Day: October 3, 2024

Pakistan eyes China, Gulf investment

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ISLAMABAD: Pakistan has rationalised its investment expectations from the Gulf nations under the Special Investment Facilitation Council to $27 billion in five years, as it also hopes to clinch some new deals during the upcoming visit of Chinese Prime Minister Li Qiang. However, the exact number of agreements and memorandum of understandings that Pakistan hopes to sign during the Chinese prime minister’s visit has not yet been finalised. The Ministry of Foreign Affairs has shared a list of about 41 possible deliverables for the visit. Work on the list of…

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Oil gains nearly 4% on supply concerns as Middle East conflict intensifies

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Oil price

HOUSTON: Oil prices strengthened on Thursday on investor concern that a widening Middle East conflict could pose a threat to crude oil flows from the region. Brent crude futures were up $2.82, or 3.82%, at $76.72 a barrel by 11:36 a.m. EDT. U.S. West Texas Intermediate crude futures rose $2.85, or 4.07%, to $72.95. Both benchmarks climbed by more than $3 per barrel during the session. Brent futures reached an intraday high of $77.65 per barrel, the strongest since Aug. 30, while WTI futures peaked at $73.95 per barrel, a…

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Energy Planning Critical for Driving Just Transition Investments in Global South: IRENA Reports

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renewable-energy

Abu Dhabi, UAE/Foz do Iguaçu, Brazil – October 3, 2024:The International Renewable Energy Agency (IRENA) has highlighted the crucial role of energy planning in unlocking investment opportunities in emerging markets and developing economies (EMDEs). In new reports commissioned by Brazil’s G20 presidency, IRENA calls for de-risking strategies and leveraging public finance to drive a just and inclusive energy transition in the Global South. Current global investment patterns show significant disparities, with advanced economies and large EMDEs like China, India, and Brazil attracting the bulk of the funding. In contrast, the…

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Local Refineries Urge Resolution of Key Issues Before Committing to Upgrades

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refinery

KARACHI: Pakistan’s five local refineries have linked the signing of Upgrade and Escrow Agreements with the Oil & Gas Regulatory Authority (Ogra) to the resolution of critical issues facing the sector. With the October 22 deadline approaching, the refineries have expressed concerns that unresolved matters are jeopardizing their operations and upgrade plans. In a letter to Ogra, the refineries highlighted the detrimental impact of recent changes to the sales tax on petroleum products, implemented through the Finance Act, 2024. The change has nullified the incentives provided under the Brownfield Refining…

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IMF Mission Director: If Pakistan Implements Reforms, This Could Be Its Last IMF Programme

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pak-imf

KARACHI: Nathan Porter, Director of the International Monetary Fund (IMF) mission for Pakistan, has indicated that the ongoing IMF programme could be Pakistan’s last, provided the country implements the recommended economic reforms in full. In an interview with Voice of America, Porter emphasized that genuine commitment to these reforms could lead to lasting economic stability. Following the IMF’s approval of the debt programme, Prime Minister Shehbaz Sharif expressed hope that this would be Pakistan’s final IMF programme. Porter echoed this sentiment, noting that while Pakistan faced significant economic uncertainty in…

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