Day: August 18, 2022

Federal Minister for Finance and Revenue Miftah Ismail Wednesday welcomed Pak-Iran cooperation in the energy and trade sectors, saying the government was determined to strengthen ties with the Islamic republic in all areas. In an exclusive interview with an Iranian news agency, Miftah Ismail said the Pakistan government under Prime Minister Shehbaz Sharif was ready to enhance relations with Iran in all sectors, especially bilateral trade. The previous government, he said, had proposed to increase the bilateral trade volume up to $500 million or euros by trading in local currencies.…

Top functionaries of the Petroleum Division have proposed an LPG pipeline having capacity 12,000 tonnes per day from Karachi to the north of the country, terminating at Lahore in the first phase and Rawalpindi in the second phase with offtakes at various load centres such Bahawalpur, Multan and Lahore, a senior official at Energy Ministry told The News. “At each offtake point, storages are to also be constructed to minimise the requirement of storages at import terminals.” The Petroleum Division to this effect will soon move a summary to the…

Saudi Arabia has reportedly offered Liquefied Natural Gas (LNG) to Pakistan on commercial basis in addition to activating an agreement on financing and providing supplies of crude oil and petroleum products signed between Saudi Fund and GoP. Saudi Arabia has sent this offer to Pakistan in draft minutes of the upcoming meeting of the Joint Working Group under the umbrella of the Saudi Pakistan Supreme Coordination Council (SPSCC). According to the draft minutes sent by Saudi side prior to the meeting of SPSCC, the two sides agreed to follow up…

Prime Minister Shehbaz Sharif on Wednesday approved, in principle, to abolish the China-Pakistan Economic Corridor (CPEC) Authority subject to consent by China – a decision that the government says will help fast-track the implementation of the multi-billion-dollar project. The decision was made on the basis of a summary that the planning and development ministry had moved two months ago to wrap up the body that had remained controversial since its inception. “This is in the interest of CPEC that the authority should be dissolved to ensure fast implementation of its…

Pakistan’s external debt has skyrocketed to almost Rs60 trillion, sending a wave of concern across financial and economic circles. The situation at the internal financial front is not rosy either with the domestic loan hitting the Rs31 trillion mark. Given the current financial mess, it seems that the IMF tranche will only end up adding more to the pile of unbearable debts, which might take years to repay. If the country continues to borrow loans at the current pace, it might find itself in a serious situation previously faced by…

Factories in China’s southwest have shut down after reservoirs used to generate hydropower ran low in a worsening drought, adding to economic strains at a time when President Xi Jinping is trying to extend his position in power. Companies in Sichuan province – including makers of solar panels, cement and urea – closed or reduced production after they were ordered to ration power for up to five days, according to news reports Wednesday. That came after reservoir levels fell and power demand for air conditioning surged in scorching temperatures. Leave…