Author name: Web Desk

Islamabad, November 19, 2025 – Pakistan Petroleum Limited (PPL) is set to construct the country’s first artificial island 300 km off the Sindh coast to accelerate offshore oil and gas exploration, Bloomberg reported on Wednesday.Speaking on the sidelines of an oil and gas conference in Islamabad, PPL’s General Manager Exploration Arshad Palekar said the six-foot-high platform will shield operations from high tides, enabling 24/7 drilling. Drawing inspiration from Abu Dhabi’s successful artificial islands, construction is slated for completion in February 2026, with exploration commencing immediately.The project gains momentum from PPL’s recent farm-out agreement with Turkish Petroleum Overseas Company (TPOC) for the Eastern Offshore Indus C Block, strengthening Pakistan-Turkiye energy ties. Last month, Pakistan awarded 23 offshore blocks—the first such round in nearly two decades—to consortia led by local firms, some including foreign partners like TPAO. The initiative aims to narrow the widening oil and gas supply-demand gap through aggressive offshore exploration.

Karachi: Special Assistant to the Chief Minister of Sindh on Investment and Public-Private Partnership, Syed Qasim Naveed Qamar, held a productive meeting with Türkiye’s Consul General Ergul Kadak and Commercial Attaché Murat Ozmen at the Sindh Investment Department office to explore bilateral investment prospects. Qamar delivered a comprehensive briefing on high-potential sectors, spotlighting the Dhabeji and Khairpur Special Economic Zones (SEZs), Karachi Education City, Marble City Karachi, as well as opportunities in education, agriculture, renewable energy, IT, infrastructure, water recycling, environment, and industry. He emphasized government-backed initiatives such as the Sindh Transmission and Dispatch Company and attractive tax incentives for SEZ investors. The Turkish Consul General expressed keen interest, particularly in Karachi Education City. Qamar also highlighted Khairpur’s thriving date production sector and invited Turkish investment in value-added processing. He reaffirmed the provincial government’s commitment to establishing a new SEZ in Hyderabad, noting strong interest from motorcycle and electric appliance manufacturers. Secretary Investment Raja Khurram Shahzad briefed the delegation on Sindh’s rich mineral reserves and ongoing projects, underscoring the province’s investor-friendly policies and incentives.

slamabad: In a scathing indictment of customs oversight, the Federal Tax Ombudsman (FTO) has called for a comprehensive three-year audit of all cargo sheds operated by M/s Gerry’s Dnata across Pakistan, amid allegations of a multibillion-rupee fraud at Karachi’s Jinnah International Airport (JIAP).The FTO’s directive, issued on Tuesday, instructs the Federal Board of Revenue (FBR) to immediately initiate proceedings to suspend Gerry’s Dnata’s cargo shed license at JIAP. This follows a Show Cause Notice to the company’s CEO and a mandatory hearing, with potential full cancellation pending audit outcomes.Triggered suo motu by reports of high-value electronics being illicitly removed from customs custody since March 2024, the scam involved forged Goods Declarations (GDs) and bogus importers. Fraudsters allegedly reused clearance numbers from legitimate pharmaceutical shipments, evading duties on billions in goods.The FTO highlighted “inevitable” collusion by customs officials, labeling the repeated thefts – including prior mobile phone incidents – as systemic maladministration. Separate probes into implicated customs staff could lead to disciplinary action under E&D Rules 2020.Critics say the scandal exposes deep-rooted corruption in airport cargo handling, potentially costing the exchequer billions. Gerry’s Dnata, a joint venture with UAE-based dnata, has yet to respond publicly.

Islamabad: Pakistan intensified its global outreach for mining and minerals investment by holding high-level talks with Germany on Tuesday, building on recent engagements with the United States and France. Petroleum Minister Dr. Ali Pervaiz Malik met German Ambassador H.E. Ms. Ina Lepel and Political and Economic Counsellor Janine Rohwer at the Ministry of Energy to explore bilateral cooperation in mining, critical minerals, and sustainable energy. Ambassador Lepel described Pakistan’s natural resources sector as holding “a lot of potential” and highlighted the flagship Reko Diq copper-gold project in Balochistan as a critical test case for attracting international investors. She proposed technical collaboration between the Geological Survey of Pakistan and Germany’s Federal Institute for Geosciences and Natural Resources (BGR). Minister Malik emphasised the government’s push for modern, mechanised, and responsible mining, with Reko Diq – a joint venture led by Barrick Gold – setting new standards. He announced that the next Pakistan Mineral Investment Forum will be expanded to showcase opportunities to global players. The dialogue also covered energy transition, refinery upgrades to meet higher environmental standards, and Pakistan’s first offshore exploration bidding round in nearly two decades. Both sides expressed strong interest in green energy collaboration aligned with Germany’s decarbonisation goals. The meeting follows Pakistan’s $500 million MoU with the US on critical minerals (September), its first shipment of rare earth elements and antimony to America (October), and a high-level webinar with France on mining partnerships last week. Officials reaffirmed commitment to deepen the Pakistan-Germany strategic partnership through tangible investments, technology transfer, and knowledge sharing in the minerals and energy domains.

KARACHI – Gold prices in Pakistan witnessed a sharp decline on Tuesday, tracking losses in the international bullion market. The price of 24-karat gold per tola fell by a significant Rs7,000, bringing the new rate to Rs423,662, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Similarly, the rate for 10-gram gold decreased by Rs6,002, settling at Rs363,221. This dramatic shift comes after local gold prices had remained stable on Monday, closing the day at Rs430,662 per tola. The decline is directly linked to a substantial drop in the international market, where spot gold prices fell by $70 to trade at $4,013 per ounce. The sell-off in precious metals was driven by a strengthening U.S. dollar and diminishing expectations for a U.S. interest rate cut next month, making gold, a non-interest-bearing asset, less attractive to global investors. Mirroring the trend, the price of silver in the local market also saw a decrease of Rs123, with a tola now valued at Rs5,245.