Category: Shortcode

No Immediate China Debt Re-profiling, Says Finance Minister; Provinces to Collect Agricultural Income Tax from Next Fiscal Year

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Aurangzeb-ipps

ISLAMABAD: Finance Minister Muhammad Aurangzeb has ruled out the signing of an energy debt restructuring agreement with China next week, dismissing reports that suggested a memorandum of understanding (MoU) would be signed during the Chinese prime minister’s upcoming visit. Speaking after a Senate Standing Committee on Finance meeting, the minister clarified that debt re-profiling was a lengthy process, requiring lender and sponsor consent, and that negotiations would take three to four years. Pakistan seeks to restructure $16 billion owed to Chinese institutions, but no immediate relief is expected. Meanwhile, provinces…

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Early Agreement Terminations Prompt Emergency IPP Board Meetings

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power-supply

KARACHI: With the government preparing to prematurely terminate key agreements this month, several independent power producers (IPPs) have called emergency board meetings to address the situation. Hub Power Company Limited (Hubco) announced in a stock filing on Wednesday that its board of directors would hold an urgent meeting on Thursday to review the early termination terms of its implementation, power purchase, and fuel supply agreements, along with the associated guarantees. These agreements were originally set to expire in March 2027. Lalpir Power Limited also notified the Pakistan Stock Exchange of…

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Saudi Delegation Arrives to Strengthen Trade and Investment Cooperation with Pakistan

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Saudi-Delegation

ISLAMABAD: A high-level Saudi delegation, led by Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh, arrived in Islamabad on Wednesday for a three-day official visit aimed at enhancing trade and investment ties between Saudi Arabia and Pakistan. Federal ministers Abdul Aleem Khan (Board of Investment, Privatisation & Communications), Jam Kamal Khan (Trade), and Mohammad Musadik Malik (Petroleum), along with senior officials, welcomed the Saudi minister at Islamabad Airport. During the visit, both nations are expected to sign multiple trade agreements and Memorandums of Understanding (MoUs). The Saudi delegation…

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Fuel Prices Set to Increase Amid Middle East Crisis

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oil-and-gas

ISLAMABAD: After five consecutive reductions, petroleum prices are expected to rise again due to surging global prices driven by the ongoing Middle East conflict. According to official sources, petrol and high-speed diesel (HSD) prices may increase by approximately Rs5.50 and Rs13 per litre, respectively, starting from October 16. This hike follows a notable rise in international rates, with petrol prices climbing by $2.8 per barrel and HSD by $7 per barrel over the last two weeks. The price of petrol in the international market has risen from $76 to almost…

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Task Force to Approve Mechanism for $5bn Investment in Gas Sector, Including 35% Sale to Private Firms

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Asian-bank

ISLAMABAD: The task force on gas-related issues is expected to address the delayed implementation of the amended Exploration and Production (E&P) Policy 2002 in a critical meeting today (Wednesday), chaired by Deputy Prime Minister Ishaq Dar. The amended policy, approved by the Council of Common Interests (CCI) on January 26, 2024, allows E&P companies to sell 35% of gas from new discoveries to private sector firms at competitive prices, with the remaining 65% allocated to state-owned Sui Southern and Sui Northern gas companies. The implementation framework, however, has been stalled…

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