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PIA to be run by Arif Habib-led consortium by April 2026 | The Express Tribune

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PIA to be run by Arif Habib-led consortium by April 2026 | The Express Tribune


The national flag carrier, Pakistan International Airlines (PIA), is expected to be run by a new owner from April 2026. It will also receive fresh capital under a deal to privatise the airline, the country’s privatisation chief said on Wednesday.

A consortium headed by the Arif Habib Corporation emerged as the top bidder on Tuesday, in a live-televised auction for a 75% stake in PIA. This marks a breakthrough for the government’s long-delayed privatisation of the carrier.

The consortium offered Rs135 billion, surpassing the government’s reserve price of Rs100 billion – a turnaround from last year’s failed sale attempt.

Read: Govt finally cuts loose ‘white elephant’ PIA

Adviser to the Prime Minister on Privatisation, Muhammad Ali, told Reuters in an online interview that the state expects a new owner to be running the airline by April next year. The process moves to final approvals by the Privatisation Commission board and cabinet, expected within days, with contract signing likely within two weeks.

Financial close is also expected after 90 days to meet regulatory and legal conditions.

Ali said the government would receive Rs10 billion, in cash, upfront, retaining a 25% stake valued at around Rs45 billion. The deal was structured to inject fresh capital into the airline rather than simply transfer ownership, he said.

“We did not want a situation where the government sells the airline, takes its money, and the company still collapses,” Ali said. The winning consortium also comprises fertiliser maker Fatima, private school network City School and real estate firm Lake City Holdings Limited.

Ali said Fauji Fertiliser Company, a military-run conglomerate, did not bid but could still join the winning consortium as a partner, noting the buyer can add up to two partners – including a consortium partner or a foreign airline – if they meet the qualifying criteria.

Allowing partners adds financial strength and could bring global aviation expertise, he said.

IMF pressure

Ali said safeguards, including retained earnest money and an additional payment on signing, would allow the government to move to the second-highest bidder if the deal fails to close.

On labour, he said the buyer must retain all employees for 12 months after the transaction, with contracts unchanged, adding that the PIA workforce has already shrunk in recent years.

The sale is closely watched by the International Monetary Fund (IMF), which has pressed Pakistan to halt losses at state-owned enterprises. Ali termed the privatisation a key test of Pakistan’s reform credibility with the IMF, adding that failure to offload loss-making state firms risked renewed pressure on public finances.

He said closing the deal would signal momentum on reforms and privatisations, adding that the government was working through a pipeline of future transactions once PIA closes.



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Oil nears highest price since start of Iran war

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Oil nears highest price since start of Iran war



The US-Israel Iran war has halted almost all traffic in a key waterway and the price Brent crude has surged.



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Crunch talks between resident doctors and ministers set to continue

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Crunch talks between resident doctors and ministers set to continue



Crunch talks between resident doctors and the Government are set to continue in a bid to avert strike action.

Sir Keir Starmer has given the resident doctors committee of the British Medical Association (BMA) a deadline to reconsider a deal on pay and jobs which includes an offer of thousands of extra NHS training posts.

It is understood the proposal will be removed from the deal if resident doctors in England press ahead with a six-day strike from April 7 in a row over jobs and pay.

Dr Jack Fletcher, chairman of the resident doctors committee of the union, said: “It is wrong for Government to withhold desperately-needed jobs as part of negotiating tactics.

“Anyone who works in the NHS knows that patients need these 4,000 jobs created as soon as possible.

“We made that very clear to Government in our meetings today.

“We are not interested in arbitrary deadlines – we will be looking to get this dispute ended right up to the last minute.

“We believe there is a deal there to be done if Government is willing to withdraw the changes it made at the last minute that reduced the funding for pay rises. Talks continue.”

It comes as senior medics announced they were escalating their disputes with the Government.

Consultants and other senior doctors are to be balloted on industrial action after ministers announced they would be getting a 3.5% pay award.

Simultaneous ballots of consultants and specialist, associate specialist and specialty (SAS) doctors will run from May 11 until July 6.

Addressing resident doctors, Prime Minister Sir Keir Starmer wrote in The Times: “The truth is this: no-one benefits from rejecting this deal.

“Resident doctors will be worse off. Instead of improved pay, progression and support, they will receive the standard pay award this year, with none of the reforms that would have strengthened their working lives.”

The deal sets out a minimum of 4,000 new additional specialty posts to be delivered over the next three years.

NHS England boss Sir Jim Mackey confirmed the offer to expand training places will “come off the table” if an agreement is not reached.

The walkout, which is due to run from 7am on April 7 until 6.59am on April 13, will be the 15th round of strikes by resident doctors in England since 2023.

In a letter to health leaders, Mike Prentice, national director for emergency planning at NHS England, wrote: “We expect this round to be challenging as there is a shorter notice period, bank holidays within the notice period and the action itself falling during the Easter holidays.

“This will represent a significant strain on staffing resources to provide safe cover.”



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Iran oil returns: India set to receive first cargo in 5 years, tanker heads to Gujarat – The Times of India

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Iran oil returns: India set to receive first cargo in 5 years, tanker heads to Gujarat – The Times of India


India is set to receive its first shipment of Iranian crude oil since 2019, with a tanker carrying 600,000 barrels of oil en route to Gujarat following a temporary sanctions waiver by the US, according to PTI.Ship-tracking data indicates that the vessel Ping Shun is headed towards Vadinar port, marking a potential revival of Indo-Iran oil trade after nearly five years.“The Indo-Iranian oil trade has flickered back to life. Following the US administration’s decision to grant a 30-day window for Iranian oil “on the water” due to regional conflict, the vessel Ping Shun is now en route to Vadinar (in Gujarat) with 600,000 barrels of crude. This is the first such delivery since May 2019 and comes at a critical time for Indian refiners facing tightening inventories,” said Sumit Ritolia, Lead Research Analyst, Refining and Modelling at Kpler.The development follows Washington’s decision earlier this month to allow a 30-day window for the purchase of Iranian oil already at sea, aimed at easing global oil prices amid the ongoing US-Israel conflict with Iran. The window is set to expire on April 19.While the buyer of the cargo remains unidentified, Vadinar houses a 20 million tonnes per annum refinery operated by Rosneft-backed Nayara Energy and also serves as a landing point for crude supplies to inland refineries such as BPCL’s Bina unit.India’s oil ministry has so far maintained that any decision to resume imports from Iran will depend on techno-commercial viability.Before sanctions were tightened in 2018, India was among the largest buyers of Iranian crude, importing both Iran Light and Iran Heavy grades due to refinery compatibility and favourable pricing terms.Imports ceased in May 2019 after US sanctions were reimposed, with India shifting to alternative suppliers including the Middle East and the US. At its peak, Iranian crude accounted for 11.5 per cent of India’s total imports.India had imported about 518,000 barrels per day (bpd) of Iranian oil in 2018, which declined to 268,000 bpd between January and May 2019 during a sanctions waiver period before dropping to zero thereafter.“The Aframax Ping Shun (IMO 9231901) loaded with Iranian crude oil from Kharg Island in early March has emerged as the first vessel observed signalling a destination of Vadinar, India since May 2019, following sanction reimposition on Iranian oil by the first Trump administration,” Ritolia said.The tanker is estimated to have loaded around 600,000 barrels from Kharg Island around March 4 and is expected to reach Vadinar on April 4.An estimated 95 million barrels of Iranian oil are currently stored on vessels at sea, of which around 51 million barrels could be supplied to India, while the rest may be directed to China and Southeast Asian markets.However, payment mechanisms remain uncertain as Iran continues to be excluded from the SWIFT global banking system, complicating international transactions.Earlier, payments were routed in euros through Turkish banks, but that channel is no longer available following renewed sanctions restrictions.Iran was first disconnected from SWIFT in 2012 due to EU sanctions over its nuclear programme, with further disruptions in 2018 after the US reimposed sanctions, limiting its ability to receive payments and access foreign currency reserves.



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