Islamabad | ReNews Pakistan
Oil and Gas Development Company Limited has signed an agreement with Canada’s Synergetic Oil Tools Inc. to deploy advanced technology aimed at improving production from Pakistan’s heavy crude oil fields.
Under the agreement, the Canadian company will deploy its Passive Energy Tool technology across OGDCL’s heavy oil wells. The technology is intended to improve the flow characteristics of highly viscous crude oil, enhance well performance and support more efficient production from technically challenging reservoirs.
The signing ceremony was held at OGDCL’s headquarters in Islamabad and was attended by Canadian High Commissioner to Pakistan Tariq Ali Khan as chief guest and OGDCL Managing Director and Chief Executive Officer Ahmed Hayat Lak.
Synergetic Oil Tools President and Chief Executive Officer Brian Herman joined the ceremony virtually. Senior representatives of OGDCL, the Canadian High Commission and the Canadian technology company were also present.
Heavy crude oil is more viscous than conventional crude, making it difficult to move consistently from the reservoir through the well and production system. Reduced flow, the accumulation of wax and other materials and additional pressure on production equipment can result in frequent maintenance, well interventions and production shutdowns.
The Passive Energy Tool technology has been designed to improve flow assurance in highly viscous crude oil wells. Its deployment is expected to reduce the frequency of workovers, minimise well downtime and improve the overall production performance of OGDCL’s heavy oil assets.
The technology is also expected to reduce reliance on chemicals used to maintain crude oil flow. Lower chemical consumption, fewer workovers and reduced production interruptions could help OGDCL cut operating costs while improving output from existing wells.
Ahmed Hayat Lak said the partnership reflected OGDCL’s commitment to adopting innovative technologies to address the production challenges associated with heavy oil reservoirs.
He said OGDCL would continue exploring collaboration opportunities with leading international technology providers to improve production efficiency and maximise recovery from mature and technically challenging oil fields.
Lak expressed confidence that the Passive Energy Tool technology would significantly reduce workover requirements and operating costs while improving overall production performance.
Canadian High Commissioner Tariq Ali Khan highlighted the importance of cooperation between Pakistan and Canada in the energy and critical minerals sectors. He said the introduction of the technology was expected to contribute to the development of Pakistan’s upstream oil industry.
OGDCL is Pakistan’s national oil and gas company and a leading operator in the country’s exploration and production sector. The company is focusing on advanced technologies and international partnerships to increase domestic hydrocarbon production, improve recovery from existing fields and strengthen national energy security.
The deployment of the Canadian technology forms part of this broader strategy. Successful implementation could help extend the productive life of mature and technically demanding fields while allowing the company to extract additional crude oil from existing wells and infrastructure.
The agreement between OGDCL and Synergetic Oil Tools represents an important international technology partnership for Pakistan’s upstream energy sector.
The collaboration is expected to improve heavy crude oil production while reducing workovers, well downtime, chemical consumption and operating expenses, supporting more efficient and sustainable development of the country’s oil resources.

Islamabad | ReNews Pakistan
Nayatel, a leading Pakistani telecommunications and information technology services provider, has signed a five year agreement with Zarai Taraqiati Bank Limited (ZTBL) to provide its cloud based business email solution, Nmail, marking another development in the adoption of locally hosted enterprise technology services by major financial institutions in Pakistan.

Under the agreement, ZTBL will migrate its business email services to Nayatel's cloud infrastructure located in Pakistan, enabling the bank to benefit from locally hosted enterprise communication capabilities, dedicated technical assistance and round the clock support.

The Nmail platform, powered by Zimbra and hosted on Nayatel Cloud, is designed to provide businesses and organisations with reliable email communication services while allowing their data to remain within Pakistan.

The partnership reflects growing demand among Pakistani financial institutions and corporate organisations for locally hosted digital solutions that combine operational reliability, technical expertise and greater control over institutional data.

According to details of the agreement, Nayatel will provide the technological infrastructure and technical support required to facilitate the bank's transition to its cloud based email platform.

The service will enable ZTBL to strengthen its institutional communication infrastructure while benefiting from local technical support and enterprise-level email management facilities.

Nmail is being positioned as a Pakistani alternative to international business email platforms, offering organisations access to professional communication services supported by domestic cloud infrastructure.

The platform provides business email hosting, communication management and technical assistance, while its local hosting model is intended to address the requirements of organisations seeking greater control over the location and management of their data.

The agreement is particularly significant for Pakistan's evolving enterprise technology market, where banks, financial institutions and large corporations are increasingly exploring domestic cloud service providers to support essential business operations.

Commenting on the agreement, Sheikh Wajid Mahmood, Executive Vice President of Sales and Marketing at Nayatel, said the partnership demonstrated ZTBL's confidence in the company's enterprise cloud capabilities.

He said Nayatel was pleased to support the bank's communication requirements through a locally hosted solution combining reliable infrastructure, dedicated technical support and data residency within Pakistan.

Mahmood emphasised that the agreement reflected the ability of domestic technology service providers to deliver enterprise communication solutions designed to meet the operational requirements of major organisations.

Inamullah Khattak, Senior Vice President of Public Relations and Media Services at ZTBL, highlighted the importance of reliable business communication in maintaining efficient banking operations.

He said dependable communication systems were essential to the bank's operations and expressed confidence that the partnership with Nayatel would help strengthen ZTBL's email services through local infrastructure and technical expertise.

The five year collaboration also provides Nayatel with an opportunity to expand its presence in Pakistan's financial services technology market and demonstrate the capabilities of its cloud-based enterprise communication solutions.

Nayatel is pursuing similar partnerships with other organisations as part of its efforts to expand the adoption of locally hosted business email and cloud services across different sectors.

The agreement represents a further step towards strengthening Pakistan's domestic digital services ecosystem, highlighting the growing role of locally hosted cloud infrastructure in supporting the communication and technological requirements of financial institutions and corporate organisations.

With increasing emphasis on data residency, operational reliability and responsive technical support, partnerships between financial institutions and domestic technology providers are expected to remain an important component of Pakistan's ongoing digital transformation.

Lahore | ReNews Pakistan

Lahore Chamber of Commerce and Industry (LCCI) President Ali Hussam Asghar has welcomed Prime Minister Shehbaz Sharif and the federal government's target of increasing financing for small and medium enterprises (SMEs) to Rs 2 trillion by June 2028, saying the initiative could help expand businesses, generate employment opportunities and accelerate economic activity across Pakistan.

In a statement issued on Thursday, the LCCI president said small and medium enterprises were a fundamental component of Pakistan's economy, with considerable potential to stimulate industrial and commercial activity, promote entrepreneurship, create employment and contribute to the country's export growth.

He emphasised that timely access to affordable financing was essential for the sustainable development of SMEs, as limited availability of institutional credit often restricted their ability to expand operations and improve business performance.

According to Ali Hussam Asghar, improved access to financing would enable small and medium businesses to invest in modern technologies, increase production capacity, enhance productivity and strengthen their competitiveness in domestic and international markets.

He appreciated the government's objective of expanding SME financing to 775,000 potential borrowers, observing that the initiative could improve financial inclusion and encourage more businesses to become part of the formal financial system.

The LCCI president highlighted recent developments in SME financing, stating that outstanding financing had increased from Rs 1.114 trillion in June 2026 to more than Rs 1.137 trillion by September 2026.

He said the number of SME borrowers had also increased to approximately 350,862, reflecting progress in extending formal financing facilities to small and medium enterprises.

Asghar stressed that achieving the Rs 2 trillion financing target by June 2028 would require coordinated efforts by the federal government, the State Bank of Pakistan, commercial banks, microfinance institutions, the Small and Medium Enterprises Development Authority (SMEDA) and the private sector.

He called for simplifying financing procedures and reducing unnecessary administrative complications that could discourage small businesses and startups from accessing formal credit facilities.

The LCCI president also underlined the importance of strengthening financial literacy among entrepreneurs to improve their understanding of available financing products, banking requirements and financial management practices.

He said greater use of digital platforms could help improve access to financial services, facilitate loan applications and make financing processes more convenient for businesses operating in different parts of the country.

Asghar further emphasised the need for financial institutions to develop practical and business oriented lending products tailored to the requirements of SMEs and startups.

He observed that the financing needs of small businesses often differed from those of large industrial enterprises, making it important for banks and other financial institutions to introduce appropriate lending solutions.

Improved access to affordable credit, he said, could support business expansion, facilitate investment in technology and machinery, improve productivity and create additional employment opportunities.

Lahore | ReNews Pakistan
McDonald's Pakistan marked 28 years of nationwide operations with a special partner appreciation event in Lahore, highlighting the contribution of local partners to the technological, logistical and supply infrastructure supporting its operations across the country.

The event, held at the McDonald's Etihad Town restaurant in Lahore, brought together leading domestic partners including Fresh & Freeze, Big Bird, Saima Packaging, Pronto Spaces, Packages Limited, Nurpur and the Zaman Foundation. The event recognised their contributions to modernising Pakistan's food technology, economic and supply ecosystem.

Over the past 28 years, meeting McDonald's stringent global specifications has driven significant technological improvements across the local value chain. Through continuous collaboration, technology transfer and quality auditing, local partners have contributed to strengthening the country's food and consumer goods supply infrastructure.

A key development has been the establishment of seamless temperature controlled cold chain logistics in collaboration with Fresh & Freeze, helping maintain product quality and safety throughout transportation and storage.

In collaboration with Big Bird and Nurpur, advanced biosecurity and farm to fork traceability protocols have also been developed. These systems support greater visibility across the supply chain while helping maintain food safety and quality standards from production to the final consumer.

The company has also worked with Packages Limited on sustainable, food safe barrier packaging designed to meet modern requirements for product protection, quality and sustainability.

McDonald's representatives highlighted that maintaining consistent standards across dozens of cities requires extensive technological and logistical collaboration with local partners. The company's 28 year journey was described as an acknowledgement of the engineering, logistical and technical expertise delivered by Pakistani partners on a daily basis.

According to the company, continuous technology transfer and quality auditing through these partnerships have helped elevate Pakistan's broader FMCG supply infrastructure and bring local capabilities closer to international benchmarks.

The partner appreciation event also highlighted the wider role of long term collaboration between multinational food companies and domestic businesses in developing modern supply chains, logistics systems, food safety practices and packaging solutions in Pakistan.

Islamabad | ReNews Pakistan
Transparency International Pakistan has urged Prime Minister Shehbaz Sharif to intervene over alleged regulatory violations relating to the transfer of a controlling stake in Jura Energy Corporation and its related entities.

In a letter to the Adviser to the Prime Minister, Transparency International Pakistan alleged that around 73.3% of Jura Energy Corporation’s controlling shareholding was transferred to IDL Investments Limited without obtaining the required prior approval from the Government of Pakistan.

The organisation referred to a show cause notice issued by the Directorate General Petroleum Concessions on July 18, 2025, concerning the transaction and alleged violations of the Pakistan Petroleum Exploration and Production Rules.

According to Transparency International Pakistan, the government is considering two options in relation to the matter. These include revoking the petroleum rights held by Jura subsidiaries Frontier Holdings Limited and Spud Energy Pty Limited, or issuing a warning followed by retrospective approval of the share transfer. The organisation has questioned the legal basis for the latter option.

Transparency International Pakistan has called for an independent inquiry into who proposed the warning and retrospective regularisation option, what legal authority supported the proposal and whether the relevant legal opinion was accurately presented to the Economic Coordination Committee.

The organisation has also sought an examination of tax, capital gains tax, withholding tax and other fiscal clearances associated with the transaction. It said the deal involved approximately C$1.266 million, equivalent to around Rs316 million, and raised questions over the applicability of capital gains and withholding taxes.

Transparency International Pakistan also cited Rules 68(d) and 69(d) of the Pakistan Petroleum Exploration and Production Rules, which deal with changes in effective control and the disposition of share capital without prior government consent.

The Petroleum Division’s July 2025 show cause notice sought information from Jura Energy, Frontier Holdings and Spud Energy regarding their shareholding structures before and after the March 6, 2025 transfer. It also sought details concerning changes in management or control, regulatory disclosures and the tax treatment of the transaction.

The notice further asked whether IDL Investments had exercised shareholder or voting rights that affected the operations or governance of the two subsidiaries.

Jura Energy, in a statement issued on September 18, 2026, said the March 2025 share transfer did not require prior government consent under the applicable petroleum rules. The company said its position was supported by an independent legal opinion from a Pakistani lawyer and maintained that it had complied with applicable laws, regulations and contractual obligations.

Jura Energy also said reports regarding possible revocation of its petroleum rights did not represent a confirmed government decision.

Transparency International Pakistan has nevertheless urged the government to ensure that any action in the matter is taken in accordance with the law and that responsibility is established if statutory requirements were bypassed.

Lahore | ReNews Pakistan
The Competition Commission of Pakistan (CCP) has approved the acquisition of shares in Masood Textile Mills Limited by UAE-based Velora Global Ventures F.Z.C., clearing the transaction after a Phase I competition assessment under the Competition Act, 2010.
The approved transaction involves the purchase of shareholding from two Chinese companies — Shanghai Challenge Textile Company Limited and Zhejiang Xinao Industry Company Limited — under a Share Purchase Agreement.
Velora Global Ventures is registered with the Ajman Free Zone Authority in the United Arab Emirates and operates in wholesale trading of textiles and clothing as well as commercial brokerage activities outside Pakistan.
Its associated companies, Gulf Textile Sourcing F.Z.C. and Zara Textile Trading F.Z.C., are engaged in international textile sourcing and trading, customer development and order coordination, giving the group an established presence in global textile supply chains.
Masood Textile Mills is a publicly listed Pakistani textile manufacturer involved in the production and sale of cotton and synthetic-fibre yarn, knitted and dyed fabrics, and garments.
During its Phase I review, the CCP examined whether the proposed acquisition could substantially lessen competition in relevant markets or create or strengthen a dominant market position.
The commission found that Velora Global Ventures had no pre merger market presence in Pakistan. It therefore concluded that the acquisition was not expected to materially change Masood Textile Mills’ existing output, domestic sales or overall market position.
The regulator also assessed the potential vertical relationship between Velora’s international textile trading activities and Masood Textile Mills’ manufacturing operations.
According to the CCP, the relationship did not raise competition concerns, while the transaction was also not expected to create significant barriers to entry or substantially increase the acquirer’s market power.
On the basis of its assessment, the commission authorized the acquisition under Section 31(1)(d)(i) of the Competition Act, 2010.
The approval clears the competition-law aspect of the transaction and allows the proposed share acquisition to proceed, subject to any other applicable regulatory or legal requirements.

Lahore | ReNews Pakistan
The Punjab Central Business District Development Authority (CBD Punjab) has opened Lahore Global Village in Johar Town for business activity, with premium retail shops and kiosks now available for lease.
CBD Punjab is marketing Lahore Global Village as a mixed lifestyle commercial destination designed to bring together retail, dining, entertainment and other commercial activities within a single development.
The authority has also announced an exclusive discount offer for prospective tenants, valid until October 15, 2026. The leasing campaign is aimed at attracting brands, dining establishments, retail outlets, entertainment businesses and lifestyle ventures to the development.
The launch of retail leasing marks a transition from the development phase toward active commercial occupancy and business activity. The project’s commercial performance will depend on its ability to attract tenants while generating sustained customer footfall and maintaining business activity over the longer term.
Prospective tenants are advised to obtain the latest leasing terms directly from CBD Punjab and verify rental rates, security deposit and advance payment requirements, maintenance charges, available shop and kiosk sizes, fit out conditions, permitted business categories, lease tenure and the exact terms of the discount offer ending October 15.
Located in Johar Town, Lahore Global Village is positioned within a significant residential, commercial and institutional corridor of the city, providing the development with access to an established urban market for retail and lifestyle businesses.

Karachi | ReNews Pakistan
ABS Developers has opened bookings for Burj Quaid, an 82 storey, 941 foot mixed use development in DHA City Karachi featuring residential apartments, corporate offices and retail spaces. A formal agreement between DHA City Karachi and ABS Developers for the project was signed in May 2026, with a reported development timeline of approximately six years.
According to the developer’s current official payment schedule, residential apartments are priced from Rs 26,999 per square foot. A 660 square foot one bedroom apartment is listed at approximately Rs 17.82 million, with a down payment of Rs 2.70 million, followed by 23 quarterly instalments and a final payment at handover.
A 5,315 square foot four bedroom apartment is listed at approximately Rs 143.50 million, with a down payment of Rs 21.50 million. The current official schedule states that the instalment plan starts from October 2026.
Corporate offices within Burj Quaid are priced at Rs 55,000 per square foot. A 400 square foot office is listed at Rs 22 million, while a 1,000 square foot office is priced at Rs55 million.
The current payment schedule also applies location and category premiums, with an additional 10% charge for a single category, 15% for a double category and 20% for a triple category. Categories include corner, boulevard facing and west open positions.
According to ABS Developers, apartments will be handed over with significant interior finishes rather than as bare shell units. These include floor tiles, wall paint, doors, bedroom wardrobes, kitchen cabinets, countertops, sanitary fittings, lighting fixtures and selected kitchen equipment.

Islamabad | ReNews Pakistan
IMARAT has reconfirmed August 14, 2027 as the planned opening date for Courtyard by Marriott Islamabad, a four star international hotel being developed in G 11 Markaz, Islamabad.
The latest update from the developer confirms the targeted operational date for the 200 suite hotel, which is expected to become a new addition to Islamabad’s growing hospitality sector.
According to IMARAT’s official project information, the G 11 development is financed by MCB Bank and the project does not offer any units for sale. This distinguishes it from some branded hospitality projects where individual hotel rooms or suites are offered as investment opportunities.
IMARAT has previously announced that Courtyard by Marriott Islamabad and Residence Inn by Marriott are planned to open on the same date, marking the entry of two international Marriott brands into Pakistan’s hospitality market.
The developer describes Courtyard by Marriott Islamabad as a four star hotel featuring 200 suites with views of the Margalla Hills. The project is positioned as a major hospitality development within the capital city.
Construction activity at the G 11 site has continued with structural progress and facade work observed during earlier project updates. The latest announcement provides a developer stated timeline for completion and commencement of hotel operations.
The addition of an internationally branded hotel is expected to enhance the commercial profile of G 11 Markaz by providing accommodation facilities for business visitors, corporate guests and leisure travellers.
IMARAT said the project reflects its focus on developing premium real estate and hospitality assets aligned with changing market requirements.