Business
Qatar: Iran tanker hit in waterway, crowds mourn Khamenei
Two tankers were hit in the Strait of Hormuz on Tuesday, including an LNG carrier at risk of explosion, as huge crowds mourning Iran’s slain Supreme Leader Ayatollah Ali Khamenei thronged the holy city of Qom.
Qatar blamed Iran for the attack on a huge Qatari liquefied natural gas tanker, the Al Rekayyat, which reported being struck overnight by a drone that caused a fire in its engine room.
The crew were safe and being evacuated, but maritime security sources briefed on the incident told Reuters the fire on board could put the ship at risk of blowing up.
A Saudi-flagged crude oil tanker, believed to be the supertanker Wedyan, was also damaged off Oman’s coast, maritime security sources said. The cause was not immediately clear.
“Mayday mayday mayday. This is vessel Al Rekayyat, LNG vessel Al Rekayyat. We are being hit by drone on port side, top of engine room,” the Qatari tanker’s captain said in a recorded radio call reviewed by Reuters. “Status: engine room fire and full of smoke. Unable to assess further damage.”
Qatari foreign ministry spokesperson Majed Al Ansari called the incident an unacceptable attack on the security of international navigation and global energy supplies, and a clear violation of international law.
He called on Iran to immediately halt actions threatening regional security and maritime navigation, and said Tehran bore full legal responsibility for the attack and any resulting damage or consequences.
There was no immediate comment from Tehran, or any claim of responsibility. A U.S. official, speaking on condition of anonymity, said initial indications were that Iran had fired at two commercial vessels.
The incidents were the first reported attacks in the strait since mourning for Khamenei began last week, proof of the ongoing insecurity for Gulf shipping more than four months after the United States and Israel launched a war they said would stop Iran threatening its neighbours.
HUNDREDS OF THOUSANDS TAKE TO STREETS IN QOM
Iran’s clerical rulers have exerted newfound control over the world’s most important energy shipping route, where they aim to install a permanent system to collect fees in what would amount to a huge shift of the balance of power in a region where Washington has long acted as guarantor of security.
At home, the leadership has used the mourning period to demonstrate its control after Khamenei was killed alongside his daughter, granddaughter, son-in-law and daughter-in-law on the first day of the war.
The caskets of the slain leader and family were driven through the streets of the seminary city of Qom on Tuesday, where many hundreds of thousands of people carried flags and banners comparing Khamenei to martyrs whose deaths are foundational to the Shi’ite sect.
In chants they vowed to avenge Khamenei. Some bore placards and banners reading “KILL TRUMP”.
A similar huge funeral procession was held in the streets of Tehran on Monday, following more solemn prayer events that began last Friday, attracting top figures in Iran’s leadership and dignitaries from abroad. Authorities say the leader’s body will be taken to Shi’ite holy cities in neighbouring Iraq, then brought back to Iran and laid to rest in a mediaeval shrine.
TRUMP: ‘MAKE A DEAL OR WE’RE GOING TO FINISH THE JOB’
The war has been paused under an interim peace deal reached last month, intended to provide a 60-day period for negotiations on a permanent deal. A round of indirect talks in Qatar concluded last week with no sign of headway towards a lasting peace.
Trump has repeatedly threatened to resume bombing, most recently on Monday when he told reporters in the Oval Office: “We’re either going to make a deal or we’re going to finish the job…. We can knock down their bridges in one hour, we can knock out their energy supply.”
Iran’s Foreign Minister Abbas Araqchi said that under the terms of the interim ceasefire memorandum, negotiations on the final deal would “not commence if threats continue”.
“Honor your signature,” he wrote on X.
Oil prices , which have returned to around the pre-war level since last month’s interim deal let ships resume sailing through the strait, ticked up around 1% on Tuesday following the incidents in the waterway.
In launching the war four months ago, Trump said his aims were to destroy Iran’s nuclear and missile programmes, end its ability to threaten its neighbours and create conditions for Iranians to topple their leaders.
None of those objectives has been met, although Washington says a permanent deal will halt what it says is an Iranian programme that could make a nuclear weapon, which Iran says it never sought.
Despite five days of mourning, there has still been no sign in public of Khamenei’s son and successor Mojtaba, believed to have been disfigured by wounds in the same attack and yet to be shown in any image since the war began. Three other sons of the slain leader prayed at the casket on Sunday.
Iran’s leaders have portrayed the mass funeral gatherings as proof of national unity following the U.S.-Israeli attacks, although it is difficult to assess how deep that loyalty runs in a country where media and communications are tightly controlled.
Just weeks before the war started, Iran’s authorities killed thousands of demonstrators to put down some of the biggest anti-government protests in the country’s history, but there has been no sign of organised opposition in Iran since the war began.
Business
The government boosts the price of diesel by Rs3.37 per litre while lowering the price of gasoline by Re1.
The price of petrol has decreased while the price of high-speed diesel has increased, according to the government’s updated petroleum product prices.
The Petroleum Division has announced that the price of gasoline has been lowered by PKR 1 per litre, resulting in a new price of PKR 334.18 a litre.
In the meantime, high-speed diesel now costs PKR 386.83 per litre after a price hike of PKR 3.37 per litre.
The updated prices went into effect after midnight, according to the notification.
Following fruitful negotiations with the association’s delegation, Minister for Petroleum Ali Pervaiz Malik has established a high-level committee to handle the demands of the Oil Tanker Contractors Association (OTCA).
Within a week, the group, which will be led by the Special Secretary Petroleum, must present its recommendations.
The Oil Tanker Contractors Association (OTCA), the Oil Companies Advisory Council (OCAC), the Directorate General of Oil (DG Oil), and the Oil and Gas Regulatory Authority (OGRA) will all be represented.
Following a discussion between the petroleum minister and an OTCA delegation headed by President Abidullah Afridi, the development took place.
The group voiced concerns about the freight formula, the reduction in the White Oil Pipeline quota, and problems with commercial loading during the conference.
Business
FBR finds major fuel tax evasion 8,348 metric tons of petrol unaccounted for
Pakistan’s oil industry is in turmoil over a large tax evasion scandal as thousands of metric tons of imported petrol have reportedly disappeared from a customs bonded storage causing a big loss to the national exchequer.
Official papers have revealed that a private petroleum company, in a clandestine operation, allegedly lifted petrol worth Rs2.38 billion from a customs bonded warehouse causing an estimated loss of Rs1.25 billion to the national exchequer in the shape of unpaid duties, taxes and levies.
The suspected tax evasion was discovered during the inspection of the corporation’s imported petroleum shipments. The discrepancy was reportedly discovered during a physical inspection of goods at the customs bonded facility of Bin Qasim Port.
The documents state the corporation has imported petrol in three consignments totalling 18,048 metric tons. During physical verification of stock, the bonded warehouse had 9,699 metric tons of petroleum but the company’s stock was short by 8,348 metric tons.
Private companies are doing research. The documents also reveal that PEPCO has been ordered to produce records in the probe.
This is not the first time a petroleum business is embroiled in a multi-billion-rupee tax evasion case. In another example, the Federal Board of Revenue (FBR) recovered approximately Rs5 billion from a petroleum business.
Business
Sindh CS reviews high level warning on monsoon rains, wheat hoarding
China announced on Friday it was adding 14 European entities to an export control list in retaliation for the European Union penalizing 14 Chinese enterprises as part of its latest round of sanctions against Russia.
Chinese companies will not be allowed to export dual-use items, which can be used for both civilian and military purposes, to the 14 European organizations, China’s Commerce Ministry said in a statement.
Additionally, foreign companies are barred from providing to the 14 entities dual-use items made in China.
The European companies affected include Czech vehicle manufacturer Tatra Trucks, Italian electric motor maker Lafert SpA, German manufacturer Sindlhauser Materials GmbH and French drone manufacturer Cavok UAS.
A Chinese Commerce Ministry spokesperson said the measures were taken in retaliation for the E.U. on Thursday adding 14 mainland Chinese and Hong Kong enterprises to its latest list of sanctions against Russia over its war in Ukraine.
The measures are intended “to safeguard national security and interests, and to fulfill international obligations such as non-proliferation, in response to the E.U.’s egregious actions,” the spokesperson said.
The E.U. on Thursday adopted its 21st package of sanctions against Russia targeting banks, cryptocurrency companies and military equipment manufacturers among other categories. The sanctions included entities from other countries such as China, India and Turkey, believed to provide Russia with dual-use goods and technology.
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