Month: April 2022

Pakistan to buy expensive LNG again

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The tender awarded to Pakistan LNG Limited (PLL) for the month of May is quite costly for the country mainly owing to supply-chain disruptions in the international market on the back of Russia-Ukraine war. The firm selected the lowest bid for liquefied natural gas (LNG) cargoes. Out of seven, six contract prices for LNG cargoes were received. The cargoes were sought on an urgent basis after earlier committed cargoes were cancelled. The lowest contract price for a cargo requested for May 1-2 delivery received at $29.67 per mmbtu from Total…

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Govt aims to bring economic stability

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The year 2022 will see economic stability, development and public welfare under the leadership of Prime Minister Shehbaz Sharif, Minister of State for Finance Dr Aisha Ghaus Pasha remarked. Talking to a news channel on Wednesday, she underlined that political stability was important and necessary to mobilise Pakistan’s economy. “Once again, Pakistan will make things better on both internal and external fronts,” she said. The present government was taking all urgent steps to overcome “the challenges inherited by the previous government”. The present government would continue its efforts to strengthen…

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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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