Month: March 2024

Washington tells Islamabad to engage IMF, bring economic reforms

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IMF-board

WASHINGTON: The US State Department has conveyed a clear message to Pakistan’s new rulers, emphasising the importance of collaboration with the Interna­tional Monetary Fund (IMF) and economic reforms for stability. In response to a set of questions from Dawn, a State Department spokesperson underscored the enduring partnership between the two nations, stating, “We value our long-standing partnership with Pakistan and have always viewed a strong, prosperous, and democratic Pakistan as critical to US-Pakistan interests.” The spokesperson also highlighted the shared interests of the two countries, which include “bolstering the country’s economy…

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Mari network: Engro, others investing $300m in gas PEF project

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engro

KARACHI: Engro Fertilizers and other major fertilizer manufacturers are investing heavily worth $300 million in Gas Pressure Enhancement Facilities (PEF) project from Mari network to sustain domestic urea production levels and safeguard the food security of Pakistan. Talking to media, Ali Rathore, Chief Financial Officer, Engro Fertilizers, on Thursday said Engro Fertilizers and other major fertilizer manufacturers had initiated PEF project to improve the gas supply from the Mari Network for an unerupted gas supply and smooth urea production. “The project is expected to complete in the next 18 months…

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PPIB ORGANIZES MOOT STRESSING PROMOTION OF HYDROPOWER

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Islamabad, March 07, 2024: A comprehensive workshop aimed at developing a robust mechanism for tariff-based bidding of hydropower projects in Pakistan was arranged by Private Power and Infrastructure Board (PPIB) in collaboration with the Agence Française de Développement (AFD), France today in Islamabad. One of the key highlights of the event was sharing draft generic Request for Proposals (RFP) documents for hydropower IPPs prepared by Joint Venture – Tractebel GmbH, Germany and NDC (the ‘Consultant’) in line with international best practices and applicable local regulations. The event brought together key…

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PPL signs MoU with FWO for Strategic Collaboration in mining sector

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FWO

Islamabad, March 8, 2024: Pakistan Petroleum Limited (PPL) has embarked on a significant milestone by signing a Memorandum of Understanding (MoU) with the Frontier Works Organization (FWO) to foster strategic cooperation and collaboration for the EL 207 Project situated in Eastern Chagai, Balochistan. This endeavor marks PPL’s proactive diversification into the mining sector, aimed at expanding and fortifying its presence within Balochistan. The signing ceremony, held at the Prime Minister Secretariat on March 6, witnessed the participation of key stakeholders. Mr. Imran Abbasy, MD & CEO of PPL, and Major…

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Oil prices hold gains on upbeat China trade data

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Oil price

SINGAPORE: Oil prices held steady on Thursday, holding onto overnight gains after upbeat Chinese trade data and after U.S. data showed a smaller-than-expected rise in crude inventories and large draws in fuel stocks. However, expectations that U.S. interest rate cuts could be delayed capped gains. Brent crude futures slipped 8 cents to $82.88 a barrel by 0736 GMT, while U.S. West Texas Intermediate crude futures inched down 7 cents to $79.06 a barrel despite China’s import and export growth beating estimates. “China’s trade balance data is a positive sign for…

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