High oil prices will push Saudi Arabia’s economy into high-growth mode, more than doubling this year, according to the International Monetary Fund (IMF), which raised its growth forecast for the Kingdom on Tuesday. The IMF is targeting 7.6% growth for the Saudi economy this year, raising its forecast by 2.8%. While much of this was attributed to multi-year-high oil prices,…
Read MoreDay: April 20, 2022
Russia sends Pakistan 4-year economic cooperation roadmap
Following the visit of former prime minister Imran Khan to Moscow, Russia has sent a draft four-year (2022-2025) roadmap for development of trade and economic cooperation including increase in bilateral trade turnover, well informed sources told Business Recorder. The draft roadmap, shared by Russian embassy in Islamabad with the Ministry of Foreign Affairs, will stimulate economic activity of Russian and Pakistani…
Read MoreAzerbaijan to end energy crisis in Europe
Europe is frantically looking for a replacement for Russian gas. In this regard, one country expressed its readiness to become the very alternative in the field of gas supply for many countries, Trend reports citing Haber7. “Azerbaijan, our brotherly country, is preparing to become an alternative for Switzerland in the context of the energy crisis. According to the statement of…
Read MorePSO Receivables, Payables Soar to Rs508.3bn
The receivables and payable of Pakistan State Oil (PSO) have reached Rs508.3 billion as several clients failed to pay their bills for fuel supplies. In first nine months of the financial year 2021-22, the receivable and payable of PSO increased by Rs151.3 billion or 42 percent, according to documents available with Business Recorder. The PSO mainly supplies oil to different…
Read MorePakistan moves LCIA Against LNG Firms
In a new development, the government has moved the London Court of International Arbitration (LCIA) against the defaults of LNG term cargoes by two LNG trading companies — Gunvor and ENI, reveal official documents available with The News. “On account of 10 defaults, seven by Gunvor and three by ENI, Pakistan had to purchase some spot LNG vessels from international…
Read MoreChinese-Built unit of Nuclear Plant in Pakistan Starts Operation
A nuclear power unit in Pakistan using China’s Hualong One reactor started commercial operations on Monday, according to the China National Nuclear Corporation (CNNC). The K3 unit of the Karachi Nuclear Power Plant (or KANUPP) is the fourth nuclear power unit in the world to use the Hualong One reactor, China’s self-developed third-generation reactor. Similar to the K2 unit that…
Read MorePower generation cost up 66% YoY in March
The cost of generating electricity has increased by 66.2% in just one year, going up to Rs9.22 kWh in March 2022 compared to Rs5.55 kWh during the same month last year. “On YoY basis, the rise in fuel cost is witnessed mainly due to rise in coal, furnace oil, re-gasified liquefied natural gas (RLNG), nuclear and gas based cost of…
Read MoreThe Government Must Swallow the Bitter Pill of Oil Price hike.
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said the government will have to swallow the bitter pill of increasing the price of petroleum products in the national interest. The previous government had reduced the price of oil and electricity to trap…
Read MoreFinance Minister Miftah Ismail has said that the country faces historic budget deficit and highest inflation.
In a message on Twitter, he said: “Wheat and sugar which we were used to export now we are compelled to import. There is historic decline in the value of rupee and historic decline in foreign exchange reserves. Asad Umar is saying that economy is good. There is a limit of false statements,” he added. تاریخ کا سب سے زیادہ…
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