Year: 2021

Pakistan anticipates rise in cement exports to Afghanistan

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On 15 August the Taliban took over Kabul and declared their rule over Afghanistan. Taliban spokesperson Zabihullah Mujahid said at his first press conference that the Taliban would continue trading with neighbouring countries and steps would be taken to promote trade. Business people and traders in Pakistan widely welcomed the announcement and the Pakistan stock exchange (PSX) and the country’s bilateral trade with Afghanistan saw a short term sudden rise.  According to Spectrum Research, the local bourse settled the last week on a positive note by adding 430 points as…

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Technical talks on $3 billion PSGP project conclude

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The three-day technical talks between Pakistan and Russia on the Pakistan Stream Gas Pipeline (PSGP) project to be laid down from Karachi to Kasur ended here on Thursday with Moscow seeking clarity if the government owns or disowns the viewpoint of Special Assistant to Prime Minister (SAPM) on Petroleum Tabish Gauhar, opposing the two countries’ flagship project mentioned in his letter to Energy Minister Hammad Azhar. “During the three-day talks, the Russian side said that there is no statement from the government side on opposition to the project by the…

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Pakistan, Russia to finish PGSP on time

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Pakistan and Russia on Thursday agreed to follow the timelines laid down to successfully implement the Pakistan Gas Stream Pipeline project. According to a statement, the scheme has made a significant headway at the conclusion of first technical session parleys between the two sides. The technical session was held in Islamabad from August 24-26, 2021. The Russian delegation was led by Pakstream LLC CEO Vladimir I Shcherbatykh while the Pakistani side was represented by Ministry of Energy (Petroleum Division) Secretary Dr Arshad Mahmood and ISGS Managing Director Syed Zikria Ali…

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Big names involved in oil crisis

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The Federal Investigation Agency (FIA) has informed the Cabinet Committee on Energy (CCOE) that big fish were involved in the June 2020 oil crisis that were putting pressure on the agency. However, FIA officials said that Prime Minister Imran Khan had given the agency a free hand to catch the parties involved in the oil crisis. The country had faced oil shortage in June last year when oil prices crashed due to corona-fuelled lockdowns. A meeting of the CCOE, chaired by Federal Minister for Planning, Development and Special Initiatives Asad…

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Mari Petroleum’s profit rises 3.7% to Rs31b

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Mari Petroleum’s profit after tax inched up 3.73% to Rs31.4 billion in the year ended June 30, 2021 owing to a significant decline in exploration and prospecting expenditure. According to a notice sent to the Pakistan Stock Exchange (PSX) on Thursday, the company had posted profit after tax of Rs30.3 billion in fiscal year 2019-20. Earnings per share of the company rose from Rs227.23 in FY20 to Rs235.71 in FY21. Alongside the result, the company announced a final cash dividend of Rs75 per share, taking the total dividend to Rs141…

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