Business
Wafi Energy may invest up to $100m in Pakistan in 2–3 years | The Express Tribune
ISLAMABAD:
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Monday said sustaining macroeconomic stability and strengthening foreign exchange buffers were central to restoring investor confidence, as Wafi Energy Pakistan Ltd indicated it was considering investments of up to $100 million in Pakistan over the next two to three years.
According to a statement issued by the Ministry of Finance, the meeting was held at the Finance Division with a delegation of Wafi Energy Pakistan Ltd led by Javaid Akhtar, Chief Finance Officer of Asyad Group and a board member of Wafi Energy Pakistan Ltd. The delegation also included Zubair Shaikh, Chief Executive Officer, and Zarrar Mahmud, Chief Finance Officer, Wafi Energy Pakistan Ltd. The discussion reviewed the company’s existing operations, its investment outlook and broader issues affecting the oil marketing and energy sector.
The finance minister said sustained macroeconomic stability remained the cornerstone of the government’s economic strategy and was essential for maintaining and deepening investor confidence. He said recent improvements in foreign exchange availability reflected the impact of macroeconomic discipline and reforms, adding that stronger external buffers would allow smoother facilitation of legitimate business transactions, including dividend repatriation and cross-border payments.
Aurangzeb said improving macroeconomic indicators were already translating into greater confidence among domestic and foreign investors and described these trends as fundamental to a healthy investment climate. He added that stronger participation by local investors helped reinforce foreign investment inflows and contributed to broader market confidence.
The meeting also discussed the role of public-private partnership models and structured finance in delivering large-scale infrastructure projects. The finance minister said experiences at the provincial level had demonstrated the potential of such approaches and underlined the need to encourage structured finance solutions and deeper engagement with the banking sector to support infrastructure development.
The Wafi Energy delegation said the company had benefited from improved operating conditions amid greater macroeconomic stability and shared its intention to expand its retail and storage footprint over the coming years. The delegation said the outlook had improved following greater predictability in the operating environment and noted growing interest among international and regional stakeholders in expanding engagement with Pakistan. The delegation briefed the minister on the company’s current operations, saying Wafi Energy Pakistan Ltd operated an extensive nationwide retail network supported by ongoing investments in modernisation and efficiency. It said improved macroeconomic conditions had enabled the company to resume and scale up investment activity following recent business integration.
Wafi Energy Pakistan Ltd informed the minister that it was considering potential investment of up to $100 million over the next two to three years to expand its retail footprint and storage capacity. The planned investments would focus on network growth, infrastructure development and technology-driven improvements aimed at strengthening supply resilience, improving service standards and contributing to long-term growth of Pakistan’s energy sector. The delegation said the company had undertaken significant digitisation initiatives across its operations as part of a broader modernisation strategy, citing efforts to improve transparency, operational efficiency and regulatory compliance.
Industry-related issues were also discussed, with the delegation emphasising the importance of a stable, transparent and predictable policy framework for long-term investment decisions in the oil marketing sector. It said clarity and consistency across regulatory, fiscal and operational domains were critical for sustaining investment momentum in a capital-intensive and highly regulated industry.
The delegation raised fiscal and taxation-related considerations and stressed the need for a clear and consistent framework to support business planning and investment confidence. It said continued engagement between the government and industry stakeholders would help align policy measures with broader reform and investment objectives.
Aurangzeb reaffirmed the government’s commitment to privatisation and outsourcing as a core policy direction, saying the private sector was better positioned to manage and operate commercial assets efficiently. He said recent privatisation initiatives had attracted strong investor interest and that future transactions would follow transparent, competitive and well-publicised processes.
The minister also highlighted digitisation as a national priority, noting uneven progress across sectors. He said firm policy measures were required to accelerate implementation and ensure transparency and regulatory oversight, adding that sector-related matters would be reviewed with relevant ministries and regulators.
Aurangzeb referred to ongoing high-level engagement with international partners, including Saudi Arabia, and said reforms, privatisation, digitisation and investment facilitation formed interconnected pillars of the government’s economic agenda.
Business
Saudi Arabia pumps 7 million bpd via east-west pipeline amid Hormuz disruption – The Times of India
Saudi Arabia has brought its East-West pipeline into full operation, pushing 7 million barrels of oil a day through the route as it works to maintain supplies following the effective shutdown of the Strait of Hormuz, a person familiar with the matter said. The pipeline, which runs across the kingdom to the Red Sea, has become central to efforts to keep exports moving. Oil shipments are now being rerouted to Yanbu, where tankers are loading crude for international markets, offering a crucial alternative at a time when the main passage has been disrupted, Bloomberg reported. According to the person cited by the agency, crude shipments from Yanbu have reached about 5 million barrels a day. In addition, between 700,000 and 900,000 barrels a day of refined products are being exported. Of the total volume transported via the pipeline, around 2 million barrels a day is directed to domestic refineries.Though, even at full capacity, the route does not fully replace the volumes previously shipped through Hormuz, which handled roughly 15 million barrels a day before the war, the availability of this alternative has helped limit the extent of price increases compared to earlier supply disruptions. Market concerns are now shifting towards the Red Sea after Yemen’s Houthis said they are entering the war. While there has been no indication of plans to target vessels passing through the Red Sea or the Bab El-Mandeb strait, the group has in the past threatened shipping in the region using drones and missiles. Saudi Arabia had long prepared for a scenario in which Hormuz could be shut. Its contingency plan was put into action within hours of the first US and Israeli strikes on Iran, with flows along the east-west pipeline increasing steadily since then. The pipeline stretches more than 1,000 kilometres (620 miles) from oil-producing regions in the east of the country to Yanbu on the Red Sea coast. It was originally developed in response to risks highlighted during the 1980s Iran-Iraq war, when tanker attacks disrupted movement through the Strait, though the current situation has led to a near-closure on a scale not seen before.
Business
From office desks to dark streets: How the oil crunch is reshaping daily life in different nations – The Times of India
A month into the Middle East conflict, its ripple effects are felt across economies worldwide. The crisis was triggered on February 28, when the United States and Israel launched joint strikes on Iran, setting off a chain of events that has tightened Tehran’s grip over the strategically vital Strait of Hormuz. This narrow sea passage, linking the Persian Gulf with the Gulf of Oman and the Arabian Sea, remains one of the world’s most critical energy routes. At its narrowest, it spans just 29 nautical miles, with limited navigable channels for shipping.Carrying around 20 million barrels of oil daily, nearly a quarter of global seaborne trade, any disruption here has far-reaching consequences. As supplies come under strain, countries are scrambling to manage the fallout while cushioning consumers through a mix of policy responses. While some have raised fuel prices, others restructured taxes to protect consumers.
Vietnam
Vietnam consumers have breathed a sigh of relief as the country has lowered fuel prices. Faced with a sharp spike in fuel costs, Vietnam rolled out emergency measures to bring costs under control. Authorities have suspended environmental protection taxes on petrol, diesel and aviation fuel until mid-April, in a bid to steady the domestic market. The trade ministry described the step as “an urgent and effective solution to stabilize the petroleum market and ensure national energy security amidst the escalating conflict in the Strait of Hormuz, which is creating the ‘biggest energy bottleneck ever’.” The move has led to a steep fall in prices, with petrol dropping by roughly 26% and diesel by more than 15% after earlier surges.
Venezuela
In Venezuela, prolonged high temperatures have intensified pressure on an already strained power system, prompting the government to scale back activity. Interim president Delcy Rodriguez announced a week-long suspension of work across the public sector, including education, as part of an electricity-saving drive. “During this Holy Week, I want to announce that I have decreed days off on Monday, Tuesday, Wednesday, Thursday and Friday for the entire education sector,” she said, adding that the country had endured “45 days of high temperatures.” While essential services will remain operational, the step reflects ongoing challenges in managing electricity demand.
India
In India, the government has taken a range of steps to cushion consumers and companies from the ongoing energy supply crisis. With refining costs climbing sharply, the government reduced excise duty on petrol and diesel by Rs 10 per litre each, despite the impact on state revenues. At the same time, export duties were introduced on diesel and aviation turbine fuel to manage supply pressures. Officials insisted there is no shortage of petrol, diesel or LPG, dismissing claims of disruption as a “coordinated misinformation campaign.” Domestic LPG availability remains stable, with production increased and states asked to expand commercial distribution.
Pakistan
Pakistan is facing mounting pressure from rising fuel costs, with the government adjusting prices selectively while trying to shield consumers. Kerosene prices have been increased by PKR 4.66 per litre to PKR 433.40, effective March 28, even as petrol and diesel rates remain unchanged at PKR 321.17 and PKR 335.86 per litre. Authorities said the decision aims to protect consumers from global price swings, with the state absorbing part of the burden through payments of PKR 95.59 per litre on petrol and PKR 203.88 per litre on diesel to oil marketing companies.At the same time, aviation fuel prices have surged sharply, rising for the fifth time in 28 days. A latest increase of PKR 5 per litre has pushed jet fuel to a record PKR 476.97 per litre, up from PKR 188 at the start of March — a jump of PKR 288. Airlines have already raised fares, with domestic one-way tickets on routes such as Karachi-Islamabad and Karachi-Lahore reaching up to PKR 40,000, while “chance seat” fares have surged by as much as 150%. Amid these pressures, work patterns are also adjusting in response to the energy strain, with measures aimed at reducing overall fuel consumption forming part of the wider response.
Egypt
Egypt has introduced a series of temporary restrictions to reduce energy consumption as fuel costs climb. Retail outlets, restaurants and cafes are now required to shut by 21:00 each night, alongside measures such as reduced street lighting and limited remote working. The government termed these “exceptional measures” in response to mounting pressure on energy supplies. Egyptian PM Mostafa Madbouly said that the country’s petrol expenditure had more than doubled in recent months. Although tourism-related businesses are exempt, the wider economy is feeling the strain, particularly due to reliance on imported fuel.
Sri Lanka
Sri Lanka is tightening energy use as supply disruptions continue to strain the country’s fuel system. With around 60 percent of its energy imported and limited reserves covering barely a month, authorities have reintroduced a QR-based rationing system. Weekly limits have been set, including eight litres for motorbikes, 20 for tuk-tuks, 25 for cars, 100 litres of diesel for buses and 200 for lorries. Fuel prices have also risen by about 33 percent since the start of the war, adding pressure on households.To curb consumption, the government has introduced a no-work-on-Wednesday policy, shutting offices and schools on that day. Alongside fuel shortages, Sri Lankan citizens are also struggling with disrupted fertiliser supplies which could push food prices higher, with estimates pointing to a potential 15% increase, further compounding the cost-of-living strain.
Business
India opposes China-led IFD pact’s inclusion; flags risks to WTO framework and core principles – The Times of India
India on Saturday said it has strongly opposed the China-led Investment Facilitation for Development (IFD) Agreement being incorporated into the World Trade Organisation (WTO) framework, flagging concerns over its systemic implications, PTI reported.The issue was raised at the ongoing 14th ministerial conference (MC14) of the WTO in Yaounde, Cameroon, where Commerce and Industry Minister Piyush Goyal said such a move could weaken the institution’s foundational structure.“Incorporation of the IFD agreement risks eroding the functional limits of the WTO and undermining its foundational principles,” Goyal said in a social media post.“At #WTOMC14, drawing inspiration from Mahatma Gandhi ji’s philosophy of Truth prevailing over conformity, India showed the courage to stand alone on the contentious issue of the IFD Agreement and did not agree to its incorporation into the WTO framework as an Annex 4 Agreement,” he said.Annex 4 of the WTO Agreement contains Plurilateral Trade Agreements that are binding only on members that have accepted them, unlike multilateral agreements which apply to all members.Goyal said that as part of WTO reform discussions, members are deliberating on guardrails and legal safeguards for plurilateral agreements before integrating any such outcomes into the framework.“In view of the systemic issue at hand, India showed openness to have good faith, comprehensive discussions and constructive engagement under the WTO Reform Agenda,” he added.India had also opposed the pact during the WTO’s 13th ministerial conference (MC13) in Abu Dhabi.The Investment Facilitation for Development proposal was first mooted in 2017 by China and a group of countries that rely significantly on Chinese investments, including those with sovereign wealth funds. The agreement, if adopted, would be binding only on signatory members.
-
Business1 week agoFlipkart group CFO to leave co amid IPO plans – The Times of India
-
Sports1 week agoRating Adidas’ 2026 World Cup away shirts: Argentina, Spain, Mexico and more
-
Fashion1 week agoChina’s textile & apparel exports surge 17% to $50 bn in Jan-Feb 2026
-
Sports1 week agoAmerican Conference Commissioner Tim Pernetti thanks Trump for Army-Navy game executive order
-
Tech1 week ago
The Corsair 4000D RS PC Case Keeps Your System Cool
-
Tech1 week agoGamers Hate Nvidia’s DLSS 5. Developers Aren’t Crazy About It, Either
-
Sports1 week agoHow to watch 2026 NCAA swimming and diving championships
-
Business5 days agoProperty Play: Home flippers see smallest profits since the Great Recession, real estate data firm says
