Oil and Gas Development Company Ltd expects to start production in Abu Dhabi’s Offshore Block-5 by 2027, while also increasing domestic oil and gas output and diversifying into minerals, its CEO said on Wednesday. OGDCL partnered with Abu Dhabi National Oil Company (ADNOC) in 2021 to explore and develop oil and gas resources in the block. Ahmed Hayat Lak, managing director and CEO of OGDCL,
Lucky Investments Ltd on Wednesday raised an unprecedented Rs50 billion during the initial public offering (IPO) of its Lucky Islamic Money Market Fund, shattering all previous subscription records. According to a press release, this landmark achievement marks an extraordinary milestone in Pakistan’s financial sector, where investors nationwide demonstrated overwhelming confidence in the compan
International bonds issued by smaller, riskier, emerging economies suffered another sharp selloff on Wednesday after President Donald Trump’s eye-watering 104pc tariffs on China took effect, re-igniting turmoil across global markets. Pakistan’s longer-dated dollar-denominated bonds tumbled more than 6 cents to be bid below the 70-cent threshold where debt is seen as distressed, Tradeweb data sh
The government raised Rs427 billion by auctioning Pakistan Investment Bonds (PIBs) on Wednesday, exceeding the Rs350bn target. The government raised Rs77bn more, reflecting the increasing need for government spending. The banks were also found to be over-liquid as they were willing to invest Rs887bn in the PIBs. Interestingly, the government raised the highest amount of Rs287.6bn for 10 yea
In a Rs105 billion transaction, the government on Wednesday approved swapping of its ownership in Pakistan Security Printing Company (PSPC) to State Bank of Pakistan (SBP) against full control of Zarai Taraqiati Bank Ltd (ZTBL) to meet a commitment made with the International Monetary Fund (IMF). The Cabinet Committee on State-Owned Entities (CCoSOE), at a meeting presided over by Finance Minis