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Work started on Saudi energy and petroleum projects, says Omar Ayub

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Work started on Saudi energy and petroleum projects, says Omar Ayub

Omar Ayub Khan, Minister for Power and Petroleum, said work has been started on 14.5 billion dollar worth of Saudi Arabia’s energy and petroleum projects in Pakistan.

In an interview with Arab News, he said the initiatives are part of an effort to boost the production and use of oil and renewable power and overcome power shortages.

He said in the power sector, Saudi Arabia is helping Pakistan install 500 megawatts renewable energy projects worth 4.5 billion dollars in Baluchistan. The studies have been carried out by Saudi company Aqua Power, Pakistani National Transmission & Despatch Company (NTDC) and other leading companies to look into hybrid or solar projects.

He said the process of hiring technical experts for the Gwadar oil refinery project started and would be completed in the next three months. The refinery would have a 250,000 to 300,000 barrels per day capacity that would help Pakistan cut its annual crude oil import bill by nearly 3 billion dollar.

Omar Ayub said this was the first phase of Saudi investment in Pakistan and as soon as they will start achieving targets, another phase of investment would start. Saudi investment would help Pakistan achieve its target of shifting 30 percent of its energy needs to the renewable energy sector by 2030.

He said Aramco is already working in the downstream exploration activities in Pakistan and we would welcome more Saudi companies to come in Pakistan for investment.

US-China trade war will cut 2019 global growth to its slowest pace: IMF

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US-China trade war will cut 2019 global growth to its slowest pace: IMF

IMF stated that US-China trade war will cut 2019 global growth to its slowest pace since the 2008-2009 financial crisis.

The IMF said its latest World Economic Outlook projections here show 2019 GDP growth at 3.0%, down from 3.2% in a July forecast, largely due to increasing fallout from global trade friction.

The global crisis lender said that by 2020, announced tariffs would reduce global economic output by 0.8%. That translates to a loss of about $700 billion — the equivalent of making Switzerland’s economy disappear.

The growth downgrade assumes that all announced U.S. tariffs on Chinese goods are put in place, along with Chinese retaliation. These include a 5 percentage point U.S. duty increase on Chinese goods originally scheduled for Tuesday and 10% tariffs on $156 billion in Chinese goods scheduled for Dec. 15.

For 2020, the Fund said global growth was set to pick up to 3.4% due to expectations of better performances in Brazil, Mexico, Russia, Saudi Arabia and Turkey. But this forecast was a tenth of a point lower than in July and was vulnerable to downside risks, including worse trade tensions, Brexit-related disruptions and an abrupt aversion to risk in financial markets.

Investment in local currency assets exhibit the confidence of foreign financers: IMF about Pakistan

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Investment in local currency assets exhibit the confidence of foreign financers: IMF about Pakistan

The IMF statement said that The investments in the local currency assets exhibited the confidence of foreign financers, however, the risks of certain impacts on the economies of Pakistan and India could not be rejected due to the international trade war.

The institution admitted that the visible hike was seen in tax collection, however, it is likely for a decrease in economic growth. The economic growth rate was previously recorded at 3.3 per cent while it is expected to stand at 2.4 percent this year. The pace of growth is likely to go up after the current financial year.

IMF also stated that Pakistan has recently started implementing the financial plan of the institution and its economy needed a financial adjustment. It said that the fiscal deficit had been witnessed more than the expectation in the previous year.

Ceasefire Violations: Pakistan lodges protest with Indian Envoy

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Ceasefire Violations: Pakistan lodges protest with Indian Envoy

Indian Deputy High Commissioner was summoned to Foreign Office and Pakistan lodged strong protest over recent ceasefire violations on the Line of Control.

During Recent ceasefire violation by Indian forces at Nezapir Sector three civilians were martyred and eight others sustained serious injuries.

Indian Deputy High Commissioner Gaurav Ahluwalia was summoned today at the foreign office and handed protest note by Director General South Asia and SAARC Mohammad Faisal.

Dr. Faisal urged the Indian side to respect the 2003 Ceasefire arrangement and maintain peace on the LoC and the Working Boundary.

Indian occupation forces have continuously been targeting civilian populated areas with artillery fire, heavy-caliber mortars, and automatic weapons along the line of control and the working boundary.

The deliberate targeting of civilian populated areas is deplorable and contrary to human dignity, international human rights and humanitarian laws, the FO said.

The protest note said the ceasefire violations by India are a threat to regional peace and security and may lead to a strategic miscalculation.

Khawaja Brothers’ acquittal plea rejected by Court

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Khawaja Brothers’ acquittal plea rejected by Court

An accountability court rejected acquittal pleas of former railways minister Khawaja Saad Rafique and his brother Khawaja Salman Rafique in Paragon Housing Society case.

Khawaja brothers had filed petitions for their acquittal and also challenged jurisdiction of the court in the case. Accountability Court Judge Jawad ul Hassan announced the decision, which was reserved in a previous hearing. The accountability court extended judicial remand of Khawaja Saad Rafique and Salman Rafique till Oct. 30.

The court directed the National Accountability Bureau (NAB) to continue its work as the law. The court also summoned witnesses to record their statements in next hearing of the case.

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