logo
Mysterious fire in Karachi's Korangi Creek extinguishes itself again

Mysterious fire in Karachi's Korangi Creek extinguishes itself again

A mysterious fire that erupted in March near an oil refinery in Karachi's Korangi Creek area extinguished by itself again last night, TPL Properties shared this in a notice to the Pakistan Stock Exchange (PSX) on Friday.
The blaze flared up on March 29 during drilling.
'In continuation of our previous updates regarding the fire incident at Korangi Creek, TPL is pleased to confirm that the fire that broke out at Korangi Creek on the evening of March 28, 2025, once again extinguished naturally late last night,' the notice read.
This marks the second time within the past 10 days that the fire extinguished on its own.
'This appears to be in line with the projected 2–3 week timeline shared by industry experts and as per TPL's own internal assessment.'
The fire extinguished by itself on April 15, but the authorities later reignited it to 'prevent gas leak hazards'.
'The fire extinguished itself last night [April 15] but the gas was still leaking, which could cause health and safety hazards to the people in nearby areas,' Rescue 1122 spokesperson Hassaan Khan told Business Recorder then.
'After examination, authorities decided to reignite the fire in a controlled manner,' he added.
TPL's Friday notice further said that following the formation of a technical committee on April 8, 2025 by the Ministry of Energy (Petroleum Division), the American firm Cudd Well was engaged by the committee to provide technical evaluation and advise on containment strategies.
'The fire's decline in intensity and eventual extinguishment is primarily attributed to it being a small pocket of gas.
'Nonetheless, the expert committee and TPL continue to monitor the area closely for any signs of residual gas leakage. The next course of action will be determined in alignment with the ongoing evaluations by the Government-appointed technical committee,' the notice read.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

US fund commits $10m to Pakistani startups
US fund commits $10m to Pakistani startups

Express Tribune

time20 hours ago

  • Express Tribune

US fund commits $10m to Pakistani startups

Listen to article A US tech fund has committed $10 million to two Pakistani IT entrepreneurs and IT experts have praised this move as it looks promising for the future. Tech analyst and expert Muhammad Yasir said that Pakistani IT firms are penetrating different traditional and non-traditional markets with their innovative products and services, which is a positive sign. Attracting investments from US-based companies will not only boost business growth and expansion of Pakistani IT companies but it will also improve the image of the country in the relevant sector, opening doors for other companies in high-end markets such as the US and EU. Pakistani IT companies need to reach more similar investors and venture capitalists in major traditional markets like the US, EU and non-traditional markets like the UAE and Saudi Arabia to expedite the overall growth of Pakistani IT exports and expansion. JR Dallas Tech Fund, the premier private investment arm of JR Dallas Wealth Management, announced a groundbreaking $10 million commitment to globally recognised technology leaders Mehwish Salman Ali and Malik Mudassir to spearhead an exclusive US-focused startup investment initiative. Under this landmark agreement, Mehwish Salman Ali and Malik Mudassir will receive $10 million in dedicated capital to identify, evaluate, and invest in high-potential startups planning to scale operations in the US. The duo will serve as lead investment partners with full authority to deploy capital across artificial intelligence, cloud computing, digital health, and frontier technology ventures. "We are entrusting $10 million to two of the most visionary technology leaders of our generation," said Jehangir A Raja, Managing Partner at JR Dallas Tech Fund. "Mehwish and Malik represent the perfect combination of technical expertise, entrepreneurial success, and strategic vision needed to identify the next generation of game-changing startups ready to conquer the American market." This $10 million commitment specifically targets startups with proven capabilities seeking to establish or expand operations within the US, creating a direct pathway for international innovation to contribute to American economic growth. The investment is likely to generate positive economic impacts as these companies are expected to generate 300-500 high-skilled technology positions within 24 months. Portfolio companies are projected to contribute $50-100 million in US economic activity within three years and accelerate breakthrough technologies in AI, healthcare, and cloud infrastructure. Mehwish Salman Ali brings unparalleled expertise as Founder & CEO of Data Vault, Pakistan's first solar-powered and quantum-encrypted AI data centre, Co-Founder of Zahanat AI, the country's first indigenous GPT model, and COO of AppsGenii Technologies. Malik Mudassir commands respect as Founder & CEO of AppsGenii Technologies, operating across the US, UK, and Pakistan, and Co-Founder of multiple successful ventures including GharPar, BoxesGen, and Dental Connect. The $10 million fund operates under a rigorous investment framework designed to maximise both financial returns and economic impact: "Receiving this $10 million commitment from JR Dallas Tech Fund represents more than capital; it's a mandate to bridge the gap between global innovation and American market opportunity," said Mehwish Salman Ali. "We are committed to identifying startups that not only promise exceptional returns but also contribute meaningfully to US technological leadership." Malik Mudassir added, "This $10 million investment enables us to support visionary entrepreneurs who understand that scaling in America requires more than great technology it demands deep market insight, operational excellence, and strategic partnership. We're here to provide all three."

US fund taps Pakistani tech duo with $10mn to lead startup investment initiative
US fund taps Pakistani tech duo with $10mn to lead startup investment initiative

Business Recorder

timea day ago

  • Business Recorder

US fund taps Pakistani tech duo with $10mn to lead startup investment initiative

The JR Dallas Tech Fund has announced $10 million investment to Pakistani technology leaders Mehwish Salman Ali and Malik Mudassir, entrusting them to inject the fund into exclusive US-focused startup investment initiatives, Business Recorder learnt on Friday. 'Under this landmark agreement, Ali and Mudassir will receive $10 million in dedicated capital to identify, evaluate, and invest in high-potential startups planning to scale operations in the United States. The duo will serve as lead investment partners with full authority to deploy capital across artificial intelligence (AI), cloud computing, digital health, and frontier technology ventures,' a press statement read. 'We are entrusting $10 million to two of the most visionary technology leaders of our generation,' said Jehangir A. Raja, Managing Partner at JR Dallas Tech Fund, which is the premier private investment arm of the US-based JR Dallas Wealth Management. Forbes Technology Council: Pakistani-origin Mehwish selected as member The two Pakistani technology leaders are running their offices in Karachi and Lahore. They represent 'perfect combination of technical expertise, entrepreneurial success, and strategic vision needed to identify the next generation of game-changing startups ready to conquer the American market,' Raja added. Mehwish Ali is a founding CEO of Data Vault that is claimed to be Pakistan's first solar-powered and quantum-encrypted AI data center. She is a co-founder of Zahanat AI, the country's first indigenous GPT model, and COO of AppsGenii Technologies. She is a TEDx speaker and Forbes Technology Council member. Mudassir is founding CEO of AppsGenii Technologies, operating across the US, UK, and Pakistan. He is a co-founder of ventures including GharPar, BoxesGen, and Dental Connect. He is also a member of the Central Executive Committee at P@SHA (Pakistan Software Houses Association). According to the statement, the $10 million fund operates under a rigorous investment framework designed to maximise both financial returns and economic impact. Startup Neem enters logistics space with Leopards Courier Services partnership The investment is targeted to be in the range of $250,000 to $1.5 million per startup. The investment should be focused in the sectors like AI/machine learning, cloud infrastructure, digital health, quantum computing and cybersecurity. The investor is aimed at investing the entire fund into 15-20 select companies over a period of two-year in the US-focused projects. The funding is projected to enable portfolio companies to create direct jobs, generating 300-500 high-skilled technology positions within 24 months. Strengthening Texas as a hub for international tech talent entering the US market. Accelerating breakthrough technologies in AI, healthcare, and cloud infrastructure. 'Portfolio companies (are) projected to contribute $50-100 million in US economic activity within three years,' the statement read.

Germany's Merz says ‘no doubt' US to stick with NATO
Germany's Merz says ‘no doubt' US to stick with NATO

Business Recorder

timea day ago

  • Business Recorder

Germany's Merz says ‘no doubt' US to stick with NATO

BERLIN: Germany's Chancellor Friedrich Merz said Friday he had 'no doubt' the United States would remain in NATO after a high-stakes meeting with President Donald Trump in the White House. Merz said he had raised the issue directly with Trump in talks on Thursday, during the chancellor's first trip to Washington since taking office last month. 'The question that was asked was: do you have any plans to leave NATO? I can say it was answered with a very clear no,' Merz said at an event hosted by the German family-owned business association. 'I have no doubt at all that the American government will stick to NATO now after we all said we're doing more, we're making sure that we can defend ourselves in Europe. 'I think this expectation was not unjustified. We have unfortunately been free-riders on American security guarantees for years and that's changing,' he said. Germany to boost military by up to 60,000 troops under new NATO targets Merz earlier this year spearheaded moves to exempt most defence spending from Germany's strict constitutional debt limits and has signalled his intention to raise military spending by tens of billions of euros. During an Oval Office press conference Thursday, Trump welcomed Merz's moves to increase spending to patch up Germany's dilapidated military. 'I know that you are spending more money on defence now, quite a bit more money, and that's a positive thing,' Trump said. The US president has lobbied NATO partners to up their spending commitments to five percent of GDP from the current level of two percent. Defence ministers from the US-led military alliance met in Brussels on Thursday to discuss a change to the spending target ahead of a NATO summit later this month. US defence chief Pete Hegseth indicated allies were close to a deal to boost military budgets. NATO chief Mark Rutte has put forward a proposal to meet Trump's target that would see members spend 3.5 percent of GDP in core military areas by 2032, and 1.5 percent on broader security-related items such as infrastructure.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store