Business

Russia ready to supply petrol to Pakistan on deferred payments: report

Published

2 years ago

Farwa

Major development comes after last week’s meetings of PM Shehbaz Sharif and Putin in Samarkand.
Report states no opposition to deal from US amid Pakistan’s severe economic crisis caused by deadly floods
PM Shehbaz, Putin discussed supply of oil, gas and wheat to Pakistan in three meetings.

Russia is ready to provide Pakistan with gasoline on a delayed payment basis, Daily Jang reported on Tuesday.

This major development comes after last week’s meetings of Prime Minister Shehbaz Sharif and Russian President Vladimir Putin in Samarkand, on the sidelines of the Shanghai Cooperation Organisation (SCO) summit.

Matters regarding oil, gas and wheat supplies to Pakistan from Moscow were discussed during the three meetings.

The report added that the US has also not opposed the proposed deal openly amid Pakistan’s severe economic crisis caused by deadly floods.

Addressing a press conference on September 18, Defence Minister Khawaja Muhammad Asif revealed that Russia proposed that its gas pipeline infrastructure which was in place till Central Asian states could be extended to Pakistan through Afghanistan.

The two leaders also expressed commitment to expand bilateral cooperation between their countries in all areas of mutual benefit, Khawaja Asif said.

‘Gas pipeline feasible’

On September 15, Russian President Vladimir Putin told PM Shehbaz Sharif that the installation of a pipeline for the supply of gas to Pakistan from Moscow is possible.

President Putin also expressed solidarity and support for the flood-hit population in Pakistan after he was informed about the devastating impact of the climate-induced calamity.

PM Shehbaz reaffirmed Pakistan’s commitment to work closely with Russia to expand and strengthen cooperation across all areas, including food security, trade and investment, energy, defence, and security.

Speaking about regional politics, PM Shehbaz said that both Pakistan and Russia had vital stakes in a peaceful and stable Afghanistan, adding that Pakistan was committed to supporting all regional and international efforts to stabilise its neighbouring country.

Business

Huge investment potential exists in the telecom and IT sectors. Shaza Fatima

Published

16 hours ago

Farwa

According to Shaza Fatima Khawaja, Minister of State for IT and Telecommunication, there are numerous investment prospects in Pakistan’s IT and telecom sectors.

She noted that the current administration is dedicated to fostering foreign investment in the nation, in line with the Prime Minister’s goal.

According to a news release, CEOs Wateen Adil Rashid and Muhammad Shahbaz Khan of Taavun (Pvt) Limited, who paid her a visit on Tuesday, spoke with Minister of State for IT and Telecommunication Shaza Fatima Khawaja.

She declared that the private sector would receive complete support because it is essential to growing our exports.

Regarding youngsters, she stated that they are our greatest asset and that efforts are being made to further their growth.

Sheikh Nahyan bin Mubarak Al Nahyan of the United Arab Emirates was thanked by Shaza Fatima for his particular interest in promoting additional investment in Pakistan’s telecom industry.

Business

WB pledges complete support for changes aimed at stabilizing Pakistan’s economy.

Published

17 hours ago

Farwa

Federal Minister for Finance and Revenue, Muhammad Aurangzeb, met with President of the World Bank Group, Ajay Banga, according to a press release from the ministry of finance here. During the meeting, the minister discussed Pakistan’s progress under the nine-month Standby Arrangement (SBA) program as well as ongoing reforms in priority areas of taxation, energy, and privatization.

According to the statement, the minister also extended an invitation to the president to visit Pakistan, and both parties acknowledged the necessity of a rolling 10-year country framework plan.

The minister also talked on safeguarding Pakistan’s eligibility for concessional funding and future project pipeline during a meeting with Masatsugu Asakawa, President of the Asian Development Bank (ADB).

The chief executive officer of the US International Development Finance Corporation (DFC), Scott Nathan, also met with the minister of finance.

They discussed during the conference how DFC may increase its investments in Pakistan after resolving unresolved conflicts in a cooperative manner.

According to the minister, the government is supporting creative financing strategies to maximize PPP potential and private sector participation.

According to the statement, he gave his word that the government will do everything in its power to assist investment projects by both foreign and local businesses in Pakistan.

Business

The cost of a liter of petroleum increased by much to Rs 8.14.

Published

2 days ago

Farwa

Prices for gasoline and high-speed diesel were raised by the government on Monday by Rs4.53 and Rs8.14, respectively, for the upcoming two weeks.

In relation to this, the ministry of finance released a notice.

Diesel now costs Rs 290.38 per litre, while petrol is now priced at Rs 293.94 per liter following the most recent increase.

Additionally, light diesel cost Rs6.54 more per litre, to Rs174.34. A 6.69% increase in price to Rs193.8 per liter was made for kerosene oil.

The impact of the developing Middle East situation and the expanding global market are the main factors contributing to the transformation.

Before the most recent spike, the price of gasoline and HSD had risen by almost $4 and $4.50 per barrel, respectively, on the global market during the previous two weeks.