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ISLAMABAD: Oil and Gas Development Company Limited (OGDC), the operator of the Nashpa Exploration Licence, on Tuesday announced another oil and gas discovery at its exploratory well Baragzai X-01 (Slant), located in Kohat district of Khyber-Pakhtunkhwa(K-P). According to a statement issued by OGDC, the discovery was made in the Samana Suk and Shinawari formations. The well tested positive during a cased-hole drill stem test (CHDST-03), flowing 3,100 barrels of oil per day and 8.15 million standard cubic feet of gas per day through a 32/64-inch choke at a wellhead flowing…

ISLAMABAD: The United Kingdom has indicated support of up to $400,000 to enhance capacity building of the Geological Survey of Pakistan (GSP). Federal Minister for Petroleum Ali Pervaiz Malik held a meeting with British High Commissioner to Pakistan Jane Marriott to discuss enhanced bilateral cooperation in the oil and gas as well as minerals sectors. During the meeting, High Commissioner Jane Marriott remarked that the potential in Pakistan is tremendous and noted that significant reforms are underway in the economic realm. She expressed the United Kingdom’s keen interest in strengthening…

KARACHI: Federal Minister for Commerce Jam Kamal Khan has said that rice exporters will receive support through the Export Development Fund (EDF) to help address pricing challenges in international markets. In an exclusive interview with The Express Tribune, Kamal Khan said that effective utilisation of the EDF could potentially generate $1-1.5 billion in foreign exchange for the country. He noted that Pakistani rice is currently priced higher in the global market, which is creating difficulties for exporters. According to the minister, Indian Basmati rice is being exported at around Rs1,000…

ISLAMABAD: Pakistan and the Islamic Development Bank (IsDB) on Tuesday signed three loan agreements worth about $603 million to finance the M-6 Sukkur-Hyderabad Motorway, Poverty Graduation of Extremely Poor and Flood-Affected Households (PGEP) project and Out-of-School Children project for Azad Jammu and Kashmir. The agreements were formalised following high-level talks between Minister for Economic Affairs Ahad Khan Cheema and an IsDB delegation, led by Vice President Dr Rami Ahmad. The project agreements were officially signed by IsDB VP Dr Rami Ahmad and Economic Affairs Division Secretary Muhammad Humair Karim. Federal…

The Pakistan Stock Exchange (PSX) stretched its positive momentum on Tuesday, with the benchmark KSE-100 index rising by 860 points, or 0.46%, to close at an all-time high of 188,621.78 on the back of improved investor sentiment. The market remained active throughout the session, supported by sustained buying interest. However, trading was marked by volatility, as the index moved between an intraday high of 188,958.38 and a low of 187,192.02. Despite intermittent profit-taking, the index managed to hold gains and finish in positive territory. Market sentiment remained constructive, underpinned by…