ISLAMABAD: Russia on Friday agreed 'in principle' to supply crude oil and oil products to Pakistan, with technical details of the deal to be finalized by March this year, Pakistan’s Minister of State for Petroleum Dr. Musadik Malik confirmed on Friday.
Last month, days after he led a government team to Moscow, Dr. Malik said Russia would sell crude oil to Pakistan at a discounted price as well as supply discounted petrol and diesel.
Following the meetings of the eighth Pakistan-Russia Inter-Governmental Commission (IGC) in Islamabad, which ran from January 18-20, and an agreements-signing ceremony on Friday, Dr Malik told reporters that Pakistan wants to import about 30 to 35% of its total crude oil requirement from Russia.
“Parco (Pak-Arab Refinery Company) is saying that [they can use] about a third, or 30 to 35 percent of Russian origin crude [oil], the PRL (Pakistan Refinery Limited) believes that up to about 35 percent of their crude can be of Russian origin, and Byco [Petroleum] believes that their refinery can use up to 80 to 90 percent of Russian crude oil,” he said.
The minister added that the only refinery that would be unable to use Russian-origin crude oil would be Attock Petroleum as it was “designed for Pakistani crude only.”
After signing deals with Pakistan, Russia's Energy Minister Nikolay Shulginov told reporters Moscow would allow Pakistan to pay for its energy purchases “in currencies of friendly countries.”
"With our Pakistani colleagues, we held negotiations and we have discussed finances and banking cooperations, and we have agreed that payments would be made in the currencies of friendly countries," an interpreter quoted Shulginov as saying.
A joint statement later released by the Pakistan-Russia IGC added that the technical details of the deal would be finalized in March 2023.
“Both sides agreed that after consensus on the technical specifications achieved, the oil and gas trade transaction will be structured in a way it has mutual economic benefit for both countries. The process to be completed within March 2023," the statement said.
Islamabad and Moscow also agreed to strengthen energy cooperation and trade and broaden energy infrastructure investment “based on strategic and favorable commercial terms” and, to this end, said they would work on a “Comprehensive Gas Infrastructure Plan for Energy Cooperation,” to be completed in 2023.
Among the pillars of the new energy cooperation plan, the two sides reaffirmed their commitment to the long-delayed Pakistan Stream gas pipeline project, also known as the North-South gas pipeline, that is to be built in collaboration with Russian companies.
The two countries agreed in 2015 to build a 1,100 km (683 mile)-long pipeline to deliver imported liquefied natural gas (LNG) from Karachi on the Arabian Sea coast to power plants in the northeastern province of Punjab.
“Both sides agreed that Pakistan Stream Gas Pipeline Project should be considered in terms of a comprehensive infrastructure which is economically viable for sustainable gas infrastructure development ensuring affordable gas supplies,” the statement said.
Pakistan’s energy procurements from international markets constitute the largest portion of its import bill, putting immense pressure on rapidly depleting forex reserves that plummeted to $4.3 billion earlier this month. Islamabad has also faced problems in recent months in purchasing liquefied natural gas (LNG) from the global market due to spot prices that largely remain out of its reach since the invasion of Ukraine.
Local news outlets have also reported that oil supplies have remained tenuous due to issues with clearing import payments.
Russia agrees to supply crude oil to Pakistan, deal to be finalized by March
https://arab.news/m6d5f
Russia agrees to supply crude oil to Pakistan, deal to be finalized by March
- Russian minister says his country will allow Pakistan to pay for energy purchases 'in currencies of friendly countries'
- Pakistan's state minister for petroleum says country wants to import about 30 to 35 percent of crude oil from Russia
Pakistan PM, Kuwaiti emir discuss transformation of bilateral ties into economic partnership
- The meeting came on the sidelines of a two-day World Economic Forum summit in Riyadh
- PM Shehbaz Sharif assured of efficient implementation of Pakistan-Kuwait deals signed in Nov.
ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif on Sunday met with Emir of Kuwait Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah in Riyadh and discussed with him transformation of Pakistan-Kuwait ties into an economic partnership, Sharif’s office said.
The meeting came on the sidelines of a two-day World Economic Forum (WEF) summit on global collaboration, growth and energy on April 28-29.
PM Sharif thanked Sheikh Mishal for his congratulatory letter upon his re-election and congratulated him on assuming the role of the emir of Kuwait.
“The Prime Minister expressed his desire to work closely with His Highness to transform bilateral ties into a mutually beneficial economic partnership that would serve the best interests of the peoples of both countries,” Sharif’s office said in a statement.
The development came months after Pakistan and Kuwait signed several trade and investment agreements worth $10 billion during the visit of caretaker Pakistan PM Anwaar-ul-Haq Kakar to the Gulf country.
Besides these agreements, the two countries had signed three memorandums of understanding (MoUs) in the fields of culture, environment and sustainable development.
Pakistan’s army chief, General Asim Munir, had also accompanied the caretaker prime minister on the Kuwait visit in November, which was part of the Pakistani leadership’s ambitious plan to attract investment from the Middle East amid an economic slowdown at home.
“The Prime Minister assured the Kuwaiti leadership that these MoUs and agreements would be implemented in an efficient and timely manner,” the statement added.
“In addition to bilateral ties, the regional situation, particularly with regards to the crisis in Gaza, was also discussed.”
PM Sharif, IMF chief discuss Pakistan’s new loan program on WEF sidelines in Riyadh
- Pakistan’s $3 billion IMF loan program, which helped Islamabad avert a default last year, is due to end this month
- Pakistan faces a chronic balance of payments crisis, with nearly $24 billion to repay in debt over next fiscal year
ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif on Sunday met with International Monetary Fund (IMF) Managing Director Kristalina Georgieva in Riyadh, where the two figures discussed a new loan program for the cash-strapped South Asian country, Sharif’s office said.
The meeting between PM Sharif and the IMF managing director took place on the sidelines of a two-day World Economic Forum (WEF) summit on global collaboration, growth and energy in the Saudi capital on April 28-29.
Sharif thanked Georgieva for her support to Pakistan in securing a $3 billion IMF loan program last year that is due to expire this month. The IMF executive board is expected to meet on Monday to decide on the disbursement of the final tranche of $1.1 billion to Pakistan.
“MD IMF shared her institution’s perspective on the ongoing program with Pakistan, including the review process,” PM Sharif’s office said in a statement.
“Both sides also discussed Pakistan entering into another IMF program to ensure that the gains made in the past year are consolidated and its economic growth trajectory remains positive.”
Sharif informed the IMF chief that his government was fully committed to put Pakistan’s economy back on track, according to the statement.
He said he had directed his financial team, led by Finance Minister Muhammad Aurangzeb, to carry out structural reforms, ensure strict fiscal discipline and pursue prudent policies that would ensure macro-economic stability and sustained economic growth.
Pakistan secured the $3 billion IMF program in June last year, which helped it avert a sovereign default. Islamabad says it is seeking a loan over at least three years to help achieve macroeconomic stability and execute long-overdue reforms.
Finance Minister Aurangzeb has said Islamabad could secure a staff-level agreement on the new program by early July, though he has declined to detail what size of the program it seeks. If secured, it would be Pakistan’s 24th IMF bailout.
The $350 billion South Asian economy faces a chronic balance of payments crisis, with nearly $24 billion to repay in debt and interest over the next fiscal year — three-time more than its central bank’s foreign currency reserves.
Pakistan’s finance ministry expects the economy to grow by 2.6 percent in the fiscal year ending in June, while average inflation for the year is projected to stand at 24 percent, down from 29.2 percent the previous fiscal year.
Saudi ministers assure PM Sharif of support for Pakistan’s development — PM’s office
- PM Shehbaz Sharif is in Riyadh to attend WEF meeting on global collaboration, growth and energy
- On Sunday, he met with Saudi Arabia’s minister of finance, investment, and industry and minerals
ISLAMABAD: Prime Minister Shehbaz Sharif on Sunday met with Saudi Arabia’s ministers of finance, investment and industry in Riyadh on the sidelines of a World Economic Forum (WEF) meeting, Sharif’s office said, adding that the Saudi ministers assured him of the Kingdom’s support for Pakistan’s development.
The Pakistan prime minister arrived in Riyadh on Saturday to attend the WEF meeting on global collaboration, growth and energy on April 28-29, after being extended an invitation by Crown Prince Mohammed bin Salman and Professor Klaus Schwab, the WEF executive chairman.
On the sidelines of the WEF meeting, Sharif held separate meetings with Saudi Arabia’s Finance Minister Mohammed Al-Jadaan, Investment Minister Khalid Al-Falih, and Industry and Mineral Resources Minister Bandar Alkhorayef, according to the Pakistan PM’s office.
In his meeting with the Saudi finance minister, the two sides agreed that Saudi Arabia would explore more opportunities for investment in Pakistan.
“The Saudi finance minister reiterated Saudi Arabia’s support for Pakistan’s economic development,” Sharif’s office said in a statement.
The Saudi investment minister acknowledged PM Sharif’s efforts for Pakistan’s growth and prosperity.
“A delegation of Saudi investors will soon visit Pakistan,” he was quoted as saying by Sharif’s office.
“Pakistan is our priority in terms of investment. Both sides will continue to fully cooperate in agriculture, information technology (IT) and energy sector.”
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian country.
Both Pakistan and Saudi Arabia have been closely working to increase their bilateral trade and investment, and the Kingdom recently reaffirmed its commitment to expedite an investment package worth $5 billion discussed previously with Islamabad.
In his meeting with the prime minister, Saudi Arabia’s Industry and Mineral Resources Minister Bandar Alkhorayef expressed “deep interest” in cooperation with Pakistan in agriculture, minerals, IT and other sectors, according to Sharif’s office.
“I am in touch with Saudi private companies regarding investment in Pakistan and [representatives of] these companies will visit Pakistan very soon,” the Saudi minister was quoted as telling PM Sharif.
“Cooperation between private sectors of the two countries is among our top priorities.”
PM Sharif thanked Saudi Arabia’s King Salman and Crown Prince Mohammed bin Salman as well as the Saudi ministers for supporting Pakistan in every difficulty.
“During my previous government, our economic situation improved, thanks to Saudi Arabia’s support and assistance,” he said, describing both countries as strategic partners.
Pakistan’s Foreign Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb and other members of PM Sharif’s cabinet were also present at the meetings.
Foreign Minister Ishaq Dar appointed deputy prime minister of Pakistan
- Dar, a chartered accountant and a seasoned politician, is considered closest ally of Nawaz Sharif, PM Shehbaz Sharif’s elder brother and three-time former PM
- Many believe Dar’s appointment indicates that Nawaz, who didn’t take PM’s office due to split mandate in Feb.8 vote, is trying to assert his control indirectly
ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif has appointed Foreign Minister Ishaq Dar deputy prime minister of the country, the Pakistani government said on Sunday.
Dar, who is a former four-time finance minister of Pakistan, was earlier made the head of a special committee of PM Sharif’s cabinet on privatization.
The 73-year-old chartered accountant is considered to be the closest ally of PM Sharif’s elder brother, Nawaz Sharif, who is also a three-time former prime minister.
“The prime minister has been pleased to designate Mr.Mohammad Ishaq Dar, Federal Minister for Foreign Affairs, as Deputy Prime Minister with immediate effect and until further orders,” read a notification issued from the Cabinet Division.
Nawaz, who returned to Pakistan in October 2023 after having spent years in self-exile, was seen as the favorite candidate for the PM’s office ahead of the Feb. 8 national election and was widely believed to be backed by the country’s powerful army.
But the three-time former prime minister decided not to take the PM’s office after the Feb. 8 vote did not present a clear winner, leading to speculation that his role in the country’s politics had come to an end.
But many believe Dar’s appointment to the deputy prime minister’s slot is an indication that Nawaz is trying to assert his control of government through indirect ways.
Prior to Dar, Chaudhry Pervaiz Elahi was appointed the deputy prime minister of Pakistan in 2012.
In Pakistan’s Peshawar, famed ‘Taj Soda’ has been cooling summers for nearly 90 years
- Taj Soda in Peshawar’s historic Qissa Khwani bazaar offers raspberry, blueberry, mint and several other seasonal flavors
- For some, the establishment, set up in 1936, provides an alternative to the city’s famed ‘qahwa,’ or green tea, in summers
PESHAWAR: One is greeted by the sounds of glass bottles clinking and their brass lids pop-opening as they enter a nearly 90-year-old soft drink outlet, named ‘Taj Soda,’ in the historic Qissa Khwani bazaar in the northwestern Pakistani city of Peshawar.
The visitors are led through a three-feet-wide passage into a hall room, which boasts benches and tables for customers to sit and enjoy their favorite drinks, with its walls adorned with pictures that depict the city’s history through the ages.
Taj Soda, established by Taj Muhammad more than a decade before the partition of the Indian subcontinent, claims to be the “oldest” carbonated drink outlet in Pakistan, which few say provides an alternative to Peshawar’s famed ‘qahwa,’ or green tea, in summers.
“My grandfather’s name was Taj Muhammad, who established this business in 1936. After him, my father Mukhtar Hussain, may he rest in peace, he ran the business for his whole life for 76 years,” Waqas Hussain, Muhammad’s 33-year-old grandson who currently runs the establishment, told Arab News on Friday.
“Our work goes on in six months of summer.”
The outlet, which offers a range of flavors like raspberry, blueberry, pomegranate, apple, rose, banana, mango and mint, is mostly frequented by customers from April till September, though it offers the cherished soft drinks round the year, according to the owner.
A simple drink, made with carbonated water, sugar, sodium citrate and benzoate, is sold for Rs50, while those with the addition of milk cost Rs80.
“We start [selling] soup in winter and we do serve cold drinks, soda water, but it is not like this [as high in demand as in summers],” Hussain said.
Usman Khan, a 21-year-old resident of Peshawar who took a group of friends on a tour of the city, said he brought them to Taj Soda to introduce them to the historic establishment, which was said to be older than even 7 Up, an American brand of lemon lime-flavored, non-caffeinated soft drink.
“They all are my friends, they are from different places. One is from Balochistan and the other is from Kohistan [in Khyber Pakhtunkhwa]. I have brought all of them here,” Khan told Arab News.
“The reason is that it is an old building and was made in 1936. I heard that Taj Soda was established [even] before 7 Up, but this is our bad luck that ... Taj Soda is restricted only to this place. No one knows about it outside [the city].”
But for Hussain, Taj Soda means more than just profit. It is about keeping the legacy of his father and grandfather alive.
“We try not to spoil the name of [our] elders and make the best product, and people trust us,” he told Arab News, with a sense of pride.
“Wherever we go, people know us. We feel happy about it.”
