Business

Pakistan shares oil import agreement with UAE authorities

Published

1 year ago

Farwa

Once agreement is signed commercial talks would begin between PSO and UAE’s ADNOC.
Pakistan is seeking to import 1.5 million tonnes of motor spirit per year.
Agreement was forwarded as a follow up to talks held in Abu Dhabi in November.

ISLAMABAD: Pakistan has sent a draft of an inter-governmental agreement (IGA) to UAE for the import of mogas under a government-to-government mode between Pakistan State Oil (PSO) and Abu Dhabi National Oil Company (ADNOC), reported The News on Thursday.

“We have sent the IGA draft to the UAE for approval. Once it is signed, commercial talks would begin between the state entities of both the countries,” a senior official of the Energy Ministry confirmed to the publication.

As per the agreement Pakistan is seeking to import 1.5 million tonnes of motor spirit per annum, which is equivalent to 30 cargoes in a year, in the deal which is expected to last for 5-8 years.

A monthly breakdown would mean that Pakistan would import two and a half to three cargoes a month from the Gulf state.

The agreement was forwarded as a follow-up to the talks held in Abu Dhabi during the first week of November 2022. In the talks, both sides had agreed to enter into a GtG deal for the import of mogas and jet fuel.

“This would help Pakistan have sustainable availability of petroleum products in the country. More importantly, the GtG deal would also provide a monetary solace in terms of premiums in importing petrol and other products,” said the official adding they were hoping that the commercial agreement between PSO and ADNOC would be finalised soon after the IGA was inked.

Pakistan is hoping to begin the import of petrol from January 15, 2023, under the deal.

The official explained that after the agreement is inked, both sides would initiate talks on the structure of the commercial agreement and finalise the specifications of petrol, and jet fuel.

Currently, PSO gets diesel from Kuwait Petroleum Company under a similar agreement and purchases petrol from the open market with high premiums depending upon the prices of products in the international market.

But this deal will allow PSO to get petrol from ADNOC at a negotiated price. In addition, PSO would also import jet fuel on a need basis as the country’s refineries cater to jet fuel needs most of the time.

Business

PSX surpasses the historical 71,500-point threshold.

Published

2 days ago

Farwa

Investors celebrated as the PSX finally crossed the historic 71,500 point threshold, signalling a critical turning point in the state of the economy in the country.

The KSE-100 index jumped more than 740 points, soaring to a record high of 71,650 points, demonstrating the tenacity and optimism that pervaded the Pakistani financial market.

This outstanding accomplishment indicates strong growth possibilities for the foreseeable future and demonstrates investors’ faith in the nation’s economic prospects.

The Pakistan Stock Exchange (PSX)’s KSE-100 index saw a minor decline of 60.92 points on Friday, or 0.09 percent, and ended the day at 70,483.66 points.

In the foreign exchange market, the US dollar lost value in relation to the Pakistani rupee at the same time.

Currency dealers claim that on the first day of the workweek, the value of the US dollar dropped by 11 paisas to Rs278.20 in the interbank market, significantly strengthening the rupee.

Business

Outsourcing: Investors from Turkey stop by the airport in Karachi

Published

2 days ago

Farwa

Turkish investors, who are interested in outsourcing Pakistan’s airport industry, sent a high-level team to Karachi Airport.

The domestic arrival and departure lounge at Karachi airport was visited by the Turkish investment group, according to information. The investors were briefed about the workings of the Karachi airport by a delegation of the Civil Aviation Authority, headed by Secretary Aviation Saif Anjum.

An update on the volume of people and business leaving the airport was also provided to Turkish investors. It is anticipated that the delegation would tour the cargo terminal and CAA headquarters today.

The nation’s three main airports, Karachi, Lahore, and Islamabad, were formerly to be outsourced by the federal government.

Interest in outsourcing three of Pakistan’s airports has been expressed by local parties as well as investors from Germany, France, the Netherlands, Qatar, the United Arab Emirates, Malaysia, and Turkiye.

The timeframe for proposal submission for Islamabad International Airport’s outsourcing was extended by the Civil Aviation Authority (CAA) earlier on March 21.

The government’s top objective in the process of outsourcing international airports, according to Prime Minister (PM) Shehbaz Sharif, is openness.

First, he stated that Pakistan is willing to participate in a public-private partnership to outsource a portion of the airport’s commercial activities.

Business

The inaugural flight of Azerbaijan Airlines is between Baku and Karachi.

Published

5 days ago

Farwa

The national airline of Azerbaijan launched direct flights from Baku to Karachi today. There will be two weekly flights on this route, on Thursdays and Sundays.

The first flight will land in Karachi, and Azerbaijan’s ambassador, Khazar Farhadov, will be there to greet it.

This evening also marks the departure of the inaugural flight from Karachi to Baku, in addition to the arrival of the flight from Baku.

Azerbaijan Airlines said last month that it would be growing its network and flight operations in Pakistan.

Aviation insiders have verified that Azerbaijan Airlines is preparing to launch service to Karachi in the coming month of April.

In addition to its current services in Islamabad and Lahore, the airline plans to launch its Karachi route on April 18, with the inaugural flight anticipated to depart on that date.

Azerbaijan Airlines has been given permission to operate flights on the Karachi route, according to sources within the Civil Aviation Authority (CAA).

Following a bilateral agreement between the two nations, Azerbaijan Airlines has been given permission to extend its operations in Pakistan.