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Pakistan anticipates $10bn refinery agreement with Saudi Arabia in 2023

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1 year ago

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  • SIFC exploring options to secure around $7bn from Saudi Arabia.
  • KSA also likely to procure stakes in $7 billion Reko Diq project.
  • Agriculture corporate farm lease of 85,000 acres on cards too.

ISLAMABAD: Pakistan is anticipating the long-awaited $10 billion agreement with Saudi Arabia’s oil titan, Aramco, for the construction of a refinery in Hub to reach its finalisation this year, The News has learnt.

Additionally, the Special Investment Facilitation Council (SIFC), a collaboration between the military and civilian authorities, is exploring options to secure approximately $7 billion from Saudi Arabia, granting the kingdom stakes in the Reko Diq project.

Sources have confirmed that the necessary policy incentives have been greenlit under the Greenfield Refinery Policy 2023, aiming to attract investment from Saudi Arabia.

“It is also expected that Saudi Arabia might procure stakes in the $7 billion Reko Diq project through a feasible transaction model with the help of Saudi Wealth Fund,” said a top official.

The agriculture corporate farm lease of 85,000 acres of land to potential foreign investors is also on cards, sources told The News on Tuesday.

The SIFC will be developing a transaction pipeline to expedite investment in critical infrastructure.

Through government-to-government (G2G) transactions, the SIFC was told in recent weeks that the government would fast-track the G2G arrangements for energy, minerals, agriculture and IT.

The Framework for Inter-Governmental Commercial Transactions is in place.

The SIFC deliberated upon options for G2G arrangements for the privatisation of SOEs, wherever feasible.

The first transaction was already executed between the Karachi Port Trust (KPT) and AD Ports, UAE, for the container terminal in Karachi. The second transaction between the KPT and AD Ports for the outsourcing of operations of Bulk and General Cargo Terminal is to be finalised expeditiously. The SIFC will also explore options for technology-driven investments to boost productivity in the country.

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Business

SIFC Promotes International Honey Trade: Malaysia Becomes an Export Destination for KP 60,000 Honey Farms

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2 days ago

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The successful arrival of Khyber Pakhtunkhwa’s first batch of SIDR honey in Malaysia is a major turning point for Pakistan’s honey sector.

The special investment facilitation council is helping to raise the profile of Pakistan’s agricultural exports internationally.

The Ministry of Commerce is dedicated to increasing Pakistan’s honey exports internationally, and the Pakistani high commission in Kuala Lumpur has been instrumental in fostering collaborations between Malaysian and Pakistani companies.

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The KSE-100 is getting closer to the 100,000 level thanks to bullish momentum.

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2 days ago

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At 98,164.24 points, the benchmark KSE-100 Index is just 1,800 points away from the much-anticipated 100,000 level and is approaching a historic milestone.

Favorable macroeconomic indicators and high investor confidence have propelled the index’s bullish momentum as of 9:47 a.m. today.

The KSE-100 had a significant increase of 469.84 points, or 0.48%, on Friday, closing at 97,798.23 points. Market optimism was indicated by the index’s quick spike to an intraday high of 99,623.03 points.

Analysts have increased their estimates, predicting that by the end of 2025, the KSE-100 might rise to 120,000. Continued improvements in macroeconomic conditions, such as declining bond yields, are anticipated to be the main drivers of this spike since they are bringing more liquidity to the equities market.

Following the drop in bond yields, mutual funds have made about $132 million in investments in Pakistani stocks since January 2024. This influx of funds is considered a favorable indicator of investor sentiment.

The market has also risen as a result of the State Bank of Pakistan’s decision to reduce interest rates by a total of 700 basis points, from 22% in May 2024 to 15% now.

The All-Share Index, which measures the overall market, also showed robust gains. With a net increase of 280.51 points, or 0.44%, it was at 62,376.87 points. Expectations of additional growth in the equity market are being bolstered by this encouraging trend.

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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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6 days ago

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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