Business

Russia ready to supply petrol to Pakistan on deferred payments: report

Published

2 years ago

Farwa

Major development comes after last week’s meetings of PM Shehbaz Sharif and Putin in Samarkand.
Report states no opposition to deal from US amid Pakistan’s severe economic crisis caused by deadly floods
PM Shehbaz, Putin discussed supply of oil, gas and wheat to Pakistan in three meetings.

Russia is ready to provide Pakistan with gasoline on a delayed payment basis, Daily Jang reported on Tuesday.

This major development comes after last week’s meetings of Prime Minister Shehbaz Sharif and Russian President Vladimir Putin in Samarkand, on the sidelines of the Shanghai Cooperation Organisation (SCO) summit.

Matters regarding oil, gas and wheat supplies to Pakistan from Moscow were discussed during the three meetings.

The report added that the US has also not opposed the proposed deal openly amid Pakistan’s severe economic crisis caused by deadly floods.

Addressing a press conference on September 18, Defence Minister Khawaja Muhammad Asif revealed that Russia proposed that its gas pipeline infrastructure which was in place till Central Asian states could be extended to Pakistan through Afghanistan.

The two leaders also expressed commitment to expand bilateral cooperation between their countries in all areas of mutual benefit, Khawaja Asif said.

‘Gas pipeline feasible’

On September 15, Russian President Vladimir Putin told PM Shehbaz Sharif that the installation of a pipeline for the supply of gas to Pakistan from Moscow is possible.

President Putin also expressed solidarity and support for the flood-hit population in Pakistan after he was informed about the devastating impact of the climate-induced calamity.

PM Shehbaz reaffirmed Pakistan’s commitment to work closely with Russia to expand and strengthen cooperation across all areas, including food security, trade and investment, energy, defence, and security.

Speaking about regional politics, PM Shehbaz said that both Pakistan and Russia had vital stakes in a peaceful and stable Afghanistan, adding that Pakistan was committed to supporting all regional and international efforts to stabilise its neighbouring country.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

2 days ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

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

Published

1 week ago

Farwa

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.

Business

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

Published

1 week ago

Farwa

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.