Oil prices rose about 3% to a two-month high on Thursday on signs of tight supply ahead of U.S. summer driving season, as the European Union (EU) wrangled with Hungary over plans to ban crude imports from Russia over its invasion of Ukraine. Brent futures for July delivery rose $3.21, or 2.8%, to $117.24 a barrel by 11:15 a.m. EDT…
Read More
Saudi Arabia’s oil exports reached $30 billion in March, the highest in at least six years, driven by a rally in oil prices and rising production. The value of crude exports, now almost $1 billion a day, increased by 123% year on year, the kingdom’s statistics office said. Saudi Arabia’s crude production rose to 10.3 million barrels a day in…
Read More
Despite the political crisis which affected all segments of life including business, the outflow of profits and dividends on foreign investments increased during the first 10 months of the current fiscal year. The State Bank of Pakistan (SBP) latest report issued on Thursday revealed that the outflow of profits and dividends increased by 11.5 per cent, or $152 million, to…
Read More
The government has yet to project petroleum levy (PL) and general sales tax (GST) on petroleum products for the next financial year 2022-23 to meet the conditions of the International Monetary Fund (IMF) and assumption of the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP). An official of the Petroleum Division told Business Recorder on condition of anonymity that…
Read More
Pakistan Finance Minister Miftah Ismail said the government was committed to reviving the International Monetary Fund program and putting the country back on a “sustainable growth path” after talks with the multilateral lender ended inconclusively the previous day. There’s now a prospect of a default for the second time in Pakistan’s history even though the IMF said there was “considerable…
Read More
In its bid to address the energy crisis, the government is considering signing a liquefied natural gas (LNG) purchase agreement with different countries including Russia. The government “will go for the most favourable deal,” the Ministry of Energy said in a statement, reported Bloomberg. The South Asian country is considering a government-to-government agreement to import LNG, added the report. The…
Read More
A federal government adviser said on Tuesday Pakistan had directed authorities in the southwestern Balochistan province as well as the power division of the country to initiate talks with Iran on the purchase of an additional 100 megawatts of electricity to fulfill the daily power needs of Gwadar, a port city at the center of the $65 billion China-Pakistan Economic…
Read More
