The Securities and Exchange Commission of Pakistan (SECP) has taken decisive action to cease the guarantee business of Crescent Star Insurance Limited (Crescent Star). This action was executed through a Direction under Section 60 of the Insurance Ordinance, 2000. According to an official press release issued on Thursday, Crescent Star had issued guarantees worth Rs. 229 billion without securing the requisite collateral or establishing valid reinsurance arrangements.
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OGDCL Enhances Oil Production from Pasakhi-5 Well
Karachi, December 26, 2024 – Oil and Gas Development Company Limited (OGDCL) announced on Thursday the successful revival and significant enhancement of oil production from the Pasakhi-5 Well, situated in District Hyderabad, Sindh. This development marks another milestone in OGDCL’s efforts to strengthen Pakistan’s energy sector.
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PPL Announces Significant Gas Discovery in Jamshoro, Sindh
Karachi, December 24, 2024 – Pakistan Petroleum Limited (PPL) announced a major gas discovery in the Jamshoro district of Sindh Province, marking a promising development for the nation’s energy sector.
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OGDCL Revives Dars West-2 Well, Boosting Hydrocarbon Output
Karachi, December 24, 2024 – The Oil and Gas Development Company Limited (OGDCL) has successfully revived hydrocarbon production from the Dars West-2 Well by tapping into a new interval, the B-Sand of the Lower Goru Formation. This significant milestone showcases OGDCL’s innovative approach and its commitment to enhancing hydrocarbon recovery through advanced, rigless interventions.
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Attock Cement Parent Company Explores Strategic Sale Options
Karachi, December 18, 2024 – M/s. Pharaon Investment Group Limited (Holding) S.A.L., Lebanon, the parent company of Attock Cement Pakistan Limited, has announced plans to re-evaluate its long-term strategic options regarding its investment in Pakistan’s cement sector. This includes the possibility of selling its stakes in Attock Cement.
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OGDCL Optimizes Rajian Field, Enhances Oil Output
Karachi, December 16, 2024 – Oil and Gas Development Company Limited (OGDCL) has successfully restored production at a heavy oil well located within its Northern Region field, marking a significant milestone in the company’s efforts to enhance output and operational efficiency.
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IMC Temporarily Suspends Operations for Annual Maintenance
Karachi, December 13, 2024 – Indus Motor Company Limited (IMC) has announced a temporary shutdown of its production facility to conduct its annual maintenance activities. The announcement was made on Friday, with IMC informing the Pakistan Stock Exchange (PSX) about the scheduled maintenance at its manufacturing and assembly plant.
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Symmetry Group to Transform PBA’s Digital Channels
Karachi, December 12, 2024 – The Pakistan Banks Association (PBA) has appointed Symmetry Group Limited to spearhead the transformation of its digital channels, aiming to modernize and enhance its digital presence.
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Chinese Firm Explores JV for Tyre Manufacturing in Pakistan
Karachi, December 10, 2024 – A Chinese company has taken a significant step toward fostering industrial collaboration by exploring a joint venture (JV) to manufacture tyres in Pakistan.
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Engro Corp to Amalgamate With PMCL in Strategic Partnership
Karachi, December 6, 2024 – Engro Corp has announced a significant step toward enhancing its telecommunications portfolio by entering into an amalgamation agreement with Pakistan Mobile Communication Limited (PMCL). This scheme of arrangement, subject to the sanction of the High Court, marks a major milestone in Engro’s strategic initiatives.
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