The Customs Collectorate Appraisement (CCP) has introduced a new mechanism for processing amendments or changes in consignee names and addresses to enhance efficiency and transparency in the import of old and used vehicles under the personal Baggage/Gift/transfer of Residence schemes for shipping lines seeking amendments in the Import General Manifest (IGM) against old and used vehicles imported under various schemes. Under the newly-introduced mechanism, shipping lines seeking amendments in the IGM are required to submit a comprehensive set of documents to the MIS/Import section of the Collectorate. These documents include original bills of lading, both old and amended, displaying the names and addresses of both the old and new consignees. Upon completion of required document, concerned authorities will proceed with action required to accomplish amendment, concluding the legal procedure.
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New mechanism for shipping lines introduced
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UAE group commits over $2b direct foreign investment in Pakistan
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A high powered delegation from United Arab Emirates (UAE) visited Karachi and met with Faisal Sabzwari, Federal Minister for Maritime Affairs, to sign a strategic memorandum of understanding (MoU) which will see a total investment of over $ 2 billion USD as direct foreign investment into Pakistan. The Abu Dhabi Ports Group (AD Ports) delegation was led by Captain Mohamed Juma Al Shamisi, CEO and Managing Director of AD Ports Group, along with his senior team. The AD Ports has committed to invest in port infrastructure, special economic zone, run cargo rail and inland ports with a total investment of over 2 billion USD as direct foreign investment into Pakistan. AD Ports Group is a UAE government owned entity and the leading maritime and logistics provider from the Middle East. The Group has taken a significant step towards enhancing regional connectivity and fostering economic growth in Pakistan by signing a memorandum of understanding (MoU) with the Karachi Port Trust (KPT). The MoU paves the way for enhancing bilateral cooperation and increasing efforts in the development, expansion, and digitalization of port projects within Pakistan.
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The vessels carrying 100,000 tons of discounted Russian oil will arrive at Pakistan ports in the first week of June which is part of the energy security plan of the government. State Minister for Energy announced this during a meeting with media persons “Russian cargo carrying 100,000 tons Urals will reach at Oman port on May 26-27 where oil in small vessels will be transported to Pakistan in seven to 10 days,” the minister said. The transportation cost would be increased but not much, he assured. He did not share discounted price tag of Russian oil and payment mode, however, hinted that the payment was made through banking channel. The heavy Urals would than refined at the Parco. Later, it would be mixed with light Arabian oil to bring down the price.
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Russian oil to arrive in first week of June
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Pakistan exports record volume of fuel oil as economic crisis hits power usage
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As the economic crisis deepens in Pakistan, the typically import-reliant nation is witnessing a remarkable surge in fuel oil exports, reaching a record 164,000 tonnes last month, the highest volume since 2017. According to data from Kpler compiled by Bloomberg, the country did not record any fuel oil imports during March and April. The unprecedented shift comes in the midst of an acute economic crisis, characterised by a slump in activity, rampant inflation, and a weakening currency. .
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Pakistan’s largest oil and gas explorer, Oil and Gas Development Company Limited (OGDCL), is set to make equity investment as a strategic investor in Pakistan Refinery Limited (PRL). The two companies have signed a memorandum of understanding (MoU) to explore this option. One of the key aspects of this cooperation includes OGDCL’s equity investment in PRL as a strategic investor with adequate board representation, aimed at upgrading and growth of the refinery. “OGDCL has established a strategic partnership with PRL to identify and pursue potential cooperation opportunities and foster mutual growth in the energy industry of Pakistan,” said a statement. “The MoU sets the framework for future collaboration and cooperation between the two companies.” Both firms will work together to execute necessary agreements, including confidentiality agreements for data exchange, and identify suitable investment opportunities.
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OGDCL to make equity investment in PRL
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Russian cargo vessel arrives at KPT
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Before the arrival of Russian crude oil, a container vessel Crystal St Petersburg on its maiden call reached Karachi Port in just 21 days. The vessel took berth at Karachi International Container Terminal (KICT) on May 25th. Minister for Maritime Affairs Syed Faisal Sabzwari welcomed the vessel along with Karachi Port Trust (KPT) chairman and Consul General of Russia Andrey Viktorovich Fedorov. According to KPT’s press release, Mr Sabzwari termed the occasion a landmark achievement of the government which has given the trading community to have direct access to Russian markets. He said that it would open up exports of Pakistani goods to Russia directly. Similarly, it will also be beneficial to Russia and would entail strong business ties with Russia as well as the Central Asian States. As per media reports, the first shipment of discounted Russian crude oil would arrive in Pakistan via Oman by small ships in early June under a deal struck between Pakistan and Moscow in April.
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The Suki Kinari Hydropower Project in the north-western part of Pakistan achieved dam capping, marking its entry into a new construction stage. The successful capping of the concrete dam on Kunhar River will help advance the construction of power station, located in Mansehra district of Khyber-Pakhtunkhwa, under CPEC. Calling the capping a key milestone of the 884-megawatt hydropower project, Chen Jiangbo, Deputy Manager of Suki Kinari Hydropower Project of China Gezhouba Group Company Ltd, which invests in and implements the project, attributed the achievement to the joint efforts made by the Chinese and Pakistani constructors despite multiple challenges.
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Suki Kinari project achieves dam capping
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PSW services extended to dry ports
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Pakistan Single Window (PSW) has extended the scope of its operations to all dry ports (except Quetta) with effect from May 3, 2023, a move that will further facilitate cross-border trade. PSW is an initiative led by Pakistan Customs and aimed at reducing the time and cost of doing business by digitalising Pakistan’s cross-border trade and eliminating paper-based manual processes. With the new development, the clearance of commercial consignments of goods and commodities classified under Chapters 1 to 50 of Pakistan Customs Tariff has been completely switched to PSW, allowing the clearance of imported consignments via submission of a single declaration. The single declaration enables the parties involved in international trade to lodge standardised information and documents at a single entry point to meet the regulatory requirements of multiple government agencies simultaneously.
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In a step aimed at boosting bilateral trade, Prime Minister Shehbaz Sharif and Iran’s President Seyed Ebrahim Raisi on 18th May jointly inaugurated the Mand-Pishin border sustenance market. The Mand-Pishin border sustenance marketplace is expected to provide a thriving platform for increasing cross-border trade, fostering economic growth, and opening up new avenues of opportunity for local businesses. It should be noted that this is one of the six border markets which has been constructed along the Pak-Iran border. The two leaders also planted a sapling on the premises of the border market as a gesture to stride forward in the bilateral relationship between the two countries. PM Shehbaz along with the Iranian president also inaugurated 100MW Polan-Gabd electricity transmission line project from Iran to Gwadar at Mand-Pishin crossing point of Pakistan-Iran border.
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PM Shehbaz, Iranian President Raisi jointly inaugurate Mand-Pishin border market
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Pakistan targets 30% electric vehicles by 2030
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Pakistan’s 2030 vision is aimed at a smooth transition to the alternative renewable energy (ARE) goal of 60% at the end of 2030 by phasing out dependence on fossil fuel and increasing the ratio of electric vehicles to 30%. It was highlighted at the Future Energy Asia Conference 2023, organised by USAID in Bangkok and attended by a delegation from Pakistan. The agenda of the conference was “Emerging Clean Energy Investment Opportunities in Pakistan”. The energy minister highlighted Pakistan’s transition to clean energy and the goals set in the National Electricity Policy 2021. These goals are to be achieved by 2030 and are in line with the Sustainable Development Goals (SDGs). He shared the progress Pakistan had made so far as the country’s clean energy mix crossed 6% with an installed capacity of 2,436 megawatts. Underscoring the importance of solar and wind energy projects, Pakistan’s delegation stressed that the Sindh wind corridor held a great potential to contribute to the transition to ARE. The minister pointed out that the share of Pakistan in global greenhouse gas emissions was only 0.8%, yet it was among the top 10 most climate-stressed countries. “Pakistan is a victim of pollution emitted by others,” he remarked.
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The imports of the petroleum group witnessed a significant decline of 17.96 per cent during the July-April period of FY23 compared to the previous year, Pakistan Bureau of Statistics data showed. This drop can be attributed to a sharp reduction in consumption, which was a direct result of a slowing economy amidst unprecedented inflationary pressures. The country also witnessed the highest-ever increase in fuel prices. Moreover, both local production and the export of petroleum products from the country suffered negative growth, exacerbating the overall situation. In terms of absolute figures, the total import value of the petroleum group contracted to $13.97 billion in the first 10 months of FY23, down from $17.03bn in the corresponding period of the previous year. Similarly, liquefied natural gas (LNG) imports fell by 16.06pc during July-April FY23 on a year-on-year basis. Liquefied petroleum gas (LPG) imports jumped 3.53pc during the months under review due to domestic shortages. In April, total oil imports declined by 59.91pc to $891.46 million, from $2.22bn in the same month last year.
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Petroleum imports slip 18pc
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