Business

Second Russian crude oil cargo arrives at Karachi port

Published

2 years ago

Farwa

Vessel is carrying 55,000 tonnes of oil.
Cargo was to arrive on June 20 earlier.
Lack of storage at PRL caused delay.

KARACHI: A second cargo of discounted 55,000 tonnes of Russian crude oil arrived at the Karachi port Tuesday.

As soon as the berthing plan of the ship is finalised, it will be docked at the oil pier. The ‘Clyde Noble’ vessel carrying Urals oil was in the Arabian Sea and en route to the port of Karachi, as per prior reports via sources.

“The vessel is expected to arrive at Karachi Port by Tuesday,” an insider from the oil industry had earlier told The News.

It was reported that the second cargo, under the deal between Islamabad and Moscow, was slated to arrive on June 20; however, it was delayed by a week and scheduled to dock today.

A lack of space in the Pakistan Refinery Limited (PRL) storage tanks was cited as the reason behind the delay. PRL is the first domestic refinery to obtain crude oil from Russia under the government-led deal.

Pakistan received its first cargo of Russian crude oil on June 12 when a tanker carrying 45,000 tonnes of crude oil docked at the Karachi port.

The government had placed the first order of 100,000 tonnes of Russian crude oil in April this year after months-long parleys between the two countries over the terms and conditions of the deal.

Under this deal, Russia sent the first oil tanker carrying 100,000 metric tonnes of crude, which arrived at the Omani port early this month. However, the authorities decided that it would be transported to Pakistan through smaller ships as the Pakistani port could not accommodate heavy ships carrying more than 50,000 tonnes of oil cargo.

It is worth noting that the vessel, which was loaded with Ural crude on April 21 at a Russian port, was delayed for 10 days due to technical reasons.

“It then arrived at Egypt’s Suez Canal on May 17, where it waited in a long queue for 12 days to cross the canal.”

Pakistan imports 70% of its crude oil, which is refined by PRL, National Refinery Limited, Pak Arab Refinery Limited, and Byco Petroleum. The remaining 30% is locally produced and refined by Attock Refinery Limited, a domestic entity.

Oil industry insiders said that the PRL was currently in the process of refining the Russian crude to produce the much-needed petroleum products. They informed that Russian crude oil was being blended with Arabian crude, which arrived a few days back following a PRL order for the necessary oil.

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.