ISLAMABAD: Pakistan and Iran have agreed to increase the volume of bilateral trade to $10 billion in the next five years following the signing of as many as eight agreements and memorandums of understanding (MoUs) for cooperation in different areas. Speaking after witnessing the signing of the agreements and MoUs between the two sides, Prime Minister Shehbaz Sharif said that…
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Iran and Pakistan have decided to increase the trade volume between the two countries to $10 billion, Iranian President Ebrahim Raisi said on Monday, adding that the existing volume was “not acceptable”.Raisi — who is currently on a three-day visit to Pakistan — made the remarks during a joint press conference alongside Prime Minister Shehbaz Sharif after the two held…
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WASHINGTON: The Executive Board of the International Monetary Fund (IMF) will meet on April 29 to finalise its last review of Pakistan’s $3 billion Stand-By Arrangement (SBA).“According to the IMF’s event calendar, the review meeting is set for 10:00am on April 29,” a diplomatic source informed Dawn.Earlier this week, the Fund published a schedule of the Executive Board’s meetings on its…
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By Web Desk KARACHI: Shanghai Electric has taken back its offer to purchase up to 66.4 per cent stake in the K-Electric, the Pakistan Stock Exchange was informed on Monday.The deal between the K-Electric and Shanghai Electric company was repeatedly delayed for last eight years due to regulatory approvals and liquidity constraints, sources said.The deadline for making a firm offer…
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Amidst stringent security measures, Iranian President Dr. Ebrahim Raisi has embarked on a significant two-day official visit to Pakistan, marking the first such visit by a head of state post the February 8 general elections. His arrival comes at a pivotal moment characterized by escalating tensions in the Middle East and Pakistan’s efforts to complete the Iran-Pakistan gas pipeline, which…
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ISLAMABAD: The federal government has finalised a draft of 10 years ‘Solar Panel Local Manufacturing and Allied Equipment’ policy envisaging incentives to the manufactures, including imposition of tariff on import of finished goods for the period to promote localisation, well-informed sources told Business Recorder. Sharing the details, sources said, the Special Investment Facilitation Council (SIFC) in its 5th Apex Committee meeting…
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ISLAMABAD: Chinese power firm Shanghai Electric has reportedly lodged a complaint against Central Power Purchasing Agency-Guaranteed (CPPA-G) to the Prime Minister for not making payments on time, well-informed sources told Business Recorder. Sharing the details, sources said M/s Thar Coal Block-1 Power Generation Company Pvt Ltd has informed Special Investment Facilitation Council (SIFC) that the company has achieved Commercial Operation Date…
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Longi Solar, a global leader in renewable energy technology, and Netline Group of Companies, a premier renewable energy solutions provider in Pakistan, have signed a groundbreaking Memorandum of Understanding (MOU) to introduce advanced green hydrogen technology in Pakistan. This strategic partnership, announced in Abu Dhabi on April 17, 2024, marks a significant step towards promoting sustainable energy solutions in the…
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Saudi Arabia is edging closer to finalizing a potential deal to acquire a minority stake in the Reko Diq gold and copper mining project, according to sources familiar with the matter, as reported by Bloomberg. Manara Minerals Investment Company, backed by the Saudi sovereign wealth fund, is in discussions to invest a substantial sum of at least $1 billion into…
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The Pakistan Petroleum Exploration and Production Companies Association (PPEPCA) has issued a warning, stating that the non-payment of dues by Sui gas companies has reached an alarming Rs1,500 billion as of March 15, 2024. This substantial debt, coupled with recent massive gas tariff increases, is hindering further exploration and production activities in the country. In a letter addressed to Petroleum…
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