Category: National

  • Offshore drilling for hydrocarbons near Karachi coast completes; samples sent for lab test

    Offshore drilling for hydrocarbons near Karachi coast completes; samples sent for lab test

    KARACHI: The offshore drilling near Karachi coast has been completed. The operators have found hydrocarbons and sent for laboratory test. The operators are hopeful of huge deposits of hydrocarbons, sources said on Wednesday.

    Offshore drilling, through a joint venture of four oil giants, near Karachi coast on Indus G-Block (Kekra-1) has been completed after four months.

    The process spudded the Kekra-1 well to the depth of 5,450 meters.

    A joint venture of ExxonMobil, ENI, Oil and Gas Development Company, and Pakistan Petroleum Limited are conducting the drill stem test (DST) to determine the real size of the oil and gas reserves in the Kekra-1 well, located around 280 km away from Karachi.

    The sources said that the samples had been sent for laboratory tests. On the positive results the country would have one of the huge deposits in the world.

    Pakistan’s import bill could be decreased by billions of dollars annually, if the total reservoir quantity is huge.

    The group of multinational companies had begun offshore drilling on 11th January 2019. The drilling was expected to be completed in March 2019 as per initial estimation. ENI ensured the completion of offshore drilling despite critical situations faced during the drilling process.

  • Federal cabinet approves money whitening scheme

    Federal cabinet approves money whitening scheme

    ISLAMABAD: The federal cabinet on Tuesday approved a scheme to whiten money through declaration of concealed / hidden assets.

    Prime Minister Imran Khan chaired the meeting of the federal cabinet. The cabinet approved the asset Declaration Scheme, 2019 besides discussing a 17 point agenda.

    Attorney General for Pakistan made a detailed presentation to Cabinet about the progress made in cases pending in the International Courts/Arbitration forums and suggested future course of action.

    The Cabinet was informed that from 2008 to 2018, the government of Pakistan has paid an amount of $100 million in lawyers’ fee in various cases while another $10 million is to be paid this year in lawyers’ fee.

    It was decided that legal advisors will be appointed in the main ministries including Ministry of Power, Petroleum, Communications, etc.

    Besides, measures would be taken to strengthen the office of the Attorney General to enhance its capacity to vet contracts/agreement.

    The cabinet discussed at length the prices of essential items The Secretary Planning inform the Cabinet about the measures being taking to eliminate middle man and providing relief to consumers.

    The Cabinet approved renewal of Regular Public Transport, Charter and Aerial Work Licenses of M/s PIACL.

    The Cabinet approved constitution of Board of Directors of PTDC. The Cabinet ratified Trade Agreement between the Governments of the Islamic Republic of Pakistan and the People’s Democratic of Algeria.

    The cabinet approved Memorandum of Understanding between National School of Public Policy (NSPP) and National Management Institute (NMI), Cairo.

    The Cabinet approved Property Tax Exemption in respect of Benevolent Fund Building, Zero Point Islamabad.

    The Cabinet approved appointment of Director on Board Directors of Deposit Protection Corporation.

    Zafar Mirza, Special Assistant to the Prime Minister on National Health Services briefed the Cabinet about progress made in reduction of Maximum Retail Prices of various drugs resulting in saving of Rs. 09 billion to consumers.

    The Cabinet approved salary package for Members of the Information Commission. The Cabinet approved secondment of Major General Omer Ahmed Bokhari, as DG Pakistan Ranger (Sindh).

    The Cabinet approved appointment of Ms. Tasneem Sultana, District and Session Judge as Judge, Special Court (Control of Narcotics Substances-I), Karachi. Appointment of Judge, Special Court (Control of Narcotics Substances-), Quetta was also approved.

    The cabinet granted exemption of duties/taxes on equipment donated by China. The equipment will be used for anti-narcotics efforts.

    The cabinet approved recruitment Rules of the post of Chairman of Pakistan Academy of Letters, Islamabad. The Cabinet approved policy on provision of Consular Assistance to detained and imprisoned Pakistanis abroad.

  • Around 98pc offshore drilling near Karachi coast completes; nation to get good news in two weeks: Ali Zaidi

    Around 98pc offshore drilling near Karachi coast completes; nation to get good news in two weeks: Ali Zaidi

    KARACHI: The joint venture of foreign and local companies has completed around 98 percent drilling near Karachi coast for the possible discovery of huge reservoirs of oil and gas, Federal Minister for Maritime Affairs Syed Ali Haider Zaidi said on Saturday.

    The joint venture including ExxonMobil, ENI, PPL and OGDC is undertaking offshore drilling near Karachi coast. “The joint venture will drill around 5,500 meters and so far it has reached 5,392 meters,” the minister added.

    “The nation will receive good news regarding discovery in next two weeks,” he added.

    The minister was talking to media at an event to add another oil tanker to the fleet of Pakistan National Shipping Corporation (PNSC).

    He said that Pakistan annually paid around $4.5 billion as freight charges. “The addition of oil tanker to PNSC fleet will save huge foreign exchange reserves for the country,” he added.

    Talking about the hike in prices of petroleum products, he said that when the PTI government took charge the international oil price was at $51 per barrel and it had reached now $70 per barrel.

    Commenting on the ongoing negotiations for IMF loan program, he said that the present government was not willingly entering to IMF program. “We are taking loan to repay the old loans that were taken by PPP and PLM-N governments,” he added.

    He said that reducing tariff for gas and electricity was not solution as such reduction would compel the present government to take more loans as done by the previous governments.

  • Utility Stores Corporation implements Ramazan Package ahead of fasting month: RM Javed Khan

    Utility Stores Corporation implements Ramazan Package ahead of fasting month: RM Javed Khan

    KARACHI: Utility Stores Corporation (USC) has implemented subsidized rates under Ramazan Package announced by the government to provide relief the masses during the holy month, a top official said on Sunday.

    “The reduced rates have been implemented across the country from May 03, 2019 around three or four days ahead of Ramazan,” said Muhammad Javed Khan, USC, Regional Manager (RM), Karachi.

    “All the USC outlets are now selling hundreds of items at the subsidized rates,” he added.

    Khan said that a significant reduction had been announced in those items that were mostly used during the fasting month such as sugar, wheat flour, rice, pulses, edible oil and ghee etc.

    “These commodities have reduced prices up to 20 percent when compared with the open market,” the regional manager added.

    The federal government has provided Rs2 billion to subsidized the rates of essential items to be sold through the Utility Stores.

    The Economic Coordination Committee of the Cabinet (ECC) in its meeting on March 12 approved subsidy amounting Rs2 billion to provide relief the masses during Ramazan ul Mubarak.

    Javed Khan pointed out some of items having significant reduction in prices, which included: sugar Rs 64 per kilogram, wheat flour Rs340/10-kg, whet gram Rs100/kg, Dal Chana Rs105/kg, Dal Masoor Rs90/kg, vegetable ghee Rs129/kg, edible oil Rs153/liter, Rooh Afza Rs183/800ml, cold drink (all brands) Rs77/1.5 liters, Tapal tea 793/kg, dates Rs60/500 grams, Rice Super Rs114/kg.

    USC price

    The regional manager said that in order to ensure availability and avoid bulk sale the zonal chief had constituted vigilance teams for monitoring.

    He said that on the directives of Prime Minister Imran Khan the regional chiefs across the country were also visiting the outlets to ensure the availability and for price checks as well.

    Prime Minister Imran Khan has recently directives all the government functionaries to ensure securities and availability of essential items at reduced rates during the holy month of Ramazan ul Mubarak.

  • Immediate reduction up to 75 percent in drug prices  announced

    Immediate reduction up to 75 percent in drug prices announced

    ISLAMABAD: The federal government has announced immediate reduction in prices of drugs up to 75 percent, which were increased since December 2018.

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  • Nisab of Zakat fixed at Rs44,415 for deduction from bank accounts

    Nisab of Zakat fixed at Rs44,415 for deduction from bank accounts

    KARACHI – The government of Pakistan has officially announced the Nisab of Zakat for the Zakat Year 1439-40 AH, setting the threshold at Rs44,415, according to a statement released by the State Bank of Pakistan (SBP) on Friday.

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  • DISCOs publish list of defaulters above Rs1 million

    DISCOs publish list of defaulters above Rs1 million

    ISLAMABAD: Power Distribution Companies (DISCOs) have published the list of defaulters above Rs 1 million on their website, said a statement on Tuesday.

    It said that on directions of Power Division, the lists of electricity dues defaulters above Rs1 million have been published on the websites of concerned DISCOs.

    An operation against these defaulters is also in full swing. Electricity connections of the running and dead/disconnected defaulters against whom more than Rs 1 million are outstanding in lieu of electricity charges their connections are being disconnected.

    All lists of these defaulters are also published on the website of Power Information Technology Company (PITC) and can be accessed at pitc.com.pk/index.php/defaulters-list.

  • Second phase of Pak-China FTA signed; two premiers witness signing ceremony

    Second phase of Pak-China FTA signed; two premiers witness signing ceremony

    ISLAMABAD: The second phase of Pakistan China Free Trade Agreement (FTA) signed on Sunday, which was witnessed by the premiers of both the countries.

    Prime Minister Imran Khan and Chinese Premier Li Keqiang witnessed the signing ceremony at a meeting on the conclusion of the 2nd Belt and Road Forum (BRF) in Beijing, a statement said.

    The list of MoUs/Agreements signed/exchanged on the occasion is as follows:

    i. Second Phase of China Pakistan Free Trade Agreement

    ii. Declaration for Completion of Preliminary Design of Phase-I for Up-gradation of ML-1 and Establishment of Havelian Dry Port under CPEC

    iii. MoU on Cooperation in the field of Marine Sciences between the China Geological Survey (CGS), Ministry of Natural Resources of China, the Institute of Oceanography, Ministry of Science and Technology.

    iv. MoU between CIDCA and Ministry of Planning, Development and Reform on Implementation of the Projects under JWG of CPEC on Socio-Economic Development.

    v. China-Pakistan Economic and Technical Cooperation Agreement

    vi. Rashakai SEZ Joint Venture and License Agreement between KPEZMDC and CRBC.

    The two prime ministers were accompanied by ministers and senior officials.

    Both leaders reaffirmed the time-tested and strong friendship between Pakistan and China and exchanged views on the myriad facets of bilateral engagement.

    The prime minister extended felicitations to the Chinese leadership on the successful holding of the 2nd Belt and Road Forum (BRF).

    Noting the depth and breadth of the Belt and Road Initiative (BRI), the Prime Minister said it was of immense significance for the world in terms of connectivity and shared prosperity.

    The two sides exchanged views on bilateral collaboration in the context of CPEC and prospects of further deepening economic linkages.

    Prime Minister Imran Khan underscored the importance of CPEC for Pakistan’s economy and noted with satisfaction its expansion into new areas of development – including industrial development; livelihood projects; social uplift; and agriculture in line with the priorities of government.

    He hoped that Chinese investment in Specialized Economic Zones (SEZs) would expand Pakistan’s industrial base and assist in diversifying its export basket.

    Underlining the steady growth of bilateral cooperation since the Prime Minister’s last visit to China in November 2018, Premier Li Keqiang expressed satisfaction at the positive momentum of CPEC projects.

    He hoped that the conclusion of the Second Phase of China-Pakistan Free Trade Agreement (FTA), would give further boost to trade and economic relations between the two countries.

    The two sides agreed to further deepen the political, security, economic, education, science & technology, cultural, and people-to-people relations.

    It was agreed to maintain the existing momentum of high level exchanges between the two countries.

    The two leaders also exchanged views on regional issues including peace efforts in Afghanistan and peace and stability in South Asia.

    They also agreed to closely coordinate in their endeavors.

  • Inflation increases by 17.15pc for higher income group

    Inflation increases by 17.15pc for higher income group

    KARACHI: The prices of essential items has increased by 17.15 percent for higher income group above Rs35,000, according to weekly Sensitive Price Indicator (SPI) issued by Pakistan Bureau of Statistics (PBS).

    The PBS said that the inflation of the income group above Rs35,000 was increased by 17.15 percent by week ended April 25, 2019 as compared with same week a year ago.

    The PBS computes the weekly SPI with base 2007-08=100 covering 17 urban centres and 53 essential items for all income groups/quintiles and combined.

    The PBS calculates SPI for income groups included Rs8,000; between Rs8,001 – Rs12,000; Rs12,001-Rs18,000; Rs18,001-Rs35,000; and above Rs35,000. The average inflation for all income group increased by 12.91 percent by week ended April 25, 2018 as compared with corresponding week last year. However, the average inflation increased by 0.37 percent over the previous week ended Aril 18, 2019.

    During the week under review as compared with previous week, around 20 items registered increase in their prices. Some of these items are included: tomatoes, onions, potatoes, egg hen, bananas, pulse moong, sugar, pulse mash, garlic, pulse gram, tea prepared, mutton etc.

    However, 10 items registered decline in their prices during the week, which included: chicken farm, LPG cylinder 11-kg, wheat, wheat flour, firewood, red chillie, cooking oil, vegetable ghee etc.

    Average prices of 22 items remained unchanged during the week under review.

    According to PBS the SPI was increasing for the last four consecutive weeks. The SPI is major component for headline inflation i.e. Consumer Price Index (CPI). The movement of SPI sets the monthly CPI.

  • Pakistan, Iran agree to boost monetary, financial, commercial activities

    Pakistan, Iran agree to boost monetary, financial, commercial activities

    ISLAMABAD: Pakistan and Iran have agreed to enhance economic cooperation through boosting monetary, financial and commercial activities to their full potential by utilizing all available options.

    The joint statement issued on Monday after the meeting of Pakistan Prime Minister Imran Khan and President of Iran Dr. Hassan Rouhani, the both sides considering the increase in volume of trade between the two countries in 2018, the President of Iran and Prime Minister of Pakistan instructed relevant institutions and Ministries to devise all required mechanisms for boosting monetary, financial and commercial activities to their full potential by utilizing all available options.

    The two sides also decided to hold the 21st round of the Joint Economic Commission (JEC)in the second half of 2019 in Pakistan to deliberate further on these issues.

    Prime Minister Imran Khan paid a high-level visit to the Islamic Republic of Iran from 21-22 April 2019, on the invitation Dr. Hassan Rouhani, the President of the Islamic Republic of Iran.

    There has been regular exchange of leadership level visits between the two sides in recent years.

    While emphasizing historical, cultural, religious and civilizational ties between the two neighboring and Muslim countries, and highlighting the commitment of the senior officials of the two countries to expand relations in all areas of mutual interest, the two sides reiterated the importance of deepening and reinforcing bilateral ties based on principles of national interest, territorial integrity and mutual respect for national sovereignty.

    They called for swift implementation of bilateral agreements as a step towards realizing this important goal. Both sides highlighted that common borders should be the borders of peace and friendship, and acknowledged the necessity of forging regular cooperation and exchange of views between political, military and security officials of the two countries to combat threats such as terrorism, smuggling of narcotics, human trafficking, hostage-taking, money-laundering and abduction. It was also agreed that the 10th Round of the Special Security Committee of the two Ministries of Interior will be held in Islamabad in June 2019 to discuss these matters in detail.

    It was also agreed that the next meeting of the Joint Consular Commission would be held on 2nd half of 2019 to review the progress made so far and chart the way forward in further facilitating the movement of people from both sides.

    Pakistan side welcomed the initiation of the process for release of a number of Pakistani prisoners by the Government of Iran, and for making arrangements for their expeditious repatriation to Pakistan.

    President of the Islamic Republic of Iran and Prime Minister of the Islamic Republic of Pakistan agreed that enhancing and cementing cooperation between Iran’s Sistan-Balochistan Province and Pakistan’s Balochistan Province including opening of new border crossings and border markets would contribute towards improvement of the economic situation of local residents, and further constitutes a step towards resolving border challenges and insecurities.

    Both sides agreed to hold the 2nd Round of High Border Commission in Islamabad in May 2019 to review the current status of preparations and further measures required for the earliest opening of new crossing points at Gabd-Reemdan and Mand-Pishin, besides opening of new border markets.

    Both sides highlighted the necessity of extending cooperation in energy sector including export of electricity from Iran to Pakistan.

    Pakistani side extended its appreciation to the Government of the Islamic Republic of Iran for continuing electricity exports to Pakistan’s Balochistan Province. Reaffirming the importance of strong and historic socio-cultural and linguistic affinities between the two countries and their peoples.

    Both sides reaffirmed the need to further strengthen these bonds through promotion of academic, cultural and tourism activities, particularly by encouraging more frequent exchange of visits of intellectuals, folk artists, cultural troupes and by enhancing tourism to the historic religious sites in both countries.

    Prime Minister Imran Khan reaffirmed the support and solidarity of the government and people of Pakistan with the people of Iran over loss of precious human lives and material damages due to recent severe floods in Iran.

    Prime Minister of Pakistan expressed the conviction that the people of Iran would handle this natural calamity with their characteristic resilience. Iranian side expressed its gratitude to Pakistan for sending humanitarian assistance to the flood affected people in Iran. Both sides welcomed the signing of a declaration for cooperation in health sector aimed at bilateral technical assistance and experience sharing with tangible outputs.

    Both sides discussed and exchanged views on major regional and international issues, and asserted that peace, tranquility and sustainable development are prerequisite for enhancing relations, integrity and synergy among the West Asian countries.

    Both sides reaffirmed their commitment to the UN Charter and international law, in particular the principles of sovereign equality of states, political independence and non-interference in the internal affairs of States.

    The two sides reiterated the need for all States to adhere to the rule of law including at the international level. In this context, they expressed serious concerns over unilateral application of measures by any country that are inconsistent with the provisions of international law and the principles of UN Charter.

    The President of Iran and Prime Minister of Pakistan, referring to the necessity of establishing a safe, stable and independent Afghanistan for the sake of regional peace and stability, acknowledged the necessity of holding Afghan-led and Afghan-owned peace dialogue while calling upon regional countries and the international community to work collectively to end conflict and restore complete peace in the country.

    Both sides also agreed to join efforts for achieving a broader regional consensus in this regard. While condemning terrorism in all its forms and manifestations, both sides acknowledged the great achievements of the two countries in combating terrorism and emphasized that efforts to develop regional and international cooperation in preventing and countering terrorism should be redoubled and the root-causes of all types of terrorism in the region identified and addressed.

    Considering the importance of developing connectivity and transit corridors in order to accelerate and facilitate bilateral and regional cooperation and trade, both sides welcomed the implementation of bilateral and multilateral agreements including the Belt and Road Initiative (BRI) and China-Pakistan Economic Corridor (CPEC), as well as agreements on establishing the North–South and East–West corridors in Iran.

    The President of Iran and Prime Minister of Pakistan welcomed all dimensions of cooperation of the two countries with other states, particularly the six-party Speakers’ Conference in Tehran with the purpose of consolidating cooperation among the regional states.

    Both sides highlighted the need to resolve the issue of Jammu & Kashmir through dialogue and peaceful means based on the will of the people of that region and in line with the resolutions of the United Nations Security Council.

    The President of Iran and Prime Minister of Pakistan emphasized that the right of the people of Palestine to establish an independent and sovereign Palestinian state should be respected as the key demand of the Muslim states.

    Both sides also agreed to reinforce endeavors through regional and international arrangements and mechanisms to help Palestinians establish an independent state.

    Both sides stressed on swift and complete implementation of the Joint Comprehensive Plan of Action (JCPOA) by other states considering the full compliance of the Islamic Republic of Iran to its provisions.

    The Prime Minister of Pakistan expressed his appreciation to the President of the Islamic Republic of Iran for the warm and generous hospitality extended to the Pakistani delegation, and officially invited Dr. Hassan Rouhani to visit Pakistan at the earliest convenience.

    President of Iran accepted the gracious invitation. Dates for the visit will be worked out through diplomatic channels.