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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

Issues Affecting Pakistan’s Textile Mills Industry: The Government Is Determined To Address Textile Industry Concerns: FM

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2 days ago

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Muhammad Aurangzeb, minister of finance, has stated that the government is firmly committed to helping the textile industry in every way possible.
He made this pledge today in Islamabad during a meeting with the All Pakistan Textile Mills Association’s leadership.
In order to guarantee the long-term sustainability and future expansion of Pakistan’s industrial sector, the Minister also reaffirmed the government’s commitment to addressing important tax, energy, and funding challenges.
He welcomed the APTMA office-bearers and gave the delegation his word that the government is committed to resolving the issues facing the textile industry since it understands how important it is to Pakistan’s economy.
Muhammad Aurangzeb underlined that resolving the fundamental issues facing the sector is essential to establishing an atmosphere that is favorable for industrial expansion, promoting economic stability, and bolstering the country’s overall growth trajectory.

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Business

As the MPC meeting draws closer, stocks rise.

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2 days ago

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On the final working day of trading, the Pakistan Stock Exchange (PSX) maintained its optimistic trend.

After rising more than 900 points, the benchmark KSE-100 index stabilized around 114,684 points.

The forthcoming Monetary Policy Committee (MPC) meeting on March 10 is allegedly connected to the bullish trend.

Recall that the KSE-100 index gained over 1,400 points on Thursday before closing at 113,713 points.

The greenback, on the other hand, dropped Rs0.07, from Rs279.82 to Rs279.75.

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Business

FBR to Enhance Revenues: Enacts Significant Reforms, Attains Record Revenue Collection

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4 days ago

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The Federal Board of Revenue has effectively executed significant reforms in the past year, enhancing tax administration, compliance, and digital transformation under the leadership of Prime Minister Shehbaz Sharif.
The FBR implemented AI-driven risk identification algorithms to improve tax audits and introduced a customer relationship management dashboard for real-time compliance monitoring.
Moreover, AI-driven Customs Intelligence and digital invoicing systems have transformed tax collection and customs operations.
The implementation of faceless customs assessment has markedly diminished clearance waits, optimizing international trade.
The unified sales tax return has streamlined the tax filing procedure, while the continuous advancement of a tier-3 data center seeks to enhance data security and AI-driven surveillance.
To enhance transparency, the FBR digitized its litigation management system for faster dispute resolution.

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