Business

Russia offers blended crude oil to Pakistan

Published

2 years ago

Farwa

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.

Business

PEL Ships Transformers to Start US Exports

Published

17 hours ago

Bilal

Through stable and efficient trade regulations, the Special Investment Facilitation Council has helped promote Pakistani industrial exports internationally.

With the first shipment of transformers departing Pakistan for the United States on March 13, 2025, Pak Electron Limited formally started exporting its goods to the United States.

PEL wants to increase its worldwide visibility and investigate new overseas prospects. Under its power and appliances segment, the company produces high-quality goods like transformers and home appliances.

Additionally, PEL has alliances with major global corporations including General Electric, Mitsubishi, and Hitachi.

Business

The FBR has extended the deadline for sales tax returns until March 27.

Published

18 hours ago

Bilal

The Federal Board of Revenue (FBR) extended the deadline for submitting Sales Tax and Federal Excise reports to March 27, 2025, to assist taxpayers.

The FBR has issued an official notification concerning the prolongation, as per reports.

The initial deadline for submitting Sales Tax and Federal Excise reports for the February 2025 tax period, originally set for March 18, 2025, has been extended to March 27, 2025.

The determination has been rendered pursuant to Section 74 of the Sales Tax Act 1990 and Section 43 of the Federal Excise Act 2005.

FBR officials indicated that the extension is intended to alleviate challenges encountered by taxpayers, permitting them to complete their returns within the specified timeframe without inconvenience.

Taxpayers are encouraged to utilize the extended deadline and submit their returns punctually to evade any possible fines.

The FBR regularly extends tax return deadlines to assist the corporate sector and facilitate seamless tax compliance.

Business

Stocks fall as PSX is under selling pressure.

Published

2 days ago

Bilal

The benchmark KSE-100 Index dropped more than 600 points during Monday’s opening trading hours, sending the Pakistan Stock Exchange (PSX) plunging.

The benchmark index had dropped 635 points and was now trading at 117,806.25.

The PSX’s decline was attributed primarily to selling pressure.

Important industries include fertilizer, auto assemblers, refineries, OMCs, and oil and gas exploration firms. Due to widespread selling, index-heavy stocks such as EFERT, INDU, MARI, OGDC, PPL, and PSO saw negative trading.

Remember that throughout the past week, the PSX has been in a bullish trend, reaching historical highs.

This prolonged increase was fueled by hope for a possible staff-level deal for the International Monetary Fund’s (IMF) $1 billion second EFF tranche.