Business

Russian oil not likely to help reduce petrol price in Pakistan

Published

2 years ago

Farwa

Russian oil’s heavy, will produce 50% furnace oil: industry people.
PRL received first cargo of Russian oil of 45,000 tonnes last week.
Some suggest move to import this oil might be politically motivated.

KARACHI: Russian crude oil will produce more furnace oil (FO) than high-speed diesel (HSD), which would not reduce the prices of petroleum products domestically, The News learned Monday.

According to the oil industry players, the arrival of the first cargo of Russian crude oil has been celebrated from the top level of the government to the media.

However, the anticipated reduction in the prices of petroleum products, particularly diesel, and petrol, in the near future would not be possible.

Pakistan Refinery Limited (PRL) received the first cargo of Russian crude oil of 45,000 tonnes on Sunday, and its discharging from the vessel started on Monday.

“The complete discharge of this crude oil will take twenty to thirty hours,” the Karachi Port Trust stated.

On the other hand, the oil industry people believed that the much-talked-about Russian oil was being cherished as a significant achievement, despite its commercial viability not looking promising.

They pointed out that the Russian crude oil was heavy and would produce 50% furnace oil, 32% high-speed diesel, and 18% of the remaining products.

On the other hand, they pointed out that domestic refineries could extract 50% HSD and 25% furnace oil from Arabian crude oil.

They believed that Russian crude oil might disturb the economic pattern of petroleum products from crude oil, and for it to be more commercially viable, the oil price should be at a higher discounted level.

They said that the first Russian cargo was a trial. After its processing, the report of its refining would be forwarded to the government to determine its economic viability for the country.

According to them, the buying of Russian crude oil by the current government also seems to be an attempt to defuse the narrative of the former government of Pakistan Tehreek-e-Insaf (PTI), which continuously castigated the sitting government over dragging its feet from importing crude oil from Russia.

Industry people said that producing more furnace oil from this crude oil would further add to the existing stock of this fuel. Pakistan currently possesses huge stocks of FO in the range of hundreds of thousands of tonnes due to its non-lifting by the local power plants.

They said that Pakistani refineries have struggled to dispose of this massive stock after the power generation plants refused to stockpile FO.

Refineries also exported some of the stock to the international market at a lower price to keep the operations of their refineries running smoothly.

Business

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

Published

1 day 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.