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Russia offers blended crude oil to Pakistan

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  • Offer is part of 100,000 barrels per day crude oil supply.
  • Russian side says ready to work with Pakistani authorities.
  • Pakistan more interested in light crude oil to process it efficiently.

KARACHI: Russia has made an offered to provide blended crude oil to Pakistan as the country’s refining sector is not able to process crude oil of one specification, The News reported on Friday.

The Russian side made an offer during a virtual meeting held between the authorities on Thursday. The offer is a part of the 100,000 barrels per day crude oil supply.

The Pakistani side, led by State Minister for Petroleum Dr Musadik Malik, comprised senior officials of the Petroleum Division and representatives from the oil sector whereas the Russian side consisted of senior officials of the energy ministry and relevant departments.

Sources privy to the proceedings of the meeting told The News the Pakistani authorities told their Russian counterparts that the country needed crude oil, petroleum products, gas and investment in infrastructure.

The Russian side told the Pakistani authorities that they were ready to work with them and would further deliberate upon it when a delegation from Russia would visit Pakistan in the third week of January 2023.

They further said that Russia would supply 100,000 barrels of crude oil to Pakistan daily. However, the Pakistani authorities told them that the country’s refineries were hydro-skimming and processing light crude oil. They added that they would be more interested in light crude oil to process it efficiently.

The Russian authorities said that if the Pakistani refineries are not capable of processing one crude oil, they can provide them with blended crude oil.

The sources said that more discussion would be held when the Russian authorities would visit Pakistan next month.

The Pakistani delegation visited Russia at the end of November to hold talks on the supply of oil and gas at discounted rates.

After returning from Russia, Malik, addressing a news conference, said that Russia had agreed to supply crude oil. However, the rates and mode of payment were yet to be finalised, for which the Russian authorities would visit Pakistan next month.

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With the PSX at 115,000, investors profit while the sun is shining.

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Despite the numerous actions the government has taken in recent months, the nation’s economy is still growing.

The extraordinary rise in equities in recent years is evidence that the economic “turnaround” has given investors cause for optimism.

As market participants eagerly made investments, the KSE-100 index crossed the 115,000 level on Friday, the penultimate working day of the current week on the Pakistan Stock Exchange (PSX). The stocks gained strength on the 13th consecutive day, highlighting improvement in the country’s economy.

During early hours of trading, stocks climbed to 115,172 with a gain of 600 points.

The Pakistan Stock Exchange (PSX) reached its peak by surging above 114,000 points on Thursday. It has been over a month since the surge began.

The figure jumped by a substantial 2,500 points to 113,374 points during Thursday’s session. The KSE-100 index closed at 114,180, up 3,370 points, after surpassing 114,000 points later in the day.

On Wednesday, stocks closed at 111,810.

FLOW AND EBB

The market had a sharp bearish rise a few days ago, but it was short-lived as bullish momentum returned. The benchmark KSE-100 index gained more than 2,000 points and is currently sitting around 111,000. It was in opposition to the close of 108,896 points the day before.

CUT THE rating ON THE CARDS

The proverbial bulls have been galloping for the past month or so thanks to the financial infusion from the International Monetary Fund’s loan disbursement and more discussions on climate funding.

The impending policy rate cut meeting of the SBP is another factor contributing to the current market attitude. The Monetary Policy Committee of the Central Bank is scheduled to convene on Monday, December 16.

On November 30, the Pakistan Stock Exchange (PSX) achieved a historic milestone by reaching a record-breaking high of 100,000 points following an unheard-of run of gains.

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ADB Adjusts Pakistan’s Economic Growth Forecast to 3% for 2024-25, Indicating Positive Economic Trajectory

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Pakistan’s economic growth is projected to be three percent in the fiscal year 2025, according to the Asian Development Bank’s revised prediction, which is an upward revision from the previous forecast.

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The PSX 100 index crosses 113,000 points, marking a historic milestone.

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The historic 113,213-point milestone has been surpassed for the first time by the Pakistan Stock Exchange (PSX), setting a new record.

The stock market experienced a spectacular start to the trading session, rising 1,400 points in just 30 minutes. At an all-time high of 112,277 points, the KSE-100 Index jumped 1,467 points.

With the index rising 1,200 points in just 15 minutes after the market began, the PSX had already reached another milestone. At 112,041 points, the KSE-100 Index had risen 1,231 points.

In another example of record-breaking performance, the PSX saw a 1,000-point spike in just 10 minutes. The KSE-100 Index rose 1,100 points to 111,911 points, regaining the 111,000-point milestone and hitting its highest level ever.

The PSX’s exceptional performance establishes it as a crucial gauge of economic optimism by highlighting robust investor confidence and substantial market momentum.

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