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Work on Pak-Iran Gas Pipeline Project Begins Ahead of Iranian President’s Visit to Pakistan – Business & Economy

by Alexandra Hartman Editor-in-Chief
written by Alexandra Hartman Editor-in-Chief

Iranian President Ibrahim Raisi will visit Pakistan on April 22. The Ministry of Energy has started work on the Pak-Iran gas pipeline project.

According to the Business Recorder report, the concerned authorities have started work to connect the 80 km long pipeline from Gwadar to the pipeline in Iranian territory.

The Pak-Iran Gas Pipeline project is estimated to be completed in 24 months at a cost of Rs 44 billion and funds will be sought from the Public Sector Development Program (PSDP) from the Petroleum Division in the 2024-25 budget as it is expected that The Finance Ministry will be unable to provide the necessary funds under the Gas Infrastructure Development Cess (GIDC).

Interstate Gas Company (ISGS) has floated tenders for survey and revalidation of front-end engineering design (FED) by consultants, a senior official of the Ministry of Power said, Business Recorder reported.

It should be noted that this development has taken place despite the US’s clear opposition to the bilateral plan and warning of possible sanctions.

Initially, the 80-km pipeline section is expected to supply 100 million cubic feet per day (mmcfd) of gas, while the projected 25-year life of the project is 750 mmcfd.

After completion of this process, authorities will proceed with land acquisition, followed by awarding of engineering, procurement and construction (EPC) contracts.

#Work #PakIran #Gas #Pipeline #Project #Begins #Ahead #Iranian #Presidents #Visit #Pakistan #Business #Economy
2024-04-17 20:36:34

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Economy

ADB’s outlook report vindicates government’s sound economic policies – Business & Economy

by Alexandra Hartman Editor-in-Chief
written by Alexandra Hartman Editor-in-Chief

Federal Minister for Economic Affairs Ahad Cheema termed the Asian Development Outlook report of the Asian Development Bank (ADB) as an endorsement of the correct economic policies of the government and said that the government is determined to follow the recommendations of the ADB.

In one of his statements, Federal Minister for Economic Affairs Ahmed Cheema said that the outlook report of the Asian Development Bank is a strong confirmation of the correct economic policies of the government.

Ahad Cheema said that under the leadership of Vice Prime Minister Shehbaz Sharif, we have started work for a stable and sustainable economy, inflation is decreasing in the country, this is also being confirmed by international financial institutions.

He further said that we are working to improve financial discipline, promote investment and ease the business environment. In our last 16 months government, necessary steps were taken to make the country economically stable. .

Despite the reduction in import premium and the improvement in the exchange rate, due to the situation in the Middle East, the increase in the price of crude oil in the global market will have an impact on the prices of petrol and diesel.

Informed sources say that the price of petrol and high speed diesel has increased by 4 and 4 and a half dollars per barrel in the global market during two weeks. This increase predates Iran’s attack on Israel. Now the situation has changed.

The import premium on petrol has fallen by 21 percent ($10.70 cents) per barrel over the past fortnight. In the last days of March, the ratio was 13 dollars 50 cents per barrel. Meanwhile, the value of the rupee has increased by 40 paisa once morest the dollar. Now one dollar is 278 rupees 20 paise.

The price of high-speed diesel has also increased in the global market and the import premium paid by Pakistan State Oil has remained unchanged at $6.50 cents per barrel.