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Govt Refinery Policy Amendments Aim to Boost Diesel Production, Cut Import Dependence
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Govt Refinery Policy Amendments Aim to Boost Diesel Production, Cut Import Dependence

Government Proposes Refinery Policy Changes to Strengthen Energy Security The federal government has proposed govt refinery policy amendments designed to increase domestic diesel production, reduce Pakistan’s dependence on imported fuel and strengthen the country’s long-term energy security amid growing uncertainty in global oil markets. The proposals were discussed during the fourth meeting of the Prime Minister’s committee reviewing Pakistan’s petroleum pricing mechanism. Federal Minister for Petroleum Ali Pervaiz Malik chaired the meeting, where committee members examined international best practices, market trends and policy options aimed at making the country’s petroleum sector more efficient, transparent and resilient. Refinery Upgrades to Increase Domestic Diesel Production Speaking at the meeting, the petroleum minister said the govt refinery policy amendments are intended to encourage local refineries to produce larger volumes of high-speed diesel (HSD), reducing the need for costly imports while improving Pakistan’s ability to meet domestic fuel demand through indigenous refining capacity. He said strengthening local refining capabilities has become increasingly important given the volatility in international energy markets and the risks associated with disruptions to global oil supply routes. The minister pointed to the renewed closure of the Strait of Hormuz as a reminder of Pakistan’s vulnerability to external supply shocks. The strategic waterway is one of the world’s busiest oil shipping routes, and any disruption can significantly affect crude oil supplies, freight costs and international fuel prices. He said the committee’s work had become even more critical under these circumstances, as Pakistan seeks to safeguard its energy supplies while protecting consumers from excessive price volatility. Increasing domestic diesel production through refinery upgrades is expected to reduce Pakistan’s reliance on imported diesel, improve energy resilience and help contain the country’s fuel import bill over the longer term. Diesel remains one of Pakistan’s most widely used petroleum products, serving the transport, agriculture, industrial and power generation sectors. A greater share of locally refined diesel could also improve supply stability during periods of international market disruption. Regional Fuel Price Comparison Reviewed During the meeting, members also reviewed a comparative assessment of regional fuel prices prepared by KPMG. According to the study, petrol prices in Pakistan remain lower than those in Bangladesh, Sri Lanka and Türkiye, while remaining broadly comparable with prices in neighboring India. The comparison was presented to provide context for Pakistan’s existing petroleum pricing structure and demonstrate how domestic prices compare with those in regional markets despite fluctuations in international crude oil prices. OGRA Asked to Improve Petroleum Pricing Transparency The committee also focused on improving transparency in petroleum pricing. As an immediate measure, members recommended that the Oil and Gas Regulatory Authority (OGRA) begin publishing daily Platts benchmark pricing data on its official website. Platts assessments are widely used across international energy markets as the benchmark for determining petroleum product prices. Committee members said making this information publicly available would help consumers, businesses and market participants better understand how petroleum prices are calculated in Pakistan, thereby improving transparency and public confidence in the pricing mechanism. Another key recommendation concerned the operation of the recently established Petroleum Price Stabilization Fund. The committee agreed that the fund should function under a fully rule-based framework with clearly defined procedures governing both the collection and utilization of financial resources. Members emphasized that transparent rules would ensure the fund operates independently of discretionary decisions while providing a predictable mechanism for stabilizing fuel prices during periods of exceptional market volatility. Such a framework, they said, would strengthen public trust and improve policy consistency in the petroleum sector. Digitalization of Oil Supply Chain Recommended The meeting also highlighted the urgent need to digitize Pakistan’s oil supply chain. Committee members unanimously supported the adoption of digital systems across fuel transportation, storage, monitoring and distribution networks to improve operational efficiency, reduce leakages and enhance regulatory oversight. Digitization is expected to provide real-time tracking of petroleum products throughout the supply chain, helping authorities monitor inventories, improve tax compliance and minimize opportunities for smuggling and other irregularities. The move would also support better coordination among refineries, oil marketing companies, storage facilities and government regulators. Final Recommendations to Be Submitted to Prime Minister At the conclusion of the meeting, Petroleum Minister Ali Pervaiz Malik directed that the committee’s next meeting would serve as its final session. He instructed members to finalize all outstanding recommendations so that a comprehensive report can be submitted to Prime Minister Shehbaz Sharif for review and consideration. The recommendations are expected to form the basis of future reforms aimed at modernizing Pakistan’s petroleum pricing system, strengthening domestic refining capacity and improving energy security. The meeting was attended by Federal Minister for Economic Affairs Ahad Khan Cheema, Minister of State for Finance Bilal Azhar Kayani, OGRA Chairman Nabeel Awan, representatives of KPMG, committee members and senior officials from the Finance Division, Pakistan State Oil (PSO), the Ministry of Law and Justice, the Petroleum Division and other relevant government institutions.

KAPCO Approves $47.5m Financing to Acquire Attock Cement Shares
Pakistan

KAPCO Approves $47.5m Financing to Acquire Attock Cement Shares

Shareholders Approve Financing for KAPCO Attock Cement Acquisition Kot Addu Power Company Limited (KAPCO) has received shareholder approval to secure financing facilities and incur debt obligations of up to $47.5 million to support its planned acquisition of shares in Attock Cement Pakistan Limited (ACPL). The decision marks a significant step in the company’s investment strategy and corporate restructuring efforts. The approval was granted through a special resolution passed during KAPCO’s 15th Extraordinary General Meeting (EGM), held on July 13, 2026. The resolution was adopted under Article 41(c) of the company’s Articles of Association and in accordance with the applicable provisions of the Companies Act, 2017. KAPCO Attock Cement Acquisition Receives Shareholder Backing The KAPCO Attock Cement acquisition proposal allows the company to obtain financing of up to $47.5 million, together with all related debt obligations required to complete the transaction. The approved financing package also includes the authority to provide guarantees, indemnities, charges, mortgages, security interests and other ancillary financing arrangements that lenders may require. The approval reflects shareholder support for KAPCO’s plan to invest in Attock Cement, one of Pakistan’s leading cement manufacturers. While the company has not disclosed further details regarding the number of shares to be acquired or the expected completion timeline, the financing authorization provides KAPCO with the financial flexibility needed to proceed once all necessary conditions are met. Senior Management Authorized to Execute Financing Documents As part of the resolution, shareholders also authorized senior company officials to execute all documents related to the financing arrangements. Any two of the Chief Executive Officer, General Manager Finance/Chief Financial Officer (CFO), and Company Secretary, acting jointly, have been empowered to act on behalf of the company. Their authority includes negotiating and signing financing agreements, loan documents, security documents, undertakings, guarantees, notices, declarations and any other agreements or instruments required to complete the financing process. They may also take all necessary actions related to the borrowing arrangements and the acquisition transaction. In addition, shareholders ratified and approved all actions already taken by the company’s management in connection with arranging the proposed financing and debt obligations. This ensures that all previous decisions and steps undertaken in preparation for the transaction are formally recognized by the company’s members. The financing approval represents an important corporate milestone for KAPCO as it seeks to diversify its investment portfolio beyond its traditional power generation business. The acquisition of an equity stake in Attock Cement would provide the company with exposure to Pakistan’s construction and building materials sector, which remains closely linked to infrastructure development and economic activity. Shareholders Approve Revised Articles of Association Besides approving the financing arrangements, KAPCO shareholders also voted in favour of adopting a revised set of Articles of Association. The proposed Articles of Association, presented during the Extraordinary General Meeting and identified by the initials of the Company Secretary, were formally approved and adopted by the company’s members. The revised Articles are intended to update the company’s governing framework in line with current regulatory requirements and corporate governance practices. To facilitate the implementation of the approved changes, shareholders authorized the Chief Executive Officer and/or the Company Secretary, acting individually, to complete all required legal and regulatory formalities. This includes filing the necessary forms, returns and supporting documents with the Securities and Exchange Commission of Pakistan (SECP) and any other relevant regulatory authorities. The authorization enables the company to complete all procedural requirements without requiring further shareholder approvals for administrative matters associated with the implementation of the resolutions. SECP-Directed Changes to Be Incorporated Automatically The shareholders also approved a provision allowing future amendments to the Articles of Association if required by the SECP during the review process. Under the resolution, any modifications, amendments, additions or deletions directed by the regulator will automatically become part of the approved Articles of Association without the need to convene another Extraordinary General Meeting or seek a fresh special resolution from shareholders. This approach is commonly adopted by listed companies to streamline regulatory approvals and avoid delays in implementing governance-related changes. KAPCO Moves Ahead with Strategic Investment Plan With the resolutions now approved, KAPCO’s management has the authority to finalize financing arrangements, complete all regulatory filings and move forward with the proposed KAPCO Attock Cement acquisition, subject to the fulfilment of all applicable legal, regulatory and commercial requirements. The approvals provide the company with both the financial authority and corporate governance framework needed to execute the proposed investment while ensuring compliance with Pakistan’s corporate laws and regulatory standards. If completed, the acquisition would represent another significant corporate transaction in Pakistan’s listed sector and could further reshape KAPCO’s investment portfolio beyond its core power generation operations.

Noor Mohammad Balouch Pumping Station Restored After 35 Years in Karachi
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Noor Mohammad Balouch Pumping Station Restored After 35 Years in Karachi

Long-Abandoned Pumping Station Resumes Operations KARACHI: The revival of the Noor Mohammad Balouch Pumping Station after remaining inactive for more than three decades has emerged as one of Karachi’s most significant public infrastructure developments in recent years. The reopening of the long-abandoned facility is expected to strengthen water distribution across some of the city’s oldest and most densely populated neighborhoods, offering relief to more than 300,000 residents who have struggled with unreliable water supplies for decades. Mayor Karachi and Chairman of the Karachi Water and Sewerage Corporation (KWSC), Barrister Murtaza Wahab, formally inaugurated the pumping station on Sunday, describing the project as a major achievement in restoring essential public services and addressing one of the city’s most persistent civic challenges. Noor Mohammad Balouch Pumping Station Finally Becomes Operational The Noor Mohammad Balouch Pumping Station was originally constructed in 1991 during the tenure of former Karachi Mayor Dr. Farooq Sattar. Despite the investment made at the time, the facility never became fully operational because it lacked a permanent electricity connection. As a result, the station remained idle for approximately 35 years, leaving thousands of residents without the improved water infrastructure they had been promised. According to Mayor Wahab, the revival became possible after local representatives and community leaders invited him to inspect the neglected facility. Following his visit, immediate directives were issued to complete the remaining work and restore operations. The successful completion of the project also highlights the importance of maintaining public infrastructure rather than allowing completed projects to remain unused due to administrative shortcomings. Karachi Water Supply to Improve for More Than 300,000 Residents The restored Noor Mohammad Balouch Pumping Station is expected to significantly improve Karachi water supply across Saddar Town, Lyari Town and several surrounding areas of the old city. Communities expected to benefit include Ranchore Line, Kharadar, Mithadar, Jodia Bazaar, Bombay Bazaar, Bhimpura, SIUT, Civil Hospital, Union Councils 1, 5, 6 and 7 of Saddar Town, along with several adjoining neighborhoods. For many residents, inconsistent water availability has been a daily challenge affecting households, healthcare facilities, businesses and commercial markets. The operational pumping station is expected to improve supply reliability and reduce long-standing distribution issues. Infrastructure Projects Require Timely Completion The reopening of the Noor Mohammad Balouch Pumping Station also raises broader questions about infrastructure management in Karachi. Projects delayed for decades often increase maintenance costs while denying citizens the benefits of public investment. Mayor Wahab noted that previous administrations had repeatedly promised to activate the facility, yet the project remained incomplete despite several political transitions. He argued that local governments must prioritize practical service delivery over political commitments that fail to produce measurable outcomes. The mayor also stressed that providing safe drinking water remains among the primary responsibilities of local government institutions. He said the Karachi Water and Sewerage Corporation continues to rehabilitate aging infrastructure while working on sustainable improvements to the city’s water distribution network. Political Debate Overshadows Public Services During the inauguration ceremony, Barrister Wahab criticized political opponents for claiming credit for Karachi’s development while, according to him, failing to resolve fundamental civic issues over many years. He urged all institutions involved in infrastructure development to improve coordination, particularly regarding road excavation and restoration works, warning that political disputes should never interfere with essential public utilities such as water supply. The mayor also stated that Pakistan Peoples Party Chairman Bilawal Bhutto-Zardari has consistently instructed elected representatives to remain focused on solving public problems and improving municipal services instead of engaging in political confrontation. Why the Noor Mohammad Balouch Pumping Station Project Matters The restoration of the Noor Mohammad Balouch Pumping Station represents more than the reopening of an old facility. It demonstrates how completing long-delayed infrastructure projects can immediately improve the quality of life for hundreds of thousands of citizens while strengthening confidence in public service delivery. If the upgraded water distribution system performs as expected, the project could become a model for reviving other dormant civic infrastructure across Karachi, where aging facilities continue to limit the city’s ability to meet the needs of its rapidly growing population.

Pakistan Eyes Saudi Energy Investment to Modernize Power Grid and Smart Utilities
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Pakistan Eyes Saudi Energy Investment to Modernize Power Grid and Smart Utilities

Pakistan Invites Saudi Energy Working Group to Explore Power Sector Investment Pakistan has invited the Kingdom of Saudi Arabia’s Energy Working Group to visit the country and explore investment opportunities in the power sector, including transmission infrastructure, smart utility technologies and digitalization, as both countries moved to deepen cooperation in the energy sector. The invitation was extended during high-level discussions between a Pakistani delegation led by Minister for Energy (Power Division) Sardar Awais Ahmad Khan Leghari and senior Saudi energy officials in Riyadh, where both sides reaffirmed their commitment to expanding bilateral collaboration and promoting long-term investment in Pakistan’s energy sector. The discussions took place during the meeting of the Joint Working Group on Energy, where the Pakistani delegation met Eng. Nasser Al-Qahtani, Assistant Minister of Energy for Electricity Affairs. The broader talks were also attended by Mohammed Alibrahim, Assistant Minister of Energy for Oil and Gas, and Majed Aloutaibi, Deputy Minister for Oil and Gas, reflecting the importance both governments attach to strengthening energy cooperation. Pakistan Presents Saudi Energy Investment Opportunities During the meeting, Pakistan presented a wide range of Pakistan Saudi energy investment opportunities, highlighting the country’s growing demand for modern electricity infrastructure and the significant role foreign investors can play in supporting the sector’s transformation. Minister Leghari told the Saudi delegation that Pakistan is seeking strategic partnerships to modernize its power sector, particularly through investments in transmission infrastructure needed to accommodate rising electricity demand and improve the reliability of the national grid. He explained that expanding and upgrading Pakistan’s transmission network remains a key priority as the country works to enhance electricity delivery, integrate new generation capacity and reduce bottlenecks that affect power transmission across the country. Smart Metering and AMI Drive Power Sector Digitalization The minister also highlighted Pakistan’s ongoing digital transformation of the power sector, describing it as one of the government’s most significant reform initiatives. A major focus of the discussions was the nationwide rollout of Smart Metering and Advanced Metering Infrastructure (AMI) across electricity distribution companies. According to the minister, these technologies are expected to play a critical role in improving the efficiency of Pakistan’s power distribution system by reducing technical and commercial losses, strengthening monitoring capabilities and enhancing customer services. Smart metering allows utilities to monitor electricity consumption in real time, improve billing accuracy, detect theft more effectively and respond faster to outages and operational issues. The deployment of Advanced Metering Infrastructure is also expected to support better demand management, improve energy planning and enable utilities to make more informed operational decisions using digital data. Minister Leghari said these reforms form part of the government’s broader strategy to build a modern, technology-driven electricity sector capable of meeting future energy demands while improving financial sustainability. Pakistan Strengthens Reforms to Attract Private Investment He outlined the government’s comprehensive reform agenda, which focuses on increasing operational efficiency, strengthening institutional governance, accelerating digital transformation and improving the overall financial health of Pakistan’s power sector. The minister emphasized that creating an attractive environment for private investment remains a central objective of the government’s energy policy. He said Pakistan is implementing reforms designed to improve transparency, strengthen governance and encourage greater participation by domestic and international investors in energy infrastructure projects. The Pakistani delegation assured the Saudi side that the government would provide full support and facilitation to Saudi investors interested in participating in Pakistan’s energy sector. Officials said the government remains committed to simplifying investment procedures and providing an enabling regulatory environment to attract long-term strategic partnerships. Pakistan and Saudi Arabia Expand Energy Cooperation The invitation for the Saudi Energy Working Group to visit Pakistan is expected to provide Saudi officials and potential investors with an opportunity to assess investment prospects firsthand, engage with relevant stakeholders and identify projects suitable for collaboration. Potential areas of cooperation include electricity transmission expansion, grid modernization, smart metering technologies, digital utility management systems and other advanced power sector solutions. Both delegations expressed satisfaction with the progress made in bilateral energy cooperation and reaffirmed their commitment to maintaining close coordination through the Joint Working Group on Energy. They agreed to continue technical engagement and transform the discussions into concrete investment projects that benefit both countries. Officials from both sides noted that enhanced cooperation in the energy sector would contribute not only to sustainable economic growth but also to improved energy security and stronger regional partnerships. Pakistan continues to pursue foreign investment as part of its broader economic reform agenda, with the power sector identified as one of the country’s priority areas for international collaboration. Outlook: Saudi Energy Investment Could Accelerate Pakistan’s Grid Modernization The latest Pakistan Saudi energy investment initiative reflects Islamabad’s efforts to attract strategic partners capable of supporting the modernization of critical infrastructure while helping improve efficiency, reduce system losses and accelerate the adoption of advanced technologies. If translated into concrete projects, the proposed cooperation could strengthen Pakistan’s electricity transmission network, advance digitalization across the power sector and deepen the strategic economic partnership between Pakistan and Saudi Arabia, while supporting the country’s long-term goals of sustainable development and energy security.

PTCL Confirms Nadeem Khan as Chief Executive Officer
Pakistan

PTCL Confirms Nadeem Khan as Chief Executive Officer

Board of Directors Formally Appoints Nadeem Khan as PTCL CEO Karachi: The Board of Directors of Pakistan Telecommunication Company Limited (PTCL) has confirmed Nadeem Khan as the company’s Chief Executive Officer (CEO), formalizing his appointment after he assumed charge on an interim basis earlier this month. Nadeem Khan’s telecommunications career spans more than two decades with PTCL and Ufone, in addition to over seven years of international assignments with Millicom International Cellular. Extensive Leadership Experience in Telecom and Finance He joined Ufone as Chief Financial Officer (CFO) in 2003, a position he held for a decade. In 2017, he was appointed Group Chief Financial Officer for PTCL and Ufone, where he led the company’s financial strategy through a period of significant transformation, including the acquisition of Telenor Pakistan. Nadeem also serves on the Board of U Microfinance Bank. He is a Chartered Accountant and a member of both the Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Chartered Accountants in England and Wales (ICAEW). He currently serves as a Member of the Accounting Standards Board of the Institute of Chartered Accountants of Pakistan. Focus on Fiber Expansion and Digital Transformation In his role as Chief Executive Officer, Nadeem Khan will lead PTCL’s efforts to expand and modernize its wireline network, with a strong focus on fiberization and the rollout of next-generation digital services across Pakistan. He will also oversee initiatives aimed at strengthening PTCL’s leadership in the business-to-business (B2B) segment. As Pakistan’s largest integrated ICT company, PTCL continues to invest in broadband infrastructure, fiber networks, data centers and submarine cable systems to reinforce its position as the backbone of the country’s digital economy. Permanent Appointment Takes Effect Nadeem Khan initially assumed the role of PTCL Chief Executive Officer for a 14-day period effective July 2, 2026. His confirmation by the Board of Directors now makes him the company’s permanent Chief Executive Officer.

US Court Tells Zia Chishti: It’s Over
World

US Court Tells Zia Chishti: It’s Over

A U.S. federal appeals court has affirmed the dismissal of former TRG Pakistan and Afiniti Chief Executive Officer Zia Chishti’s defamation lawsuit against former Afiniti employee Tatiana Spottiswoode and her legal representatives, concluding that his claims fail as a matter of law. The ruling by the U.S. Court of Appeals for the District of Columbia Circuit upholds a September 2024 decision of the U.S. District Court for the District of Columbia, which dismissed the lawsuit with prejudice after finding that the claims could not proceed under applicable U.S. law. Appeals Court Affirms Earlier Dismissal The dispute arose from Spottiswoode’s testimony before a U.S. congressional committee in 2021 regarding a 2019 arbitration proceeding in which she prevailed on claims against Chishti. The congressional hearing later contributed to legislative changes in the United States ending mandatory arbitration for workplace sexual assault and sexual harassment claims. Defamation Claims Rejected Chishti subsequently filed a defamation lawsuit, alleging that Spottiswoode’s congressional testimony, subsequent media interviews, and related public statements were false and breached confidentiality obligations arising from the arbitration proceedings. In its decision, the appeals court agreed with the district court’s conclusion that the statements challenged by Chishti were protected under U.S. law and that his complaint failed to establish legally actionable defamation. The court also rejected arguments seeking to revisit the arbitration outcome through the litigation. Court Addresses Telegraph Settlement The judgment also addressed Chishti’s reliance on a settlement with The Telegraph in the United Kingdom, concluding that the agreement did not alter the findings of the U.S. arbitration or provide a basis to revive his defamation claims. Legal Proceedings Continue to Conclude The appeals court’s decision leaves intact the dismissal of the lawsuit, bringing to a close another stage of the legal proceedings stemming from the long-running dispute. Ruling Reinforces Earlier Court Decision By affirming the district court’s dismissal with prejudice, the U.S. Court of Appeals has concluded that the defamation claims cannot proceed under applicable U.S. law. The decision represents the latest judicial development in the legal dispute arising from the 2019 arbitration and subsequent congressional testimony.

Oil Prices Surge Nearly 3% as US-Iran Escalation Sparks Strait of Hormuz Supply Fears
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Oil Prices Surge Nearly 3% as US-Iran Escalation Sparks Strait of Hormuz Supply Fears

Oil Prices Climb to Four-Week High as Middle East Tensions Intensify Oil prices surged nearly 3% on Tuesday, climbing to their highest level in four weeks as renewed military tensions between the United States and Iran intensified concerns over global energy supplies and the security of shipping through the Strait of Hormuz. The rally came after the United States reinstated a naval blockade targeting Iranian shipping while military exchanges between Washington and Tehran continued for a third consecutive day, raising fears that one of the world’s most critical oil transit routes could face further disruption. International benchmark Brent crude rose $1.90, or 2.3%, to $85.20 per barrel by 0630 GMT, while US West Texas Intermediate (WTI) crude gained $1.91, or 2.4%, to $80.05 per barrel. Earlier in the session, both contracts had climbed by more than $2 a barrel before trimming some gains. The latest advance followed a sharp rally in the previous trading session, when Brent crude jumped 9.6%, marking its largest single-day percentage increase since May 2020. US-Iran Conflict Revives Supply Concerns The oil prices surge has pushed crude to its highest level since the United States and Iran signed a memorandum of understanding on June 17 aimed at ending hostilities. However, renewed military action has revived fears that the fragile agreement may no longer prevent broader regional instability. According to reports, the US military carried out a third consecutive night of strikes against Iranian targets on Monday. US President Donald Trump also reinstated a blockade of Iranian shipping and proposed imposing a 20% fee for vessels requiring protection while passing through the Strait of Hormuz, a strategic waterway through which roughly one-fifth of the world’s seaborne oil passes. The latest developments have significantly increased uncertainty in the global oil market. Tim Waterer, Chief Market Analyst at KCM Trade, said investors are once again pricing in a higher geopolitical risk premium. “The latest escalation, including the US reinstatement of the blockade and Iranian responses, has clearly injected fresh risk into the market,” he said. He noted that while the Strait of Hormuz has not been completely closed, the actions taken by both countries have made the outlook for global oil supplies increasingly uncertain. “The competing objectives of both sides have made the supply picture highly uncertain,” Waterer added. Strait of Hormuz Security Risks Deepen Market concerns intensified further after the United Arab Emirates Ministry of Defence confirmed that two UAE oil tankers were struck by two Iranian cruise missiles while sailing through the southern lane of the Strait of Hormuz in Omani territorial waters. The attack killed one Indian crew member and injured eight others, highlighting the growing risks facing commercial shipping in the region. Shipping data released on Monday also showed that tanker traffic through the Strait of Hormuz had declined to its lowest level in two months, adding to concerns that energy exports from the Gulf could face additional disruptions if military tensions continue. Analysts believe the movement of crude oil through the Strait will remain the most important factor influencing market direction in the coming days. Priyanka Sachdeva, an analyst at Phillip Nova, said traders are closely monitoring physical oil flows rather than political statements alone. She said any meaningful interruption in tanker movements, prolonged decline in vessel traffic or disruption to export volumes would likely trigger another sharp increase in oil prices. However, she noted that if oil exports continue despite the military escalation, some of the geopolitical premium currently built into crude prices could gradually ease. Houthi Attacks Add Fresh Pressure on Energy Markets The conflict also expanded beyond the Gulf, adding fresh uncertainty to regional energy markets. Yemen’s Houthi movement launched missile attacks toward Saudi Arabia after accusing the kingdom of carrying out airstrikes on an airport under Houthi control. The attacks have raised concerns that shipping routes in the Red Sea could also face greater security threats. Simon Wong, a portfolio manager at Gabelli Funds, said any expansion of Houthi attacks targeting Saudi oil facilities or petroleum shipments would create additional risks for global crude supplies. He noted that disruptions affecting Saudi energy exports through the Red Sea could place even greater pressure on international oil markets already dealing with uncertainty surrounding the Strait of Hormuz. US Inventory Data in Focus Apart from geopolitical developments, traders are also awaiting fresh supply data from the United States. A preliminary Reuters survey released on Monday indicated that US crude oil inventories are expected to have declined last week, reflecting healthy demand or lower production. At the same time, analysts expect gasoline and distillate fuel stocks to have increased, suggesting mixed conditions in the world’s largest oil-consuming nation. Official inventory figures due later this week are expected to provide additional direction for oil markets alongside ongoing geopolitical developments. Outlook: Oil Markets Remain Driven by Geopolitical Risks The latest oil prices surge underscores how quickly geopolitical events can reshape global energy markets. With military tensions escalating, tanker traffic slowing and uncertainty surrounding one of the world’s most important oil shipping routes, traders remain focused on the possibility of further supply disruptions.

Habib Rice Secures $500,000 Sponsor Loan to Strengthen Liquidity and Working Capital
Pakistan

Habib Rice Secures $500,000 Sponsor Loan to Strengthen Liquidity and Working Capital

Habib Rice Products Limited (PSX: HRPL) has approved an interest-free sponsor loan of up to $500,000 from its principal shareholder, Mr. Gaffar A. Habib, to strengthen the company’s liquidity position and support its working capital requirements. The decision was approved by the company’s Board of Directors during a meeting held on July 14, 2026, according to a notice submitted to the Pakistan Stock Exchange (PSX). The Habib Rice sponsor loan will provide the company with additional financial flexibility at a time when maintaining sufficient working capital remains essential for supporting day-to-day business operations and meeting operational commitments. Habib Rice Sponsor Loan Approved by Board Under the board’s approval, HRPL will obtain an unsecured loan of up to $500,000 (United States Dollars Five Hundred Thousand Only) from its sponsor shareholder. The loan amount will be converted into Pakistani rupees using the US dollar to Pakistani rupee (US$/PKR) exchange rate prevailing on the date the funds are disbursed. The company emphasized that the financing facility will be provided entirely without interest, reducing financing costs compared with conventional borrowing from commercial banks or financial institutions. Unlike secured financing arrangements, the sponsor loan will not require the company to pledge assets or provide collateral, giving HRPL greater flexibility in managing its financial resources. Flexible Repayment Terms According to the company, the loan will be repayable only upon the lender’s request and with the mutual consent of both parties. However, repayment will remain subject to the company’s assessment that it has sufficient cash flows available at the time any repayment is made. This provision is intended to ensure that loan repayments do not adversely affect the company’s operational liquidity or its ability to meet ongoing financial obligations. HRPL further stated that whenever repayment takes place, the amount returned to the sponsor shareholder will be paid in Pakistani rupees based on the US$/PKR exchange rate prevailing on the actual repayment date. As a result, the value of the repayment will reflect currency movements between the date the loan is disbursed and the date it is repaid. Funding to Support Working Capital The company said the Habib Rice sponsor loan is expected to improve its liquidity position and provide additional resources to finance working capital requirements. Working capital financing is generally used to support routine business operations, including the purchase of raw materials, inventory management, payments to suppliers, operating expenses and other short-term funding needs. Maintaining adequate working capital is particularly important for manufacturing and export-oriented businesses that must manage fluctuations in inventory levels, procurement costs, customer payments and foreign exchange movements. Interest-Free Financing Enhances Financial Flexibility Interest-free financing from a sponsor shareholder can significantly reduce a company’s financing expenses while improving its financial flexibility. Unlike conventional bank loans, which typically involve interest charges, collateral requirements and fixed repayment schedules, shareholder financing often provides companies with more adaptable funding arrangements tailored to operational needs. The unsecured nature of the facility also means HRPL will not need to mortgage assets or create charges over company property as security for the borrowing. Corporate governance experts generally view sponsor-backed financing positively when transactions are conducted transparently, approved by the board of directors and properly disclosed to shareholders and the stock exchange. Such financial support can demonstrate the sponsor’s confidence in the company’s long-term prospects and willingness to provide additional resources during periods when liquidity enhancement is considered beneficial. Sponsor Support Strengthens HRPL’s Financial Position The latest disclosure also highlights the important role sponsor shareholders can play in strengthening the financial position of listed companies without increasing interest expenses. For HRPL, the additional liquidity is expected to provide greater financial stability while supporting operational requirements and maintaining business continuity. The company did not disclose whether the entire approved amount would be drawn immediately or utilized in phases depending on funding requirements. Similarly, no specific timeline for repayment was provided, with repayment remaining contingent upon both the lender’s request and the company’s cash flow position. By structuring the facility as an interest-free, unsecured loan, the company has preserved financial flexibility while minimizing borrowing costs. The arrangement also provides management with greater discretion in determining the appropriate timing for repayment based on future cash generation and operational performance.

National CERT Cybersecurity Advisory Warns Pakistan After Global Fortinet Hack Hits 74,000 Devices
Tech

National CERT Cybersecurity Advisory Warns Pakistan After Global Fortinet Hack Hits 74,000 Devices

Pakistan’s National Computer Emergency Response Team (National CERT) has issued a critical cybersecurity advisory, warning government departments, financial institutions, telecommunications operators, energy companies and other critical infrastructure organizations to immediately strengthen the security of their Fortinet firewall and virtual private network (VPN) systems following a massive global cyber intrusion campaign. The National CERT cybersecurity advisory comes after cybersecurity researchers uncovered a widespread compromise involving nearly 74,000 internet-facing Fortinet FortiGate firewall devices across 194 countries, raising concerns that attackers may have gained unauthorized access to sensitive enterprise and government networks. According to the advisory, approximately 73,932 Fortinet FortiGate firewall instances were found to have been compromised during the campaign, exposing administrative credentials and significantly increasing the risk of unauthorized access to organizations around the world. National CERT Warns of Widespread Fortinet Cyber Threat National CERT warned that the campaign presents an elevated cyber threat to both Pakistan’s public and private sectors, particularly organizations that operate internet-exposed Fortinet FortiGate firewalls or SSL VPN gateways. The advisory said the attacks appear to have been carried out by organized cybercriminal groups conducting coordinated operations designed to harvest credentials, crack VPN passwords, launch brute-force attacks and move laterally across internal enterprise networks after gaining initial access. According to National CERT, the attackers exploited publicly accessible FortiGate management interfaces and legacy credential storage mechanisms to obtain administrator-level access before establishing persistent access inside victim organizations. The advisory emphasized that the scale and sophistication of the campaign require immediate action from organizations using Fortinet infrastructure. “The scale, sophistication and active exploitation observed require organizations utilizing Fortinet FortiGate infrastructure to immediately assess their exposure, implement remediation measures and conduct threat-hunting activities,” National CERT said. Officials warned that organizations failing to investigate and secure potentially compromised systems could face serious cybersecurity consequences. Potential Risks for Government and Businesses Potential risks include unauthorized administrative access, compromise of VPN gateways, theft of sensitive usernames and passwords, breaches of Active Directory environments, installation of persistent backdoors, theft of confidential data and manipulation of firewall security configurations. National CERT also cautioned that successful attacks could expose highly sensitive government and corporate information, interrupt critical public services and create supply-chain security risks through unauthorized access to connected third-party systems. The advisory identified a broad range of sectors facing heightened risk from the ongoing cyber campaign. These include government ministries and agencies, telecommunications companies, banks and other financial institutions, information technology firms, healthcare organizations, educational institutions, manufacturing companies, industrial automation operators, logistics providers and operators of other critical national infrastructure. Warning Signs Organizations Should Investigate To help organizations determine whether they may already have been compromised, National CERT outlined several warning signs that security teams should investigate immediately. These include administrator logins originating from unusual countries or geographic locations, system access outside normal business hours, newly created administrator accounts, suspicious VPN authentication attempts, unexpected changes to firewall rules, unexplained privilege escalation, abnormal outbound network traffic and evidence of lateral movement within Active Directory environments. The advisory urged organizations to treat any such indicators as potential evidence of compromise requiring immediate investigation rather than isolated security incidents. National CERT Issues Immediate Security Recommendations As part of its emergency guidance, National CERT directed organizations to remove FortiGate management interfaces from public internet exposure wherever possible. It also instructed organizations to upgrade immediately to the latest supported FortiOS software versions to address known vulnerabilities and improve overall system security. In addition, all administrator passwords should be reset, while multi-factor authentication (MFA) should be enabled for both administrative accounts and VPN users to strengthen identity protection. National CERT further recommended restricting management access to trusted internal networks, conducting comprehensive reviews of firewall policies and administrator accounts, enabling enhanced security logging and continuously monitoring systems for suspicious or unauthorized activity. Where indicators of compromise are detected, organizations have been advised to assume that attackers may already have established access to their networks. In such cases, National CERT recommended rotating all administrative and service account credentials, thoroughly reviewing firewall and VPN logs, auditing Active Directory environments for evidence of lateral movement and rebuilding affected firewall devices if compromise cannot be confidently ruled out. Critical Actions for Organizations To assist organizations in prioritizing their response, the advisory classified exposure reduction, credential rotation, MFA implementation and threat-hunting activities as critical actions requiring immediate attention. Meanwhile, configuration audits, Active Directory reviews, incident reporting and continuous security monitoring were categorized as high-priority measures that should be completed as part of an organization’s broader incident response process. National CERT also urged organizations to report any suspected firewall compromise, unauthorized administrator access, VPN abuse or other malicious cyber activity through its official incident reporting channels without delay. The advisory stressed that the current campaign should not be viewed as a routine software vulnerability requiring only standard patch management. Instead, organizations should assume the possibility of active compromise and conduct comprehensive investigations to determine whether attackers have already established a presence within their networks. National CERT Calls for Immediate Action The latest National CERT cybersecurity advisory highlights the growing cyber risks facing critical infrastructure worldwide and underscores the importance of proactive cybersecurity measures. With thousands of Fortinet devices compromised globally, Pakistani organizations are being urged to act immediately to secure their networks, protect sensitive data and minimize the risk of disruption to essential public and private sector services.

Pakistan Car Sales FY26 Jump 39.4% as Auto Industry Regains Momentum
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Pakistan Car Sales FY26 Jump 39.4% as Auto Industry Regains Momentum

Pakistan Car Sales FY26 recorded an impressive recovery, signaling renewed confidence in the country’s automotive sector after a challenging period marked by supply chain disruptions, import restrictions, and weak consumer demand. Fresh data released by the Pakistan Automotive Manufacturers Association (PAMA) shows that vehicle sales and production both registered strong double-digit growth during the fiscal year, highlighting improving market conditions and rising consumer interest. The latest figures indicate that cumulative sales of cars, light commercial vehicles (LCVs), vans, and jeeps reached 206,436 units during FY26, compared with 148,042 units in FY25. This represents a remarkable 39.4% increase, making FY26 one of the strongest recovery years for Pakistan’s automobile industry in recent times. Pakistan Car Sales FY26 Reflect Strong Consumer Demand The latest performance suggests that Pakistan’s automotive sector is gradually moving beyond the slowdown that affected manufacturers over the past few years. Improved vehicle availability, easing production constraints, and relatively stable economic conditions have encouraged consumers to return to the market. In June 2026 alone, total vehicle sales climbed to 22,741 units, representing a 4.4% increase compared to the same month last year. Even more notable was the monthly momentum, with sales rising 28.8% from 17,660 units sold in May 2026. This sharp month-on-month growth indicates that demand remained resilient despite ongoing concerns over financing costs and household purchasing power. Small Cars Continue to Dominate Pakistan’s Market Affordable vehicles remained the backbone of Pakistan’s automobile industry during June. The Below 1000cc category emerged as the highest-selling passenger car segment with 7,719 units sold. Suzuki Alto once again dominated the market with 7,239 units, while Suzuki Every contributed 480 units. Suzuki Bolan, which has been discontinued, recorded no sales during the month. The continued popularity of compact vehicles reflects consumer preference for fuel-efficient and budget-friendly transportation as fuel prices and living costs continue to influence purchasing decisions. Premium Vehicle Segment Maintains Healthy Sales The 1300cc and Above category followed closely with 7,200 units sold during June. Toyota maintained its leadership in this segment through Corolla, Yaris, and Corolla Cross, collectively selling 2,650 units. Honda’s Civic and City remained close competitors with 2,594 units sold. Suzuki Swift also posted a strong performance with 1,668 units, while Hyundai’s Elantra and Sonata contributed 237 and 51 units, respectively. The data suggests that demand is gradually strengthening across both entry-level and premium vehicle categories, indicating broader market recovery rather than growth concentrated in a single segment. Production Growth Signals Greater Industry Confidence Vehicle production expanded alongside rising demand, strengthening confidence across Pakistan’s automotive manufacturing sector. Total vehicle production increased 27.7% year-on-year during June to 20,896 units, while cumulative production for FY26 reached 206,184 units, representing an annual increase of 39.1%. Passenger car production climbed 42% during the fiscal year to 158,194 units, while production of LCVs, vans, and jeeps increased 30.2% to 47,990 units. The simultaneous rise in production and sales indicates that manufacturers are successfully responding to improving market demand while rebuilding inventories after previous supply constraints. Commercial Vehicles Lead the Fastest Growth One of the most striking developments during FY26 was the exceptional growth in the LCV, van, and jeep segment. Sales in this category surged 79% year-on-year during June, reaching 7,363 units, while cumulative annual sales increased 41.7% to 50,805 units. The robust performance may reflect growing business activity, commercial fleet expansion, and increasing demand from logistics, construction, and small business operators. What Pakistan Car Sales FY26 Mean for the Economy The strong performance of Pakistan Car Sales FY26 sends an encouraging signal for the broader economy. The automobile industry has extensive connections with steel, engineering, plastics, electronics, banking, and auto parts manufacturing. Rising vehicle sales typically stimulate activity across these industries while supporting employment and investment. However, sustaining this momentum will depend on stable economic policies, affordable auto financing, predictable exchange rates, and continued improvements in consumer purchasing power. Any significant rise in financing costs or currency volatility could slow the pace of recovery in the coming months. If current trends continue, Pakistan’s automotive sector appears well positioned to build on FY26’s strong performance and strengthen its contribution to industrial growth.

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