ISLAMABAD: Turkish President Recep Tayyip Erdogan will visit Pakistan with a high-level delegation from Feb.12-13, Pakistan’s foreign office said on Tuesday, during which he will co-chair the session of a high-level strategic cooperation council focusing on bilateral trade, investment and other priority sectors between the two countries, and oversee the signing of several agreements.
The Pakistan-Turkiye High Level Cooperation Council (HLSCC) was established in 2009 as a framework for consultations at the highest political level between the two sides. Several joint standing committees under the HLSCC cover vital sectors such as trade, investment, banking, finance, culture, tourism, energy, defense, agriculture and others.
Six sessions of the HLSCC have been conducted since it was founded, with the last one held in Islamabad from Feb. 13-14, 2020.
Erdogan’s high-level delegation will comprise ministers, senior officials and corporate leaders, the foreign office said.
“During the visit, Prime Minister Shehbaz Sharif and President Erdogan will co-chair the 7th Session of the Pakistan-Turkiye High Level Strategic Cooperation Council (HLSCC),” the foreign office said. “At the conclusion of the Session, a Joint Declaration and a number of important agreements/MoUs are expected to be signed. The two leaders will also address a joint press stakeout.”
Erdogan will hold bilateral meetings with Sharif and President Asif Ali Zardari, the foreign office said, adding that the Turkish president will address the Pakistan-Turkiye Business and Investment Forum with Sharif. The forum will bring together leading investors, companies and businesspersons from both sides, the statement said.
“The visit of Turkish President and the holding of the 7th Session of the HLSCC would serve to further deepen the brotherly relations and enhance multifaceted cooperation between the two countries,” the foreign office said.
Turkiye and Pakistan enjoy cordial relations with one another that has expanded to cooperation in several sectors between the two nations. Both agreed to enhance the bilateral trade volume to $5 billion last year in May when Turkish Foreign Minister Hakan Fidan arrived in Pakistan’s capital on a two-day visit.
Pakistan has been eagerly reaching out to international partners and close allies since last year in its quest to escape a prolonged macroeconomic crisis by strengthening cooperation in business, investment and other sectors.
Pakistan’s economic crisis has drained its financial resources, weakened its national currency and triggered inflation in the country. The South Asian country has repeatedly stated its desire to achieve sustainable economic growth through foreign trade and investment, long-term reforms and by promoting exports.
Erdogan to visit Pakistan from Feb. 12-13 to strengthen cooperation in bilateral trade and investment
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Erdogan to visit Pakistan from Feb. 12-13 to strengthen cooperation in bilateral trade and investment
- Turkish president to co-chair Pakistan-Turkiye High Level Cooperation Council session with PM Shehbaz Sharif, says FO
- HLSCC focuses on trade, investment, banking, finance, culture, tourism, energy, defense, agriculture and other sectors
Pakistan sends vessels to Saudi, UAE ports to secure crude supplies amid regional crisis
- The development comes as countries scramble to secure energy supplies amid US-Israeli strikes on Iran and Tehran’s counterattacks
- If Islamabad arranges, Aramco has assured a large crude carrier can be loaded at Yanbu and stationed near Pakistan, minister says
ISLAMABAD: Pakistan has sent vessels to ports in Saudi Arabia and the United Arab Emirates to secure crude oil supplies, the Pakistani petroleum minister said late Friday, as tensions in the Middle East continue to threaten global energy flows.
Global oil markets have been rattled since the United States and Israeli began pounding Iran last week, prompting retaliatory strikes from Tehran across the region. The conflict has raised fears of disruptions in energy supplies, particularly through the Strait of Hormuz, and pushed petroleum prices.
Pakistani Petroleum Minister Ali Pervaiz Malik and others said Islamabad was monitoring international energy markets and domestic supply conditions as they announced a hike of Rs55 ($0.20) per liter in petrol and diesel prices, promising to bring down the prices as soon as the conflict is resolved.
Describing the situation as “extraordinary,” Malik said they did not know how long the Middle East crisis would last and it was important to stretch Pakistan’s available petroleum reserves as much as they could to ensure a steady supply to consumers during the crisis.
“At the regional and global level, you can clearly see that countries are scrambling to secure energy supplies. Pakistan is also part of this effort because a significant portion of our energy supplies comes through the Strait of Hormuz,” he said, adding that Prime Minister Shehbaz Sharif has engaged the Saudi government to secure alternative sources.
“With the help of the Foreign Office, two Pakistan National Shipping Corporation (PNSC) vessels are currently on their way, one toward Yanbu port and the other toward Fujairah port, to bring crude oil from outside the Hormuz region in order to meet Pakistan’s energy needs.”
In addition, he said, Aramco had assured that if Pakistan arranged, a Very Large Crude Carrier (VLCC) can be loaded at Yanbu and stationed near the Pakistani waters.
“From there, PNSC (Pakistan National Shipping Corporation) feeder vessels will ensure a continuous supply of crude oil to our refineries, so that even during this difficult phase Pakistan’s energy requirements continue to be met,” Malik shared.
The statement came as long queues of vehicles were seen outside petrol stations nationwide as Islamabad moved to raise petroleum prices to keep the supplies in check.
Pakistan, which relies heavily on imported fuel to meet its energy needs, is particularly vulnerable to global oil price shocks that can quickly feed into inflation and pressure the country’s external accounts.
Officials at Friday’s presser said Pakistan, which reviews petroleum prices fortnightly, will be considering them more frequently, potentially on a weekly basis, and any reduction in global oil prices would be passed on to consumers.
Finance Minister Aurangzeb said a high-level government committee formed by PM Sharif had been meeting daily to review developments in global petroleum markets and their potential impact on Pakistan’s economy.
“Pakistan currently maintains adequate energy stocks and macroeconomic stability,” Aurangzeb said, adding that the government’s response was based on preparedness rather than panic.
