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Pakistan to develop fresh petroleum policy to materialise $12bn Saudi investment

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2 years ago

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  • Policy will provide Pakistan way to attract multi-billion-dollar investments.
  • Pakistan, KSA discuss, review areas of mutual cooperation.
  • Two sides agree to hold follow-up meeting next week.

ISLAMABAD: In a bid to facilitate the potential investment of $10 to $12 billion from Saudi Arabia, Pakistan directed the relevant authorities to approve a fresh petroleum policy, The News reported. 

Earlier this week, Islamabad persuaded Riyadh to establish a $12 billion state-of-the-art deep conversion refinery along with a petrochemical complex in Pakistan. 

The petroleum policy will provide Pakistan with a way to attract multi-billion-dollar investments. On Wednesday, different ministries held consultations for finalising draft agreements, which are expected to be signed during the upcoming visit of Saudi Crown Prince Mohammad Bin Salman to Pakistan. 

Finance Minister Ishaq Dar on Thursday held a virtual meeting on the First Joint Economic Sub Committee of the Saudi-Pakistan Supreme Coordination Council with Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz. 

Minister for Board of Investment (BOI) Chaudhry Salik Hussain, State Minister for Petroleum Dr Musadik Masood Malik, SAPM on Finance Tariq Bajwa and other senior officers from ministries of Finance, BOI, Maritime, Aviation, IT and Telecommunication, Food Security & Research, Petroleum and Power Division attended the meeting.

Both sides discussed and reviewed areas of mutual cooperation and collaboration including energy, industry, mineral resources, commerce, finance, investment tourism, communication information and technology, agriculture, food security, transportation, logistics, maritime, and work to increase trade exchange and investment between the two countries.

“The two sides agreed to hold a follow-up meeting next week to ensure the maximum progress is made in bilateral cooperation in these sectors so that significant agreements are signed during the visit of HRH Mohammed Bin Salman, Crown Prince and Prime Minister of Kingdom of Saudi Arabia next month,” the statement concluded.

Dar reiterated that both countries have an exceptional relationship based on social, political, religious and cultural fronts and the need of the hour was to strengthen mutual trade and investment. Both sides also exchanged views on various measures for achieving a greater level of cooperation and for further strengthening the relations.

Prince Abdulaziz bin Salman Al Saud recalled the recent visit of Prime Minister Shehbaz Sharif and mentioned that both sides showed tremendous political will for enhancing bilateral ties.

The Saudi prince highlighted the depth of relations between the two friendly countries in all fields. It was also shared that both countries enjoy long-standing strong mutual historic, religious and cultural ties.

Meanwhile, Dar offered his thanks to the government of the Kingdom of Saudi Arabia for its commitment and dedication towards the Pakistan government and highlighted the deep-rooted ties between both countries in various fields. 

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

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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.

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

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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.

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Business

Discos report losses of Rs239 billion.

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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.

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