Attock Refinery Limited (ARL) has become the first victim of smuggled petroleum products as the refinery on Monday shut down its main distillation unit, reducing its capacity to only 33%, owing to the piling up of unsold diesel stocks. Oil industry sources warned that other refineries were also likely to close their units if the unbridled smuggling of petroleum products was not stopped. Oil
Saudi Arabia’s sovereign wealth fund PIF has agreed to buy a 51% stake in Telecommunication Towers Company Ltd (TAWAL) from STC Group, paving the way for the creation of the region’s largest telecom tower company, PIF and STC said on Monday. Under the agreement, PIF and STC will combine TAWAL and Golden Lattice Investment Company (GLIC) to set up a newly-formed company with around 30,000 mobile
Reputable international companies have expressed interest in Pakistan’s desire to outsource airport management and their representatives are expected to arrive this month to review and discuss the proposal. Sources told The Express Tribune that Prime Minister Shehbaz Sharif recently took up the airport outsourcing matter in a meeting of the cabinet so that those could be managed more effectivel
National Tariff Commission (NTC) Chairman Naeem Anwar has given assurances to businessmen that an NTC team in Islamabad will ponder over the issues highlighted by Karachi Chamber of Commerce and Industry (KCCI) and recommendations will be given to the government for rectifying them in the federal budget for 2024-25. Speaking at a meeting during his visit to the KCCI, he advised the chamber to s
Pakistan’s current account balance made history by hitting a nine-year high surplus of $619 million in March 2024. This reduced the cumulative current account deficit to $508 million in the first nine months of the fiscal year 2023-24. The country has maintained a surplus in the current account for the second consecutive month in March and for the third month in the fiscal year, enhancing the n