Month: August 2023

Pakistan, Iran chalk out $5bn trade plan

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Pakistan-Iran

ISLAMABAD: Pakistan and Iran expressed the resolve to increase bilateral trade to $5 billion under a five-year [2023-2028] trade cooperation plan and emphasized the need for activating more formats of cooperation in areas of economy trade, combating terrorism, and creation of jobs under the existing mechanisms between China, Pakistan, Iran, and Turkey for joint cooperation and mutual interest. The understanding was reached during delegation-level talks between Pakistan and Iran, in which, Pakistan’s side was led by Foreign Minister Bilawal Bhutto-Zardari and visiting Iranian Foreign Minister Hossein Amir Abdollahian led his…

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Rs976bn set aside for power sector, PD official tells NA panel

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Matiari-Lahore

ISLAMABAD: Power Division Secretary Rashid Mehmood Langrial has stated that the government has allocated Rs976 billion for the power sector. While briefing the National Assembly’s Standing Committee on Energy (Power Division), he said those consumers who are consuming up to 200 units are protected. The committee members expressed their serious concern over the increase in power tariff, adding that electricity bills are beyond the affordability of the consumers. Saira Bano stated people are unable to pay electricity bills, adding that the per unit electricity prices have been increased exorbitantly. Base…

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Pakistan-Russia oil trade in doubt as refineries lose appetite

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fuel-oil

KARACHI: Pakistan might not import another cargo of Russian crude oil as neither country has made any moves for the purpose nor have the local refineries shown any interest, The News learnt on Wednesday. With the current government’s tenure expiring in less than a week, the government has not given any indication that it would be placing another order with the Russian government for URAL. As per a previous announcement of State Minister for Petroleum Dr Musadik Malik, Pakistan planned to import 100,000 tonnes of crude oil every month. However,…

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CCE to greenlight plan to upgrade ageing oil refineries on August 7

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PRL-eyes

ISLAMABAD: The Cabinet Committee on Energy (CCE) is expected to greenlight a plan to upgrade the country’s aging oil refineries on August 7, a senior official at the Energy Ministry told The News on Wednesday. The Oil Refining Policy 2023, which has been delayed for months, aims to boost the efficiency and output of the local refineries, which mostly process low-quality crude oil. “The government may also approve the National Electricity Plan 2023-27 with committed power plants in IGECP (Indicative Generation Capacity Expansion Plan) along with a framework for integration…

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German Chamber of Commerce to Establish Presence in Pakistan Irfan Iqbal Sheikh

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irfan-ali-sheikh

Karachi Irfan Iqbal Sheikh, President FPCCI, has informed that, in a landmark development, H. E. Mr. Rudiger Lotz, Consul General of Germany in Karachi, has apprised the apex body that German Chamber of Commerce & Industry (DIHK) is expected to establish its office in Pakistan – and, that reflects the importance Germany attaches to the trade, industrial and economic relations with Pakistan. It is pertinent to note that H. E. Mr. Rudiger Lotz paid a high-profile and detailed visit to FPCCI Head Office to offer German support to Pakistan in…

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