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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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In interbank trade, the Pakistani rupee beats the US dollar.

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6 days ago

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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7 days ago

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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Business

The inflation rate in Pakistan dropped to its lowest level.

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7 days ago

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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