The signing of a historic partnership agreement by Saudi Arabia, Pakistan, and Uzbekistan with the goal of fostering commerce and investment amongst the three nations is a noteworthy achievement.

It is anticipated that the agreement will strengthen regional economic cooperation and open up new markets for investors and companies.

As per the agreement, a strategic collaboration would be established by Saudi Arabia, Pakistan, Uzbekistan, K-Trade Securities, and Ansher Capital to facilitate cross-border investment.

The biggest investment bank in Uzbekistan, Ansher Capital, will collaborate closely with KASB Securities Limited (KASB), a top stock and commodity brokerage company in Pakistan, to offer investors corporate financing and financial advising services.

It is anticipated that the alliance will broaden the market and draw in foreign capital, especially in vital industries like agriculture, infrastructure, and energy.

Both companies will be actively involved in offering traders and investors in Saudi Arabia, Pakistan, and Uzbekistan professional advice and assistance as they navigate the markets.

Along with fostering economic integration and raising trade volumes, the pact is anticipated to improve trade relations amongst the three nations.

Businesses will be able to access new markets and investment opportunities thanks to the collaboration, which will boost the economy and create jobs.

The collaboration deal is the most recent in a line of steps meant to encourage investment and economic cooperation between Saudi Arabia, Pakistan, and Uzbekistan.

The three nations have been collaborating closely to advance investment and trade, and it is anticipated that this pact will deepen their economic bonds even more.

Details indicate that because of the widespread fuel smuggling in the domestic market, the large diesel supplies that have caused the main unit to close have not been released.

In correspondence addressed to the Petroleum Division and the Oil and Gas Regulatory Authority (OGRA), the Attock Refinery stated, “We have closed down our main crude distillation unit, which has a capacity of 32,400 barrels per day.”

As a result of fuel being smuggled into the nation, the refinery claimed that the oil marketing corporations were not purchasing fuel from them.

Further reading: The nation faces yet another fuel scarcity.

According to the letter, the main unit of Attock Refinery has been shut down and is currently running at 33 percent capacity due to the build-up of a massive stock of diesel.

According to the letter, the refinery may close entirely if the oil marketing corporations don’t buy fuel.

Leading the way in Pakistan’s petroleum refining industry is Attock Refinery Limited (ARL). With 53,400 barrels per day (bpd) of name plate capacity, it is now a modern, state-of-the-art refinery.

Addressing questions concerning economic deals between Pakistan and Iran, a US Department of State official highlighted that Pakistan’s main export market and major investor has been the US.

“Over the previous 20 years, we have also been a prominent investor in Pakistan.” We are interested in Pakistan’s economic prosperity together, and we hope to keep working together,” he stated.

Citing the possible threat of sanctions, he did, however, advise prudence to businesses contemplating trade partnerships with Iran.

Although Pakistan was not mentioned specifically, the spokesperson for Tehran issued a warning against doing business with them.

The two nations have signed numerous bilateral agreements following President Raisi’s three-day visit to Pakistan.

Reiterating their pledge to strengthen ties in a number of areas, Pakistan and Iran hope to increase trade volume to $10 billion. High-level delegation discussions in Islamabad resulted in the consensus.