The United States has reiterated that Pakistan can purchase oil from Russia at a discounted price even though it has not signed a Washington-backed price-cap on Russian petroleum products. US State Department’s spokesperson Ned Price told reporters at a Tuesday afternoon news briefing that Pakistan can also take advantage of the concessions Washington has given to other countries for buying…
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Minister of State for Petroleum Dr Musadik Malik on Thursday said Pakistan would sign an agreement with Russia in March to get inexpensive crude oil besides a ‘holistic energy security plan’ by the year-end, which would be beneficial for both countries. “In March, all commercial terms of the agreement will be finalized with Russia, following which low-cost crude oil will…
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Nawaf Saeed A. Almalkiy, Ambassador and Commercial Attache of Saudi Arabia to Pakistan called on Federal Minister for Commerce Syed Naveed Qamar here, said a press release issued by the Ministry of Commerce. Syed Naveed Qamar highlighted the need to enhance cooperation in the field of trade and investment between the countries and emphasized the need for closer economic ties.…
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The International Monetary Fund (IMF) said on Thursday that its mission will visit Islamabad at the end of this month to continue discussions under the ninth Extended Fund Facility (EFF) review. “At the request of the authorities, an in-person Fund mission is scheduled to visit Islamabad January 31–February 9,” IMF Resident Representative in Pakistan Esther Pérez Ruiz told Business Recorder via message.…
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During the meeting, the two sides reviewed the historical UAE-Pakistan ties and opportunities for enhancing joint cooperation in a way that serves the mutual benefit of both countries and their peoples across various domains. The leaders discussed enhancing cooperation, especially in the fields of economy, trade and development in line with the two countries’ sustainability objectives. They also discussed several…
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K-Electric (KE) has proposed three structures for its participation in the second unit of Jamshoro coal power plant (2×600 MW), saying that the development of the project can be fast-tracked by structuring the transaction under G2G framework with Saudi Arabia. In a letter to Power Minister Khurram Dastgir Khan, CEO KE Syed Moonis Abdullah Alvi shared the outcome of the…
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Eni said on Wednesday that the delivery of a liquefied natural gas (LNG) cargo to Pakistan LNG Limited that was scheduled for February has been disrupted due to an event of force majeure. The Italian major has a 15-year deal to supply Pakistan LNG with one cargo a month from 2017 to 2032. “February LNG delivery disruption is beyond the…
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Pakistan faced an almost nationwide power outage on Monday. A significant energy shortage is one of the main drivers of the nation’s current economic crisis…………..The long-awaited winter energy crisis has finally hit…but it wasn’t in Europe after all. On Monday, almost the entirety of Pakistan was left without power when a misguided energy saving strategy by the government backfired. Runaway…
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The Economic Coordination Committee (ECC) of the Cabinet is all set to approve the pact between Pakistan LNG Limited (PLL) and Azerbaijani company, M/s SOCAR/ SOCAR Trading, for import of one LNG cargo monthly, official sources told Business Recorder. Pakistan State Oil (PSO) and Pakistan LNG Limited (PLL) are importing Liquefied Natural Gas (LNG) under long-term LNG supply contracts to minimise…
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Crude oil prices slipped on Tuesday on concerns about a global economic slowdown and an expected build in US oil inventories. Brent futures for March delivery fell $2.06, or 2.3%, to $86.13 a barrel. US crude fell $1.49, or 1.8%, to $80.13 per barrel. US business activity contracted in January for the seventh straight month, though the downturn moderated across…
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