SINGAPORE , March 27, 2023:Saudi Aramco (2222.SE) signed an agreement with Chinese partners on Sunday for an oil refinery and petrochemical project in northeast China that is expected to start in 2026 to meet the country’s growing demand for fuel and chemicals. The project in Liaoning province’s city of Panjin will be Aramco’s second major refining-petrochemical investment in China and …

Web Desk , March 25, 2023: Former finance minister Miftah Ismail has said that the concerns raised by the International Monetary Fund (IMF) over the coalition government’s plan to provide “petrol subsidy” to the people of Pakistan are “valid”. Miftah, while speaking on Geo News programme ‘Aaj Shahzeb Khanzada Kay Sath’, said that while the IMF’s concerns are “valid”, but …

ISLAMABAD , March 25, 2023: The Peshawar Electric Supply Company (Pesco) has submitted a tariff petition in the National Electric Power Regulatory Authority, seeking an increase in electricity prices. The power supply company has sought Rs1 per unit increase in the electricity rate for consumers in Khyber Pakhtunkhwa in order to recover Rs62.88 billion. It would recover Rs16 billion in …

Web Desk, March 24, 2023: The International Monetary Fund (IMF) on Friday tied “the next step with Pakistan” to assurances of financial assistance from bilateral and other sources for the release of a bailout tranche, supercritical for the liquidity-challenged country, whose deficient foreign exchange reserves needed an urgent shoring up. “Timely financial assistance from external partners will be critical to …

Web Desk, March 24, 2023: Gold prices jumped in Pakistan on Friday as demand for the safe-haven metal was boosted by seasonal demand as people rush to purchase yellow metal in Ramadan which is followed by a wedding season. Data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) soared by Rs5,600 …

ISLAMABAD, March 24, 2023: China has approved the rollover of $2 billion State Administration of Foreign Exchange (SAFE) deposits for a year, reported The News on Friday. “Yes,” Finance Minister Ishaq Dar replied to the publication when asked about getting the rollover of $2 billion SAFE deposits. It was one of the requirements of the IMF for getting the rollover …

Web Desk, 23, 2023: The Sui Southern Gas Company (SSGC) announced on Wednesday that the gas will be provided to consumers during Iftar and Sehr timings during the holy month of Ramadan. The utility provider said that the gas pressure would be low from 8am till 2:30pm as it faces a shortfall of 250 million mmbtu. “This is insanity to …

Web Desk, March 23, 2023: The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs after the recent collapse of two U.S. banks. Fed Chair Jerome Powell sought to reassure investors about the soundness of the banking system, saying that the …

ISLAMABAD , March 22, 2023: The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved technical supplementary grant of Rs27 billion for Kuwait Petroleum Company. An emergent meeting of ECC approved a special grant of Rs27 billion (about $100 million) for payments to KPC to avoid a formal default of the national fuel supplier — Pakistan State Oil (PSO). …

Web Desk , March 21, 2023: The International Monetary Fund (IMF) could release funding to Pakistan by June under a bailout package, Bloomberg Economics reported on Tuesday. “Our base case is that the IMF will deliver the remaining $2.6 billion in aid under the current bailout program by June – helping Pakistan wiggle through the immediate crisis – as the …