Business

Taliban govt starts extracting oil in Afghanistan

Published

2 years ago

Farwa

200 tonnes of oil being extracted from nine wells in Qashqari basin.
Officials hope to increase extraction of oil to more than 1,000 tonnes.
Taliban signed agreement with Chinese firm last year to extract oil.

The Taliban-led Afghanistan has begun the oil extraction from the wells in the Qashqari oilfield in Sar-e-Pul province, Anadolu reported on Sunday.

“Priority will be given to the employment of technical and non-technical staff and the reconstruction of the mine using the revenues of Sar-e-Pul,” the Bakhtar News Agency quoted acting Mines and Petroleum Minister Sheikh Shahabuddin Delawar as saying.

His comments came during an inauguration ceremony of the wells which was attended by several senior Taliban officials.

Terming the country’s mines as an important economic source, Delawar said that the people of Afghanistan should fully harness the sources of the mines.

Mullah Mohammad Nadar Haqjo, who is the acting governor of Sar-e-Pul, said that the country is focusing on its development through internal resources. He also assured that the incompleted projects in the last 20 years will be finalised.

According to a statement issued by the Mines and Petroleum Ministry, there are 10 wells in the Qashqari basin and about 200 tonnes of oil is being extracted from the nine.

However, the officials hope to increase the capacity of extraction from 200 tonnes to more than 1,000 tonnes.

The Taliban signed an agreement with a Chinese company last year to extract oil from Sar-e-Pul.

Moreover, the interim Afghan Taliban government and a Chinese firm also closed a 25-year deal for the extraction of oil from the Amu River basin and the development of an oil reserve in the north.

The Chinese company will initially invest $150 million which will be increased to $540 million in three years.

There is more than $1 trillion worth of untapped resources in Afghanistan which attract foreign investors.

Business

The NORINCO Group is invited by CM Sindh to explore opportunities.

Published

22 hours ago

Farwa

Chinese companies have been invited by Sindh Chief Minister Syed Murad Ali Shah to visit Karachi and other regions of Sindh Province in order to observe the quickly growing businesses and investigate prospects in fields like clean energy, infrastructure development, and public transit projects.

Speaking in Beijing to a delegation headed by the chairman of NORINCO International Co., Ltd., he stated that all facilities required would be provided by the governments of Sindh Province and Pakistan.

With assistance from NORINCO International, the Sindh Chief Minister stated that the Provincial Government will firmly urge North Vehicle and BeiBen to think about setting up a Vehicle Assembly Plant in the Dhabeji Special Economic Zone.

Business

A deal with Pakistan to fight financial crimes has been approved by the Saudi cabinet.

Published

22 hours ago

Farwa

In order to strengthen collaboration in the fight against money laundering, terrorist financing, and associated crimes, the Saudi Press Agency announced this week that the Saudi cabinet, led by Crown Prince Mohammed bin Salman, had approved a memorandum of understanding (MoU) with Pakistan’s Financial Monitoring Unit (FMU).

Due to its severe money laundering and terrorism funding issues in recent years, Pakistan was added to the Financial Action Task Force’s (FATF) grey list in June 2018.

The nation was taken off the gray list in October 2022 after enacting extensive measures to fortify its financial system.

The FMU is Pakistan’s financial intelligence unit, created under the Anti-Money Laundering Act of 2010 and tasked with collaborating with foreign partners and evaluating reports of suspicious transactions.

According to the SPA, “the cabinet approved a memorandum of understanding regarding cooperation in exchanging investigations related to money laundering, terrorist financing, and related crimes between the Financial Monitoring Unit in the Islamic Republic of Pakistan and the General Department of Financial Investigation at the Presidency of State Security in the Kingdom of Saudi Arabia.”

The MoU is an indication of Saudi Arabia and Pakistan’s growing strategic partnership. A significant Pakistani diaspora resides in the Kingdom, and numerous Pakistani businesses have established a presence there.

Saudi Arabia has been a key supporter of Pakistan’s economy, bolstering its reserves with substantial deposits in the State Bank of Pakistan and offering deferred oil payment facilities.