Connect with us

Business

Taliban govt starts extracting oil in Afghanistan

Published

1 year ago

on

  • 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. 

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

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

Published

2 days ago

on

By

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.

Continue Reading

Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

Published

2 days ago

on

By

The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

Continue Reading

Business

Discos report losses of Rs239 billion.

Published

2 days ago

on

By

When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

Continue Reading

Trending