Day: February 3, 2025

Ghani Chemical secures gas supply deal with Mari Energies & OGDCL

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Oil prices

Oil prices rose on Monday after U.S. President Donald Trump imposed tariffs on Canada, Mexico and China, raising fears of supply disruption, though gains were capped by concern over what could be an economically damaging trade war. Brent crude futures rose $1.28, or 1.7%, to $76.95 a barrel by 1232 GMT after touching a high of $77.34. U.S. West Texas Intermediate crude futures were up $1.89, or 2.6%, at $74.42 after touching their highest since Jan. 24 at $75.18. Trump’s sweeping tariffs on goods from Mexico, Canada and China kicked…

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Ghani Chemical secures gas supply deal with Mari Energies & OGDCL

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OGDCL

Ghani Chemical Industries Limited (GCIL), a manufacturer of medical and industrial gases and chemicals, has entered into a Gas Sales & Purchase Agreement (GSPA) with Pakistani E&Ps i.e. Mari Energies Limited and Oil and Gas Development Company Limited (OGDCL), for the supply of natural gas. The listed company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Monday. “Ghani Chemical Industries Limited (GCIL), Mari Energies Limited (formerly Mari Petroleum Company Limited) and OGDC have entered into a GSPA for supply of 3 mmscfd natural gas during…

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Pakistan’s president to kick off state visit to China

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China

Pakistan’s president is set to arrive in Beijing on Tuesday for a five-day state visit. “At the invitation of Chinese President Xi Jinping, President Asif Ali Zardari of the Islamic Republic of Pakistan will pay a state visit to China from Feb. 4-8,” a spokesperson for China’s Foreign Ministry said Monday. Zardari is expected to meet with Xi and other Chinese leaders to discuss a range of bilateral issues, including ways to enhance economic and defense cooperation between the two longtime allies. The two sides will also discuss progress on…

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Trump’s Tariffs on China, Canada, and Mexico Trigger Sharp Decline in Asian Stock Markets

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Donald-Trump

Asian stock markets faced a sharp downturn following U.S. President Donald Trump’s decision to impose tariffs on China, Canada, and Mexico. The move led to a rise in the U.S. dollar’s value, while Tokyo and Seoul stock markets plunged by over 2%. Markets in Sydney, Singapore, and Wellington also witnessed significant losses. The Chinese yuan and Canadian dollar fell to record lows against the U.S. dollar, while the euro dropped to its lowest level in over two years. Even the Swiss franc, traditionally considered a stable currency, saw a decline…

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World Bank to Provide $1 Billion New Loan for Dasu Project

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Dasu-Dam

Islamabad: The World Bank will provide a new $1 billion loan for the Dasu Hydropower Project. This loan will be granted after the approval of the revised PC-1, which is estimated to cost PKR 1.7 trillion. According to senior officials from the Economic Affairs Division (EAD), the World Bank has formally agreed to finance the first phase of the Dasu Hydropower Project with this new loan. The loan disbursement is contingent on the approval of the revised PC-1, which includes updated timelines. The cost of the project’s first phase has…

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