Karachi port to receive investment of $250 million to undergo for some upgradation and development of new infrastructure to boost economic activities from Abu Dhabi in next ten years. The predominant goals of the agreement with Abu Dhabi Ports are to implement and ensure transparency, enhance capacity, and improve general port operations at Karachi Port. These initiatives are expected to streamline processes, reduce clearance times, and attract more shipping traffic, thereby boosting economic growth in the region. A major component of this development is the construction of a fully equipped multipurpose terminal. This terminal, costing $130 million, is expected to be completed within two years. Once operational, it will accommodate cargo ships with capacities of up to 120,000 tons. The call for using modern technology and machinery to improve cargo and container handling at the port besides reducing the clearance time. Investment in the improvement of the container terminal facility at Karachi Port featuring control, automated gates, 200-meter expansion in berth, crane rail track. It is also directed the railway authorities to provide freight bogies and other necessary rolling stock to operationalize the project and, and improve the transportation of cargo from the terminal.
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$250 million from Abu Dhabi
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Local coal for power generation
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Pakistan proposes Chinese power plants functioning in the country to change of using imported coal to Pakistan’s Thar coal, that would have a huge impact on the cost of energy and power in future. China has set up energy projects in Pakistan worthing over $20 billion. Such an evolution would be beneficial for the Chinese-owned plants in Pakistan by reducing pressure on Islamabad’s foreign exchange reserves. Pakistan Railways will commence work on the Thar coal railway connectivity project. The projected railway network will have the volume to transport 10 million tons of coal per annum, shifting Pakistan’s power generation to domestic from imported coal, and reducing the reliance on costly fuel imports. This project will support in cutting fuel import costs and save the national exchequer almost $1.5 billion.
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Testing, production, and transmission of an additional 3 million metric standard cubic feet per day (MMSCFD) of natural gas has been done by Mari Petroleum. This achievement was announced subsequent to the submission of detailed reports to the Pakistan Stock Exchange. The gas extracted from the Ghazij Gas Field is now being supplied to Sui Northern Gas Pipelines Limited (SNGPL), a substantial breakthrough for Mari Petroleum. Mari Petroleum is actively preparing a comprehensive development plan specifically tailored for the Ghazij Gas Field. This plan is nearing completion and will soon be submitted to the Oil and Gas Regulatory Authority (OGRA) for approval. This strategic initiative is expected to play a pivotal role in bolstering Pakistan's gas supply infrastructure, thereby enhancing energy security across the nation. Mari Petroleum's efforts signify a positive advancement in utilizing domestic natural gas resources to meet growing energy demands, reinforcing their commitment to sustainable development and contributing to the country's economic and energy goals.
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Sugar export to Afghanistan
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Pakistan has recommenced sugar export to Afghanistan after four years of slab because to shortage of sugar and control prices in the country. Sugar exporters and transporters are relieved by the lifting of the export ban. This move allows them to resume their operations and benefit from international trade opportunities. Pakistan has recently allowed 400 vehicles through Torkham Border in last four days, these were carrying 150,000 tons of sugar. There is a target to complete the entire shipment process by August 15, 2024. To prevent sugar smuggling, several check posts have been set up along the Peshawar – Torkham route. These checkpoints aim to enforce regulations and ensure that the exported sugar reaches its intended destination.
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Visa policy in Pakistan has undergone some major changes to attract foreign investors, tourists and other travelers. Businessmen and tourists can apply for online visa, even a day before travel. In a major change in visa policy, the visa fee has completely waived for the citizens of as many as 126 countries. The sum of visa processing after the waiver would be covered through foreign exchange earned through investment and tourism, including religious tourism of which Pakistan has immense potential. E-gates will be installed at main airports such as Islamabad, Lahore, and Karachi, as well as at Gwadar Harbour and nine other airports across Pakistan. These e-gates will enhance efficiency and convenience for travelers entering and exiting the country.
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Tourist visas within 24 hours
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Kearney - Public Private Partnership Consultant
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The Public Private Partnership Authority has appointed global management consulting firm, Kearney, to improve the efficiency and investment of federal ministries. Kearney is an internationally management consultancy firm with operations across the world, predominantly, in the Middle East. This collaboration objects to streamline operations, improve regulatory conditions, and foster investment in the federal sector, ultimately contributing to a more efficient and sustainable governmental framework. Kearney has already conducted consultations with 15 federal institutions and through these consultations, 97 priority projects have been identified. The Kearney will design planning procedure for sustainable development in consultation with the government. Kearney will provide Assistance will be provided to enhance the regulatory framework governing public sector enterprises and strategies will be developed to attract investors and manage the privatization of state-owned enterprises effectively.
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Pakistan has decided to outline a strategic road map to engross with Russia and connect the two nations via railway networks and secure trade routes. Three crucial rail routes to build linkages with Russia and Central Asian states these includes upgrading Quetta-Taftan rail network, the second route, the Kohat-Kharlachi rail network will be connected with Central Asian Republics through Afghanistan and the third route, the Minelik Express will connect Reko Diq with Gwadar. Doing business with Russian entities. which are already under sanctions, could pose challenges and developing a three-pronged strategy by government, including government-to-government (G2G) frameworks and projects, business-to-business (B2B) cooperation to foster trade and investment, and strategies to ensure safe trade and business operations.
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Road map between Pakistan and Russia
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Wafi Energy Holding Limited(E&P) Sector
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Wafi Energy Holding Limited announced a public offer to purchase up to 24,162,179 ordinary shares of Shell Pakistan Limited. This moves highlights Wafi Energy’s intention to increase its influence in the Pakistani energy market. Wafi Energy LLC entered into a share purchase agreement on October 31, 2023, to acquire 165,700,304 ordinary shares from The Shell Petroleum Company Limited. A novation agreement was subsequently executed between Shell, Wafi Energy LLC, and Wafi Energy Holding Limited. This agreement transferred all rights and obligations from Wafi Energy LLC (the original acquirer) to Wafi Energy Holding Limited. The series of transactions, including the public offer and the novation, are part of Wafi Energy’s broader strategy to bolster its position and operational capacity within Pakistan’s energy sector. This acquisition and the associated agreements represent a significant commitment by Wafi Energy Holding Limited to deepen its involvement in the Pakistani energy market.
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