone Assembly Reaches 93% of Demand in 2025 Despite 4% Annual Decline

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Pakistan’s mobile phone sector continued its strong shift toward localization in 2025, with local manufacturing and assembly fulfilling 93% of total demand — significantly higher than the 77% average recorded between 2020 and 2024 and the 52% nine-year average (2016–2024). Read More: https://theboardroompk.com/fbr-slashes-customs-values-on-used-iphones-samsung-galaxy-pixel-and-oneplus-phones-in-major-revision/ According to the latest Pakistan Telecommunication Authority (PTA) data analyzed by Topline Securities, the country produced 30.21 million units locally during the year, while imports remained minimal at just 2.37 million units, bringing the total market size to approximately 32.58 million units. Monthly Trends and Year-on-Year Performance Local production peaked in April–May 2025 at around 4.84 million units but showed volatility throughout the year. December 2025 registered 2.61 million units assembled locally, reflecting a 5% month-on-month increase yet a 12% year-on-year decline compared to December 2024’s 2.95 million units. Cumulatively, the 4% YoY drop in local output was largely driven by subdued consumer demand and lengthening global smartphone replacement cycles, now averaging around 40 months.Brand Leadership and Market OutlookChinese brands dominated local assembly, led by Infinix (3.65 million units), VGO Tel (3.57 million), Vivo (2.80 million), Itel (2.34 million), and Samsung (1.85 million). Other top performers included Tecno, Xiaomi, QMobile, Realme, and OPPO. Smartphones accounted for 52% (15.64 million units) of total local production. Looking ahead, Topline Securities forecasts 7–8% YoY growth in mobile phone sales over the next 12 months, supported by stabilizing PKR, easing inflation, and recovering consumer purchasing power. Companies with strong local assembly operations — including Airlink Communication, Lucky Cement-linked ventures, and top-10 brands like Techno, Xiaomi, and Samsung — are well-positioned to capitalize on the anticipated rebound.

FBR Slashes Customs Values on Used iPhones, Samsung Galaxy, Pixel, and OnePlus Phones in Major Revision
Tech

FBR Slashes Customs Values on Used iPhones, Samsung Galaxy, Pixel, and OnePlus Phones in Major Revision

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The Directorate General of Customs Valuation Karachi has issued Valuation Ruling No. 2035 of 2026 on January 19, 2026, fixing updated customs values for 62 models of old and used branded mobile phones from Apple, Samsung, Google Pixel, and OnePlus. Read More: https://theboardroompk.com/pakistan-mobile-imports-hit-801m-with-40-growth-local-production-thrives/ This replaces a ruling over 1.5 years old that no longer reflected current international prices, new model introductions, end-of-life depreciation for older devices, and persistent undervaluation in declarations. Authorities rejected standard methods (transaction value, identical/similar goods) due to inconsistencies and instead relied on Section 25(7) market inquiry under the Customs Act, 1969. This involved reviewing 90 days of import data, conducting field market surveys in local areas, assessing actual retail prices, adjusting for importer margins/profits, and holding multiple stakeholder consultations. The new C&F values apply uniformly regardless of phone condition or grade, excluding packing and accessories, for commercial imports only. Mandatory Activation Proof and Revenue Impact Expected A key condition requires importers to declare and prove that used phones were activated at least six months before export to Pakistan, with assessing officers verifying this during clearance. Notable fixed values include: Used iPhone 15 Pro Max at $460, Used iPhone 15 at $310, Used Galaxy S23 Ultra at $255, Used Pixel 9 Pro XL at $260, Used OnePlus 12 at $184, down to older models like Used iPhone 8 at $38 or Used Pixel 5 at $18. Unlisted models fall under fallback Sections 25(5) and 25(6). The move is anticipated to curb under-invoicing, boost FBR revenue collection, enhance transparency in the popular used phone segment, and stabilize duty assessments amid fluctuating global smartphone markets, benefiting compliant importers while deterring evasion practices. The brands covered under the new ruling are Apple, Samsung and Google Pixel. 📱 Used Mobile Phones – Customs Values (C&F) (Valuation Ruling No. 2035 of 2026 — Directorate General of Customs Valuation Karachi) S. No. Brand Model Customs Value (US$/Piece) 1 Apple USED IPHONE 15 PRO MAX 460 2 Apple USED IPHONE 15 PRO 390 3 Apple USED IPHONE 15 PLUS 320 4 Apple USED IPHONE 15 310 5 Apple USED IPHONE 14 PRO MAX 360 6 Apple USED IPHONE 14 PRO 290 7 Apple USED IPHONE 14 210 8 Apple USED IPHONE 13 PRO MAX 295 9 Apple USED IPHONE 13 PRO 225 10 Apple USED IPHONE 13 170 11 Apple USED IPHONE 12 PRO MAX 215 12 Apple USED IPHONE 12 PRO 155 13 Apple USED IPHONE 12 120 14 Apple USED IPHONE 11 PRO MAX 145 15 Apple USED IPHONE 11 PRO 125 16 Apple USED IPHONE 11 95 17 Apple USED IPHONE XS MAX 95 18 Apple USED IPHONE XS 66 19 Apple USED IPHONE XR 76 20 Apple USED IPHONE X 57 21 Apple USED IPHONE 8 PLUS 47 22 Apple USED IPHONE 8 38 23 Apple USED IPHONE 7 PLUS 26 24 Apple USED IPHONE 7 24 25 Apple USED IPHONE SE 3 73 26 Apple USED IPHONE SE 2 25 27 Apple USED IPHONE SE 25 28 Apple USED IPHONE AQUOS R3 25 29 Samsung USED SAMSUNG GALAXY S23 ULTRA 255 30 Samsung USED SAMSUNG GALAXY S23+ 160 31 Samsung USED SAMSUNG GALAXY S23 140 32 Samsung USED SAMSUNG GALAXY S22 ULTRA 5G 160 33 Samsung USED SAMSUNG GALAXY S22+ 5G 75 34 Samsung USED SAMSUNG GALAXY S22 5G 80 35 Samsung USED SAMSUNG GALAXY S21+ 5G 69 36 Samsung USED SAMSUNG GALAXY S21 5G 50 37 Samsung USED SAMSUNG GALAXY S20+ 46 38 Samsung USED SAMSUNG GALAXY S20 41 39 Samsung USED SAMSUNG GALAXY S10+ 25 40 Samsung USED SAMSUNG GALAXY S10 25 41 Samsung USED SAMSUNG GALAXY S10E 25 42 Samsung USED SAMSUNG GALAXY NOTE 20 ULTRA 115 43 Samsung USED SAMSUNG GALAXY NOTE 20 59 44 Samsung USED SAMSUNG GALAXY NOTE 10 41 45 Samsung USED SAMSUNG GALAXY NOTE 9 25 46 Google Pixel USED GOOGLE PIXEL 9 PRO XL 260 47 Google Pixel USED GOOGLE PIXEL 9 PRO 195 48 Google Pixel USED GOOGLE PIXEL 9 150 49 Google Pixel USED GOOGLE PIXEL 8 PRO 188 50 Google Pixel USED GOOGLE PIXEL 8A 98 51 Google Pixel USED GOOGLE PIXEL 7 PRO 119 52 Google Pixel USED GOOGLE PIXEL 7 59 53 Google Pixel USED GOOGLE PIXEL 6 PRO 55 54 Google Pixel USED GOOGLE PIXEL 6 32 55 Google Pixel USED GOOGLE PIXEL 6A 28 56 Google Pixel USED GOOGLE PIXEL 5 18 57 Google Pixel USED GOOGLE PIXEL 5A 5G 18 58 OnePlus USED ONEPLUS 12 184 59 OnePlus USED ONEPLUS 12R 105 60 OnePlus USED ONEPLUS 11 92 61 OnePlus USED ONEPLUS 10T 60 62 OnePlus USED ONEPLUS 10 PRO 65

Gold Hits New Record High in Pakistan: Per Tola Reaches Rs493,662 with Rs4,300 Gain
Pakistan

Gold Hits New Record High in Pakistan: Per Tola Reaches Rs493,662 with Rs4,300 Gain

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Gold prices in Pakistan surged to a fresh all-time high on Tuesday, January 20, 2026, mirroring strong gains in the international bullion market. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold per tola climbed by Rs4,300 to reach Rs493,662, marking a new record level. Similarly, the rate for 10 grams of gold increased by Rs3,686 to Rs423,235. Read More: https://theboardroompk.com/gold-price-in-pakistan-declines-as-market-sentiment-softens/ This upward movement followed Monday’s sharp rise of Rs7,500 per tola to Rs489,362, highlighting a consistent bullish trend in recent days. Internationally, spot gold rose by $43 to $4,713 per ounce, with a premium of $20 noted in some trading. Bullish Momentum from Global Factors The local surge was directly aligned with international gold’s performance, where prices continued to benefit from factors such as expectations of lower interest rates globally, safe-haven demand amid geopolitical uncertainties, and a relatively softer US dollar in recent sessions. Traders observed that the precious metal has been on an upward trajectory for several days, breaking previous records repeatedly. This momentum has pushed Pakistani gold prices close to the significant psychological barrier of Rs500,000 per tola, fuelling interest among investors and jewellers alike. Silver also saw gains, rising by Rs87 to Rs9,869 per tola, reflecting broader precious metals strength. The consistent increases have been driven by robust global demand, with gold futures and spot prices hitting multi-year or record highs in response to macroeconomic signals. Implications for Local Market and Investors In the domestic context, the rapid appreciation has implications for buyers, including those planning weddings or investments, as higher prices make purchases more expensive amid already elevated inflation concerns. Jewellers reported increased inquiries but cautious buying due to the volatility. Analysts suggest that if international trends persist—particularly with ongoing central bank policies favouring rate stability—local rates could test or surpass Rs500,000 soon. However, any reversal in global sentiment could lead to corrections. Overall, the rally underscores gold’s enduring appeal as a hedge in uncertain times, with Pakistan’s market closely tracking worldwide movements.

Another Blaze Hits Karachi: New Sabzi Mandi Fire Contained After Quick Response
Breaking News

Another Blaze Hits Karachi: New Sabzi Mandi Fire Contained After Quick Response

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A fire broke out at Karachi’s New Sabzi Mandi (vegetable wholesale market) on Tuesday, January 20, 2026, engulfing several shops and sheds, and sending thick plumes of smoke visible across the area. The blaze, which reportedly started in one of the vendor sheds or warehouses, caused panic among traders, workers, and nearby residents. Read More: https://theboardroompk.com/safety-isnt-a-burden-its-survival-why-gul-plaza-baldia-remind-us-of-the-real-cost-of-cutting-corners/ This incident comes just days after the devastating Gul Plaza mall fire on MA Jinnah Road, which claimed at least 23 lives, left dozens missing, and caused massive economic damage. Immediate Response and Containment Efforts The Karachi Metropolitan Corporation (KMC) Fire Brigade, along with Rescue 1122 teams, quickly responded to the scene near Super Highway/Sohrab Goth. Multiple fire tenders were deployed, and firefighting operations brought the flames under control relatively swiftly in most reports. Officials confirmed that the fire was contained without spreading to the entire market, though several shops and storage areas were damaged or burnt. Initial accounts described the blaze starting in vegetable vendor sheds, with flames spreading to nearby structures filled with goods. No casualties or injuries have been reported so far, marking a contrast to the Gul Plaza tragedy where delayed response and resource shortages exacerbated the crisis. Traders expressed fears of significant financial losses due to destroyed perishable goods and infrastructure, though exact damage estimates were not immediately available. Context Amid Rising Fire Safety Concerns The New Sabzi Mandi incident highlights ongoing challenges in Karachi’s fire safety infrastructure, especially following the Gul Plaza inferno that exposed deficiencies in fire tenders, water supply, and building compliance. Social media users and local observers noted the rapid arrival of fire brigade units this time, but some early reports claimed delays, with shopkeepers initially attempting to fight the blaze themselves. Authorities are assessing the cause—possibly electrical faults or accidental ignition amid dry, flammable materials common in wholesale markets. This event underscores the need for urgent improvements in fire prevention, equipment, and staffing across high-risk commercial areas in Karachi. Traders and residents have called for stricter enforcement of safety standards to prevent further incidents in densely packed markets.

Trump Ties Greenland Push to Nobel Grievance in Message to Norwegian PM
World

Trump Ties Greenland Push to Nobel Grievance in Message to Norwegian PM

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Oslo/Paris – U.S. President Donald Trump has declared he no longer feels bound to focus solely on peace, linking his stance to Norway’s role in the Nobel Peace Prize process and his ongoing demand for U.S. control over Greenland. Read More: https://theboardroompk.com/trump-revives-greenland-acquisitiondiscussion-military-force-always-an-option-white-house-says/ In a text message sent Sunday to Norwegian Prime Minister Jonas Gahr Stoere — released publicly by Norway’s government on Monday — Trump wrote: “Considering your Country decided not to give me the Nobel Peace Prize for having stopped 8 Wars PLUS, I no longer feel an obligation to think purely of Peace, although it will always be predominant, but can now think about what is good and proper for the United States of America.” Nobel Snub and Shift in Focus Trump referenced the 2025 Nobel Peace Prize, awarded to Venezuelan opposition leader Maria Corina Machado rather than himself, despite his claims of halting multiple conflicts. He tied this perceived slight to his willingness to prioritise U.S. interests over pure peacemaking. The message responded to Stoere’s earlier call — co-signed with Finnish President Alexander Stubb — for de-escalation amid rising transatlantic tensions. Greenland Control and Tariff Threats Trump reiterated his insistence on “Complete and Total Control” of Greenland, arguing the Arctic island’s strategic importance for global security against threats from Russia and China. He questioned Denmark’s “right of ownership” and dismissed recent Danish military presence there. Trump has threatened escalating tariffs starting February 1 on several NATO allies — including Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland, and Britain — unless a deal allows U.S. acquisition of the sparsely populated territory (home to about 57,000 people). The comments have heightened concerns over NATO cohesion and potential trade war revival. EU leaders are preparing retaliatory measures, including tariffs on up to $108 billion in U.S. imports or activation of the Anti-Coercion Instrument. Trump is set to attend the World Economic Forum in Davos this week, where European officials plan engagements to address the dispute. Greenland’s Prime Minister Jens-Frederik Nielsen insisted the territory’s future must be decided by its people, rejecting external pressure.

Gap Widens: IMF Projects 3.2% Growth for Pakistan, Below Govt's 4.2% Target
World

Gap Widens: IMF Projects 3.2% Growth for Pakistan, Below Govt’s 4.2% Target

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The International Monetary Fund (IMF) has downgraded its growth forecast for Pakistan’s economy in its latest World Economic Outlook Update released in January 2026.The Fund now projects GDP growth at 3.2% for the current fiscal year (FY2026), a reduction from the 3.6% estimate provided in its October 2025 report. Read More: https://theboardroompk.com/govt-borrows-rs396bn-debt-in-a-single-week/ This revision comes amid a global economic environment described as steady but influenced by divergent forces, including technological investments in AI offsetting potential trade headwinds. The IMF also estimates Pakistan’s growth at 3% for 2025, rising to 3.2% in FY2026 and further to 4.1% in FY2027. This adjustment highlights a gap between international projections and the Pakistani government’s more optimistic target of 4.2% for FY2026.Recent domestic data shows the economy grew by 3.09% in FY2024-25 (as approved by the National Accounts Committee), with a stronger 3.71% expansion in the first quarter of FY2025-26. Reasons Behind the Downgrade The IMF’s downward revision for Pakistan appears modest at 0.4 percentage points but reflects cautious global assumptions rather than Pakistan-specific crises detailed in the update. Broader risks include potential reevaluation of AI-driven productivity gains, escalating trade tensions, geopolitical disruptions, and pressures from high public debt or fiscal deficits that could elevate interest rates. While the report notes global growth holding at 3.3% in 2026 (slightly up from prior forecasts due to tech and AI tailwinds), emerging markets like Pakistan face downside vulnerabilities. No explicit Pakistan-centric reasons (such as inflation spikes, floods, or policy delays) were highlighted, but the conservative outlook aligns with ongoing challenges in sustaining momentum beyond select sectors. Implications and Broader Context The lower forecast underscores the divergence between IMF/World Bank views (World Bank sees 3% for FY2025-26, rising to 3.4% later) and Islamabad’s ambitions, potentially complicating budget negotiations and IMF program discussions. Pakistan continues under its Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF), with recent reviews completed, emphasizing fiscal discipline and reforms. Despite the downgrade, the projected uptick to 4.1% in FY2027 suggests gradual improvement if structural reforms advance, reserves stabilize, and external conditions remain supportive. Analysts note that achieving higher growth will require addressing FDI declines, current account pressures, and policy consistency to bridge the gap with official targets.

Karachi's Gul Plaza Inferno: CM Sindh Announces Rs10M Compensation for Arpxx Rs100B loss
Breaking News

Karachi’s Gul Plaza Inferno: CM Sindh Announces Rs10M Compensation for Arpxx Rs100B loss

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A devastating fire ripped through Gul Plaza, a bustling multi-storey shopping mall on Karachi’s busy M.A. Jinnah Road, starting late on Saturday night, January 17, 2026, around 10:15 PM. The blaze, believed to have originated from a short circuit, engulfed the building rapidly due to flammable goods and poor ventilation, turning the commercial hub housing over 1,200 shops into a scene of chaos. Read More: https://theboardroompk.com/sindh-cm-approves-pkr-9-28-billion-for-karachi-industrial-infrastructure/ The fire raged for more than 34 hours before being largely brought under control, marking one of the city’s worst fire incidents in over a decade. Rescue operations involved 24 fire engines, multiple bowsers, snorkels, and over 200 firefighters from KMC and Rescue 1122, supported by Rangers and other forces. Thick smoke, collapsing structures, and intense heat severely hampered efforts, with teams continuing to search through smouldering debris. Rising Death Toll and Ongoing Search As of January 19, 2026, the death toll has climbed to at least 23, including a brave firefighter who lost his life in the line of duty. Dozens more — reports varying between 46 and over 60 — remain missing, with authorities fearing the number of fatalities could exceed 50 as recovery continues. Several injuries have also been reported, and many traders and workers have been left unemployed overnight, facing immense financial hardship. Government Response and Compensation Announcement Addressing a press conference with business community representatives, Sindh Chief Minister Murad Ali Shah announced Rs10 million (approximately $36,000) in compensation for the family of each deceased victim, stating there can be no price for a life but emphasizing immediate government support. The loss is estimated around Rs100 billion by the market. He formed an investigation committee led by Karachi Commissioner Syed Hassan Naqvi to probe the cause, with forensic assistance from Lahore. CM Shah vowed to rebuild the plaza, rehabilitate affected shopkeepers through temporary spaces, and immediately implement the 2024 Fire Safety Audit across 145 commercial buildings in Karachi to prevent future tragedies. The incident has sparked calls for accountability and better emergency preparedness in the city.

The Boardroom PK delivers trusted business news, analysis, and insights from Pakistan and beyond, keeping readers informed, inspired, and ahead in the evolving world of business and leadership.

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