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.

Faisalabad | ReNews Pakistan
J.K. Spinning Mills Limited has completed the addition of eight megawatts of solar power generation capacity as part of its strategy to reduce energy costs, improve efficiency and strengthen the long term sustainability of its manufacturing operations.
In a material information disclosure submitted to the Pakistan Stock Exchange, the company said the additional solar capacity would help meet its energy requirements while reducing environmental pollution. The disclosure was issued under Section 96 of the Securities Act 2015 and the relevant Pakistan Stock Exchange regulations.
The company said the strategic investment would enhance energy efficiency, generate significant cost savings and improve the long term operational sustainability of its business. The expansion forms part of its broader commitment to increasing reliance on clean and renewable energy.
J.K. Spinning Mills said it aims to reduce its carbon footprint, promote environmentally responsible operations and contribute to a more sustainable future while creating long term value for its stakeholders. The additional solar capacity is expected to reduce the company’s exposure to electricity supplied through conventional and comparatively expensive energy sources.
Textile manufacturing requires a continuous supply of electricity across spinning, weaving, processing and stitching operations. Fluctuations in energy prices and interruptions in power supply can affect production costs, export competitiveness and the timely completion of customer orders.
Against this background, expanding captive solar generation represents both an environmental initiative and a business measure intended to control operating expenses and reduce energy related risks.
In February 2026, the company’s board had approved a plan to install a 7.5 MW solar power system at an estimated cost of Rs442 million. At the time, J.K. Spinning Mills said the investment formed part of its longer term planning to lower electricity expenses and support environmentally sustainable practices.
The latest disclosure did not state the cost of the completed eight megawatt addition, its specific installation location or the company’s total solar generation capacity following the expansion. It confirmed, however, that the new capacity would be used to meet energy requirements and reduce the environmental impact of its operations.
J.K. Spinning Mills is a Pakistan Stock Exchange listed textile manufacturer engaged in the production and trading of yarn, fabrics and related textile products. Its integrated operations include spinning, weaving, processing and stitching activities. The company has previously identified renewable energy investment as an important component of its operational strategy.
The solar system will allow the manufacturer to produce a greater share of its electricity internally during daylight hours. This could reduce the amount of power purchased from the national grid, lower its average energy cost and limit the financial impact of future increases in electricity tariffs.

Energy expenditure is a major component of textile production costs. Reducing this expense can help a manufacturer manage product pricing, protect profit margins and remain competitive in domestic and international markets.

Greater reliance on solar energy will also support the company’s environmental objectives. Solar generation produces no direct carbon emissions during operation, allowing J.K. Spinning Mills to reduce the carbon intensity associated with its manufacturing activities.

The expansion may also improve operational resilience by diversifying the company’s energy mix. Although solar power cannot entirely replace grid or other captive generation sources, it can provide a predictable source of electricity during daylight production hours and reduce dependence on conventional fuels.

Pakistan’s textile manufacturers have increasingly invested in renewable energy as they seek to manage high electricity costs, improve supply reliability and respond to environmental requirements in international markets. The J.K. Spinning Mills project reflects this broader shift towards linking sustainability investments with measurable reductions in operating costs.

The company expects the eight megawatt addition to strengthen energy efficiency, support cost savings and provide greater stability to its manufacturing operations over the long term.

According to the PSX disclosure, the investment is ultimately intended to expand the use of clean energy while generating sustainable, long term value for shareholders and other stakeholders.

Islamabad | ReNews Pakistan
Pakistan’s cement industry recorded a strong recovery in domestic sales during July 2026, with total dispatches increasing by 6.02 percent year on year despite a sharp contraction in exports.
According to data released by the All Pakistan Cement Manufacturers Association (APCMA), total cement dispatches reached 4.476 million tons in July 2026, compared with 4.222 million tons in the corresponding month of the previous year.
The increase was primarily driven by robust local demand, which helped offset weaker export performance at the beginning of the 2026-27 fiscal year.
Domestic cement sales rose by 17.28 percent to 3.771 million tons, compared with 3.215 million tons in July 2025. The growth indicates an improvement in construction activity and higher demand from housing, infrastructure and commercial development projects across the country.
However, cement exports declined by 29.95 percent to 705,341 tons, compared with 1.007 million tons in the same month last year. The fall in overseas shipments limited the overall growth of the cement sector during the month.
Region-wise data showed that cement manufacturers operating in the northern part of the country dispatched 3.092 million tons during July 2026, registering an increase of 9.46 percent from 2.825 million tons in July last year.
Domestic dispatches by north-based cement mills rose sharply by 19.25 percent to 3.092 million tons. However, these manufacturers recorded no exports during July 2026, compared with overseas shipments of 231,985 tons in the same month of the previous year.
Cement mills operating in the southern region dispatched 1.383 million tons during the month, reflecting a marginal decline of 0.95 percent year on year.
Despite the overall reduction in southern dispatches, domestic sales by south-based manufacturers increased by 9.07 percent to 678,147 tons. Their exports, meanwhile, declined by 8.98 percent to 705,341 tons.
The figures highlight a widening contrast between Pakistan’s improving domestic cement market and the continuing pressure on the industry’s export business.
An APCMA spokesperson said local cement consumption could grow further if the government reduced duties and taxes imposed on the commodity. The association maintained that cement should be treated as an essential construction material rather than a luxury item.
Industry representatives believe lower taxes could reduce construction costs, encourage private investment and support housing and infrastructure development across the country.
The association also urged the government to introduce relief measures for the reconstruction and rehabilitation of areas affected by heavy monsoon rains. It said rebuilding damaged homes, roads and public infrastructure could generate additional construction activity while supporting cement demand.
Cement manufacturers remain cautiously optimistic that continued domestic development activity, reconstruction projects and possible fiscal relief could sustain sales growth in the coming months. However, the sharp decline in exports remains a major concern for the industry, particularly for producers dependent on regional and international markets.

Lahore | ReNews Pakistan
Punjab Chief Minister Maryam Nawaz Sharif has digitally inaugurated Nestlé’s biomass steam plant at its Sheikhupura factory as part of efforts to combat environmental pollution and smog across the province.
The state of the art facility has been established with an investment of approximately $4.5 million.
Officials said the environment friendly project would provide a sustainable alternative to the burning of crop residue and promote energy generation through the efficient use of agricultural waste.
The plant will use nearly 72,000 tonnes of agricultural residue as fuel every year and has the capacity to produce 30 tonnes of steam per hour.
The project is expected to generate annual fuel savings of around $2.15 million while reducing carbon dioxide emissions by approximately 24,345 tonnes per year. The biomass steam plant forms an important part of Nestlé’s environmental sustainability programme.
By discouraging the open burning of crop residue, the project is expected to help improve air quality and support efforts to reduce smog.
Chief Minister Maryam Nawaz was also given a detailed briefing on Nestlé’s operations in Pakistan and its environmental initiatives.
She appreciated the company’s public service and environmental efforts, describing the biomass steam plant as a notable example of circular economy practices and renewable energy development in Pakistan.
The chief minister said the initiative was fully aligned with the Punjab government’s priorities of environmental protection, cleaner air and sustainable industrial development.
She added that the provincial government would continue to extend full support for climate improvement initiatives and that its doors remained open to Nestlé and all other organisations working for environmental protection and sustainable development.

Riyadh | ReNews International Desk News
Jabal Omar Development Company, which develops major hotel, commercial and mixed use projects in Makkah, returned to quarterly profitability, sending its shares 2.5 percent higher on the Saudi stock market.
The company reported a net profit of SAR 158.13 million for the second quarter of 2026, covering the period from April to June. This compared with a net loss of approximately SAR 42.06 million during the same quarter last year.
Data from the Saudi Exchange showed that Jabal Omar’s share price increased by SAR0.40 to close at SAR 16.40, representing a gain of 2.5 percent from the previous trading session. More than 5.5 million shares changed hands during the session.
The company also recorded stronger revenue during the first half of the year. Total revenue increased by 16 percent to SAR 1.454 billion in the six months ending June 30, compared with SAR 1.249 billion during the same period in 2025.
Jabal Omar said the improvement was supported by the performance of recently opened hotels, the launch of the Rotana Hotel, demand during the Hajj season and continued interest from domestic travellers.
Revenue from the company’s hotel business increased by 17 percent to SAR 1.339 billion during the first half of 2026. The average number of available hotel rooms rose by 11 percent, while overall occupancy remained broadly stable at 73 percent. Revenue per available room increased by 7 percent to SAR 948.
Adjusted earnings before interest, taxes, depreciation and amortisation increased by 15 percent to SAR 793 million. Finance costs declined by 31 percent, supported by debt repayments, lower borrowing costs and refinancing measures.
Although total net profit for the first half remained below the amount recorded a year earlier, the company said the previous year’s results included a major one off gain from the sale of land. Excluding such non recurring items, the latest results indicated improvement in the performance of hotels, commercial centres and newly opened assets.
Market observers said the return to quarterly profit and the increase in operating revenue provided a positive signal for investors. The 2.5 percent rise in Jabal Omar’s shares following the announcement reflected stronger market confidence in the company’s improving financial position.

New York | ReNews International Desk News
Brookfield Properties has changed its name to BGRE as part of a global rebranding of its real estate platform.
The company said the new identity had taken effect immediately and was designed to provide a clearer representation of its continued growth, broad real estate operations and expanding presence across international markets.
The name change will not affect the company’s existing operations, projects or personnel. BGRE will continue to operate with the same teams, business structure and long term approach that have supported Brookfield Properties for several decades.
A company representative also clarified that BGRE is not an abbreviation formed from the initial letters of a longer company name. Instead, it has been introduced as a new market facing identity for the global real estate business.
BGRE develops and operates offices, logistics facilities, hotels, homes and retail destinations across major international markets. Its portfolio also includes large mixed use developments that combine workplaces, residential properties, shopping, hospitality and public spaces within a single destination.
According to the company’s new website, BGRE manages more than 330 million square feet of real estate across over 1,400 properties worldwide. The platform employs more than 2,000 people and operates across five continents.
The company said the new brand represented the next stage of its development while retaining the values, operating discipline and long term perspective that have shaped its business for more than 70 years.
BGRE will continue to develop and manage real estate for businesses, institutional investors and other partners across different markets and property sectors.
Brookfield’s real estate platform has expanded its activities outside the United States in recent years, with growing attention being given to investment and development opportunities in Asia Pacific and the Middle East. The company also maintains a presence in major cities including New York, London, Dubai, Sydney, Toronto, Shanghai and Berlin.
Market observers said the rebranding could help bring the company’s different property businesses under a clearer global identity. It is also expected to provide investors, corporate tenants and development partners with a more consistent view of the scale and international reach of the platform.

Karachi | ReNews Pakistan
BankIslami Pakistan Limited has announced the sale of residential and commercial properties located in different cities through a public auction. According to an advertisement issued by the bank, the properties will be sold in their existing condition and on the basis of the available legal documentation.
Interested buyers have been directed to submit sealed bids, along with the required documents and prescribed earnest money, to the designated bank office by 5:00 pm on August 10, 2026. Offers received after the deadline will not be considered.
The properties offered for auction include two sites in Multan. One covers an area of 23 kanals, while the other measures 8 kanals and 7 marlas. A third property is located in Faisalabad and has a reported area of 76 kanals and 9 marlas.
According to the advertisement, prospective bidders may inspect the properties during office hours after obtaining prior permission from the relevant bank officials. The successful bidder will be required to pay the outstanding amount and other applicable charges within the stipulated period.
All government taxes, registration fees, transfer charges and other related expenses will be borne by the buyer. BankIslami has also reserved the right to accept or reject any offer without assigning a reason. Further information regarding the auction may be obtained through the contact numbers provided in the advertisement.

Mumbai | ReNews International Desk News
Indian mining and metals major Vedanta Limited has approved a proposal to separate its non core real estate undertaking from its principal operations and transfer it to Vedanta Property Platforms Limited, a dedicated company intended to become an independently listed real estate platform.
The decision was approved by Vedanta’s board as part of a wider strategy to unlock the value of surplus land, buildings and property interests accumulated across India. These assets have remained within the company’s operating businesses, limiting their independent visibility, specialised management and development potential.
Vedanta’s detailed portfolio presentation shows that the proposed transaction covers 22 assets comprising 14 land parcels measuring approximately 2,264 acres and eight residential and office units covering about 53,185 square feet. The company’s initial announcement described the portfolio as approximately 2,200 acres of industrial land and nearly 55,000 square feet of residential and commercial property.
The properties are located across Gujarat, Tamil Nadu, Maharashtra, Karnataka and Goa. The portfolio includes six land parcels in Tamil Nadu, three land parcels, one building and five flats in Maharashtra, five assets in Goa and one land parcel each in Gujarat and Karnataka.
Following the proposed separation, Vedanta Property Platforms Limited will operate as a focused real estate company with powers to develop, construct, reconstruct, renovate, improve, manage, lease, license and monetise land and buildings.
The company will be permitted to undertake residential, commercial, retail, industrial, hospitality, mixed use and infrastructure related developments. Its potential areas of activity also include industrial and manufacturing parks, food processing and agro industrial parks, logistics and warehousing facilities, data centres, digital infrastructure and information technology business campuses.
Vedanta said the dedicated platform would allow each property to receive specialised management and a more transparent standalone valuation. It is also expected to improve access to real estate investors, institutional capital, lenders, development partners and specialist management expertise.
Under the proposed share entitlement ratio, Vedanta shareholders will receive one share in Vedanta Property Platforms Limited for every 20 shares held in Vedanta Limited. The resulting company is proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange of India.
The separation will be carried out through a scheme of arrangement and will require approval from the National Company Law Tribunal, stock exchanges, the Securities and Exchange Board of India and other relevant authorities. Vedanta expects to begin the stock exchange filing process in August 2026, while completion is targeted during the 2027-28 financial year, subject to approvals.
Vedanta Property Platforms Limited is currently a wholly owned subsidiary of Vedanta. Once the scheme becomes effective, shares in the new company will be issued proportionately to Vedanta shareholders and the shares currently held by Vedanta and its nominees in the subsidiary will be cancelled.
The restructuring is intended to allow Vedanta’s main management to retain its focus on metals, mining and natural resources while a separate leadership team oversees the development and monetisation of the property portfolio. Revenue may be generated through development, leasing, joint ventures, strategic partn…