Year: 2023

CPEC further strengthens Pak-China ties: Alvi

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cpec

China is largest trading partner of Pak, also important source of FDI in country, says President President Dr Arif Alvi on Wednesday said the China Pakistan Economic Corridor (CPEC) had helped further expanding and strengthening the bilateral relations between the two countries. He expressed these views while talking to Pakistan’s Ambassador to China, Khalilur Rahman Hashmi who called on him at Aiwan-e-Sadr. The president said under CPEC, a network of roads had been laid across the country whereas infrastructure projects of strategic importance were also included in the mega project.…

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ENI confirms LNG cargo in January after initial doubt

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lng-usa

ISLAMABAD: Pakistan, which is facing a severe gas shortage that has crippled its power sector and industries, will receive a liquefied natural gas cargo from Italy’s ENI SpA on Jan. 18 as scheduled, averting a potential supply disruption, government offcials said on Wednesday. ENI, one of the long-term LNG suppliers to Pakistan, had earlier indicated that it might not be able to deliver the cargo. However, the company later confirmed that it would honor the contract as per the LNG term agreement. “Some days back, ENI communicated to Pakistan LNG…

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OGDCL provides clean water

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ogdcl

ISLAMABAD: State-owned Oil and Gas Development Company Limited (OGDCL) inaugurated a Reverse Osmosis Plant in a rural village near Rawalpindi, providing clean drinking water to the local community, a statement said. The plant, located in Gorsian village of Gujjar Khan tehsil, is part of OGDCL’s Corporate Social Responsibility (CSR) program, which aims to improve the living standards of the people in its operational areas. OGDCL, the country’s largest Exploration and Production (E&P) company in the petroleum sector, said the plant would help prevent waterborne diseases and improve public health in…

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World’s richest families have become $1.5tr wealthier since last ranking

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New-Project

KARACHI: For the first time, the House of Nahyan has joined Bloomberg’s annual ranking of family fortunes and done so at the very top. With a $305 billion fortune, the Al Nahyans of Abu Dhabi topped the Waltons of Walmart Inc. by a cool $45 billion. Another new entrant, the Al Thanis, the royal family of Qatar, at No 5. The petro-fortunes are reshaping global business as never before. Their flexing of personal — as well as sovereign — financial firepower adds multibillion-dollar exclamation points to the region’s growing influence.…

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India initiates first rupee payment for oil to UAE

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NEW DELHI: India has made its first-ever payment in rupees for crude oil obtained from the UAE, marking a significant move in the country’s initiative to promote the global use of its local currency. Officials have emphasized that this groundbreaking step is part of a broader strategy to explore similar deals with other oil suppliers, Indian media reported. The initiative comes as India, the world’s third-largest energy consumer, pursues a three-pronged strategy to address its oil needs. This strategy includes purchasing from the most cost-effective sources, diversifying the supply chain,…

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