Month: January 2023

Pakistan can buy Russian oil despite restrictions, says US

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The United States has reiterated that Pakistan can purchase oil from Russia at a discounted price even though it has not signed a Washington-backed price-cap on Russian petroleum products. US State Department’s spokesperson Ned Price told reporters at a Tuesday afternoon news briefing that Pakistan can also take advantage of the concessions Washington has given to other countries for buying oil from Russia. “So, we have encouraged countries to take advantage of that, even those countries that have not formally signed on to the price cap, so that they can…

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Pak-Russia to sign low-cost oil accord in March, ‘holistic energy security plan’ by year-end: Musadik

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Minister of State for Petroleum Dr Musadik Malik on Thursday said Pakistan would sign an agreement with Russia in March to get inexpensive crude oil besides a ‘holistic energy security plan’ by the year-end, which would be beneficial for both countries. “In March, all commercial terms of the agreement will be finalized with Russia, following which low-cost crude oil will start arriving in Pakistan. It will be beneficial for both countries,” he said while addressing a news conference here. Besides, the minister said a ‘holistic energy security plan’ between Pakistan…

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The Kingdom of Saudi Arabia (KSA) and Pakistan on Thursday discussed matters of mutual interests and agreed to enhance bilateral trade volume between the two countries.

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Nawaf Saeed A. Almalkiy, Ambassador and Commercial Attache of Saudi Arabia to Pakistan called on Federal Minister for Commerce Syed Naveed Qamar here, said a press release issued by the Ministry of Commerce. Syed Naveed Qamar highlighted the need to enhance cooperation in the field of trade and investment between the countries and emphasized the need for closer economic ties. He said that the Embassy of the Kingdom of Saudi Arabia in Islamabad is making its utmost efforts to promote the economic relationship between the two countries and thanked Nawaf…

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IMF says Fund mission scheduled to visit Islamabad at end of January

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The International Monetary Fund (IMF) said on Thursday that its mission will visit Islamabad at the end of this month to continue discussions under the ninth Extended Fund Facility (EFF) review. “At the request of the authorities, an in-person Fund mission is scheduled to visit Islamabad January 31–February 9,” IMF Resident Representative in Pakistan Esther Pérez Ruiz told Business Recorder via message. “The mission will focus on policies to restore domestic and external sustainability, including to strengthen the fiscal position with durable and high quality measures while supporting the vulnerable and those…

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President His Highness Sheikh Mohamed bin Zayed Al Nahyan arrived on Wednesday in the city of Rahim Yar Khan during his visit to Pakistan.

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During the meeting, the two sides reviewed the historical UAE-Pakistan ties and opportunities for enhancing joint cooperation in a way that serves the mutual benefit of both countries and their peoples across various domains. The leaders discussed enhancing cooperation, especially in the fields of economy, trade and development in line with the two countries’ sustainability objectives. They also discussed several issues of common interest and exchanged views on a number of regional and international issues of mutual concern. For his part, Prime Minister reaffirmed his country’s pride in the historical…

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