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Pakistan eyes importing 1m tonnes of Russian oil per year

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1 year ago

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  • First import of crude oil shipment arrived in June.
  • Second govt-to-govt cargo is being negotiated.
  • Cnergyico imported Russian crude oil cargo last week.

MOSCOW: Pakistan’s Caretaker Energy Minister Mohammad Ali said Islamabad was mulling to sign a long-term agreement to purchase between 0.7 million and 1 million tons (up to 20,000 bpd) of Russian oil per year, The News reported on Friday, quoting TASS, a Russian news agency.

After the export of Russian crude oil was banned from European markets following Moscow’s Ukraine invasion, Pakistan has attempted to benefit from buying the commodity at cheaper prices.

The first import of crude oil shipment arrived in Pakistan in June this year, while the second government-to-government cargo is being negotiated. Pakistan refiner Cnergyico, last week, imported the first-ever private-sector shipment of crude oil from Russia.

Grappling with high inflation and a foreign exchange crisis, Pakistan has also struggled with spot purchases of Liquified Natural Gas (LNG) after Russia’s invasion of Ukraine last year pushed prices to record highs, leaving the South Asian nation to face widespread power outages.

Earlier this month, Pakistan LNG Limited (PLL), a government subsidiary that procures LNG from the international market, awarded a tender to commodities trader Vitol for the delivery of a liquefied natural gas (LNG) cargo in December, making it the country’s first spot purchase in over a year.

Islamabad, early in October, was scheduled to discuss a long-term programme for the import of discounted crude oil from Russia with Moscow next week, as the government sought to diversify its energy supplies at cheaper rates.

A Pakistani delegation, headed by the interim energy minister, was scheduled to attend the Russian Energy Week 2023 on October 11-13 at the Manege Central Exhibition Hall in the Russian capital.

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

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3 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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As the MPC meeting draws closer, stocks rise.

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3 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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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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