Day: April 20, 2022

Saudi Economic Growth To Double This Year On High Oil Prices

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High oil prices will push Saudi Arabia’s economy into high-growth mode, more than doubling this year, according to the International Monetary Fund (IMF), which raised its growth forecast for the Kingdom on Tuesday. The IMF is targeting 7.6% growth for the Saudi economy this year, raising its forecast by 2.8%. While much of this was attributed to multi-year-high oil prices, the IMF has also noted growth and expected further growth in non-oil revenues. “We raised our estimates of the growth rate of the Saudi economy by 2.8 percentage points, which…

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Russia sends Pakistan 4-year economic cooperation roadmap

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Following the visit of former prime minister Imran Khan to Moscow, Russia has sent a draft four-year (2022-2025) roadmap for development of trade and economic cooperation including increase in bilateral trade turnover, well informed sources told Business Recorder. The draft roadmap, shared by Russian embassy in Islamabad with the Ministry of Foreign Affairs, will stimulate economic activity of Russian and Pakistani companies in the markets of both countries. It will also assist business communities of both countries in raising awareness about the opportunities available in the markets of the Russian Federation…

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Azerbaijan to end energy crisis in Europe

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power-sector

Europe is frantically looking for a replacement for Russian gas. In this regard, one country expressed its readiness to become the very alternative in the field of gas supply for many countries, Trend reports citing Haber7. “Azerbaijan, our brotherly country, is preparing to become an alternative for Switzerland in the context of the energy crisis. According to the statement of the Swiss Association of the gas industry, if the supply of Russian gas to Europe is stopped due to the conflict in Ukraine, Switzerland will also have to reduce its…

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PSO Receivables, Payables Soar to Rs508.3bn

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pso

The receivables and payable of Pakistan State Oil (PSO) have reached Rs508.3 billion as several clients failed to pay their bills for fuel supplies. In first nine months of the financial year 2021-22, the receivable and payable of PSO increased by Rs151.3 billion or 42 percent, according to documents available with Business Recorder. The PSO mainly supplies oil to different clients across the country and besides this area, circular debt has also emerged in the supply of imported liquefied natural gas (LNG) which contributed in circular debt by adding Rs277.8…

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Pakistan moves LCIA Against LNG Firms

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In a new development, the government has moved the London Court of International Arbitration (LCIA) against the defaults of LNG term cargoes by two LNG trading companies — Gunvor and ENI, reveal official documents available with The News. “On account of 10 defaults, seven by Gunvor and three by ENI, Pakistan had to purchase some spot LNG vessels from international market at higher prices up to $25.1 per MMBTU which led to an increase in higher power tariff in the country, resulting into a gigantic increase in input cost of…

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