Karachi: TPL REIT Fund I has confirmed that the fire which broke out at Korangi Creek on the evening of March 28, 2025, extinguished naturally late last night. This marks the second occurrence within 10 days that the fire has subsided on its own, aligning with the 2-3 week timeline projected by industry experts and TPL's internal assessments.

The Ministry of Energy's Petroleum Division established a Technical Committee on April 8, 2025, to address the fire. This committee engaged the American firm Cudd Well for a technical evaluation and advice on containment strategies. The diminishing intensity and final extinguishment of the fire are attributed primarily to it being a small gas pocket. Despite this development, the committee and TPL continue to monitor the site for any signs of residual gas leakage.

According to information available from the Pakistan Stock Exchange (PSX), TPL has expressed appreciation to the Government of Pakistan, the Technical Committee led by Pakistan Petroleum Limited (PPL), Oil & Gas Development Company Limited (OGDCL), and Pakistan Refinery Limited (PRL), as well as the Mayor of Karachi, local authorities, the District Administration, and the Cantonment Board Korangi Creek (CBKC) for their cooperation and rapid response throughout the incident.

TPL has assured that the Trading Right Entitlement Certificate Holders of PSX have been duly informed about the developments. The company and the Government-appointed Technical Committee will determine the next course of action based on ongoing evaluations.