Business

Pakistan to develop fresh petroleum policy to materialise $12bn Saudi investment

Published

2 years ago

Farwa

Policy will provide Pakistan way to attract multi-billion-dollar investments.
Pakistan, KSA discuss, review areas of mutual cooperation.
Two sides agree to hold follow-up meeting next week.

ISLAMABAD: In a bid to facilitate the potential investment of $10 to $12 billion from Saudi Arabia, Pakistan directed the relevant authorities to approve a fresh petroleum policy, The News reported.

Earlier this week, Islamabad persuaded Riyadh to establish a $12 billion state-of-the-art deep conversion refinery along with a petrochemical complex in Pakistan.

The petroleum policy will provide Pakistan with a way to attract multi-billion-dollar investments. On Wednesday, different ministries held consultations for finalising draft agreements, which are expected to be signed during the upcoming visit of Saudi Crown Prince Mohammad Bin Salman to Pakistan.

Finance Minister Ishaq Dar on Thursday held a virtual meeting on the First Joint Economic Sub Committee of the Saudi-Pakistan Supreme Coordination Council with Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz.

Minister for Board of Investment (BOI) Chaudhry Salik Hussain, State Minister for Petroleum Dr Musadik Masood Malik, SAPM on Finance Tariq Bajwa and other senior officers from ministries of Finance, BOI, Maritime, Aviation, IT and Telecommunication, Food Security & Research, Petroleum and Power Division attended the meeting.

Both sides discussed and reviewed areas of mutual cooperation and collaboration including energy, industry, mineral resources, commerce, finance, investment tourism, communication information and technology, agriculture, food security, transportation, logistics, maritime, and work to increase trade exchange and investment between the two countries.

“The two sides agreed to hold a follow-up meeting next week to ensure the maximum progress is made in bilateral cooperation in these sectors so that significant agreements are signed during the visit of HRH Mohammed Bin Salman, Crown Prince and Prime Minister of Kingdom of Saudi Arabia next month,” the statement concluded.

Dar reiterated that both countries have an exceptional relationship based on social, political, religious and cultural fronts and the need of the hour was to strengthen mutual trade and investment. Both sides also exchanged views on various measures for achieving a greater level of cooperation and for further strengthening the relations.

Prince Abdulaziz bin Salman Al Saud recalled the recent visit of Prime Minister Shehbaz Sharif and mentioned that both sides showed tremendous political will for enhancing bilateral ties.

The Saudi prince highlighted the depth of relations between the two friendly countries in all fields. It was also shared that both countries enjoy long-standing strong mutual historic, religious and cultural ties.

Meanwhile, Dar offered his thanks to the government of the Kingdom of Saudi Arabia for its commitment and dedication towards the Pakistan government and highlighted the deep-rooted ties between both countries in various fields.

Business

Pakistan’s gold prices continue to decline.

Published

21 hours ago

Farwa

The price of ten grams of 24 carat gold dropped by Rs 1,201 to Rs 205,418 from Rs 206,619, while the price of ten grams of 22 carat gold dropped to Rs 188,300 from Rs 189,400, according to the All Sindh Sarafa Jewellers Association.

Silver, priced at Rs. 2,620 per tola and Rs. 2,254.80 per ten grams, stayed at that level. As reported by the organization, the price of gold dropped by $11 on the global market, to $2,297 from $2,308.

Business

Price of LPG “slashed” by Rs. 20 per kilogram

Published

21 hours ago

Farwa

Sources claim that LPG rates have been lowered by Rs 20, making the cost per kilogram drop from Rs 280 to Rs 260.

It is noteworthy to remark that the costs of LPG were reduced by Rs 20 per kilogram earlier, resulting in a total reduction of Rs 40 per kilogram within a few weeks.

The price of liquefied petroleum gas for the month of May 2024 was lowered by the Oil and Gas Regulatory Authority (OGRA) on April 30.

The LPG tariffs were lowered by Rs 11.88 to Rs 238.46 per kilogram in accordance with the OGRA’s notice. On Wednesday, May 1, 2024, the new rates will go into effect.

In April of last year, the price per kilogram of LPG was Rs 250.34. pricing reduction of Rs 140.18 has resulted in a new pricing for home LPG cylinders set for May 2024 of Rs 2813.85.

The OGRA reported a drop in liquefied petroleum gas pricing in April. The price of LPG is now Rs 250.34 per kg instead of Rs 256.78 due to a reduction of Rs 6.44 per kg.

The price of the household cylinder was fixed at Rs 2954.03 for the month of April, down from Rs 3030.12, a decrease of Rs 76.9.

Business

ADB delegation stops by FBR headquarters

Published

21 hours ago

Farwa

Senior Director ADB Tariq Niazi oversaw the expedition, which also involved Sana Masood, Farzana Noshab, and Senior Public Sector Management Specialist Laisiasa Tora. The meeting included presentations from economists as well, according to an FBR press release.

The officers focused on structural and policy adjustments as they discussed the Domestic Resource Mobilization Program’s implementation at the meeting.

$300 million was given to the Pakistani government by ADB in December 2023 as a result of the hard work and dedication of FBR. Better laws, regulations, and institutional capability for the FBR were established by Sub-Program I.

With the $300 million in funding provided by the Asian Development Bank (ADB) to the Government of Pakistan in December 2023, the delegation conveyed satisfaction with the program’s effective launch.

The FBR also underlined how crucial digitization is to recording the economy and boosting productivity in a sustainable way.

In order to promote the Government of Pakistan’s Digital Tax Administration Project, both parties decided to look into measures to improve their cooperation.