Pakistan says keen to buy more oil from Russia, build new steel mill

Pakistan says keen to buy more oil from Russia, build new steel mill
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Finance Minister Muhammad Aurangzeb (R) shakes hands with Russia’s Deputy Prime Minister Alexei Overchuk on the sidelines of the Boao Forum for Asia (BFA) Conference 2025 in China, on March 27, 2025. (Photo courtesy: GOP)
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Updated 27 March 2025
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Pakistan says keen to buy more oil from Russia, build new steel mill

Pakistan says keen to buy more oil from Russia, build new steel mill
  • Pakistan’s finance minister meets Russian Deputy PM Alexei Overchuk on sidelines of BFA conference in China
  • Pakistan and Russia, once Cold War rivals, have strengthened ties in recent years through increased trade

KARACHI: Finance Minister Muhammad Aurangzeb on Thursday expressed Islamabad’s interest in importing more crude oil from Russia to fulfill its energy requirements and seeking Moscow’s collaboration to build a new steel mill in Pakistan, the finance ministry said. 

Aurangzeb met Russia’s Deputy Prime Minister Alexei Overchuk on the sidelines of the Boao Forum for Asia (BFA) Conference 2025, currently underway in China, to discuss bilateral ties, trade and investment between the two countries. 

“The bilateral talks focused on strengthening energy cooperation, with Pakistan expressing interest in expanding the procurement of crude oil and investments in oil and gas exploration,” the finance ministry said. 

Pakistan and Russia, once Cold War rivals, have strengthened ties in recent years through increased dialogue and trade. In 2023, Islamabad began purchasing discounted Russian crude oil banned from European markets due to Russia’s war in Ukraine and also received its first shipment of liquefied petroleum gas from Moscow.

In December last year, Russia and Pakistan held intergovernmental meetings in Moscow and discussed cooperation on oil and gas offshore exploration and refining, according to a Reuters news agency report.

Cash-strapped Pakistan has long planned to import crude oil from Moscow at discounted rates. Its first shipment of Russian crude oil in June 2023 consisted of 45,000 tons of oil. Russia welcomed Pakistan’s decision to buy oil from it as it increased the search for new buyers in the wake of European sanctions. 

Islamabad is trying to secure discounted oil from Russia in hopes it will cut down its sizable import bill, which comprises expensive energy imports. 

Pakistan is also trying to strengthen its debt-ridden economy with the help of the International Monetary Fund’s (IMF) financial bailout packages. The lender wants Islamabad to increase its depleting foreign exchange reserves to a level that could finance three months of imports.

Pakistan currently holds $10.6 billion in foreign exchange reserves that cover about two months of imports.

Separately, the finance minister also discussed collaborating with Russia on building a new steel mill in Pakistan. 

“Pakistan’s keen interest in establishing a new steel mill with Russian collaboration was also highlighted,” the finance ministry said. “The minister stressed the importance of feasibility studies and cost assessments to move the project forward.”

A team of technical experts from Russia arrived in Pakistan in January to assess Pakistan Steel Mills (PSM), one of several firms Islamabad wants to sell to revive loss-making entities, as it strives to deliver reforms under a $7 billion International Monetary Fund bailout.

Russian Ambassador to Pakistan Albert P. Khorev this year announced cooperation with Pakistan in the energy and industrial sectors, including the modernization of a state-owned steel mill.

Aurangzeb reaffirmed Pakistan’s commitment to strengthening its economic and trade relations with Russia, saying he was excited about expanding bilateral cooperation in key areas of mutual interest, the ministry said. 


IMF team arrives in Pakistan for second phase of anti-corruption and governance review

IMF team arrives in Pakistan for second phase of anti-corruption and governance review
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IMF team arrives in Pakistan for second phase of anti-corruption and governance review

IMF team arrives in Pakistan for second phase of anti-corruption and governance review
  • The IMF team conducted its preliminary Governance and Corruption Diagnostic Assessment in February
  • It is expected to meet finance division, central bank, tax authority and election commission officials this time

KARACHI: An International Monetary Fund (IMF) team has arrived in Pakistan to carry out the second phase of its Governance and Corruption Diagnostic Assessment (GCDA), part of the country’s $7 billion loan program, two finance ministry officials confirmed on Friday.
The GCDA is a detailed assessment tool used by the global lending agency to identify governance vulnerabilities in areas such as fiscal management, financial oversight and the rule of law. It is designed to support targeted reforms to improve transparency, accountability and institutional performance.
The IMF conducted the preliminary phase of the assessment in February at the request of the Pakistani government. Following the visit, it praised the country’s commitment to governance reform.
“Yes,” a ministry official said in a brief response on condition of anonymity, as he was not authorized to speak to the media about the issue, when asked if the IMF team had arrived in the country.
Another ministry official corroborated the arrival of the IMF team, saying it was the continuation of its first trip to Pakistan in February.
The three-member IMF team that visited Islamabad earlier had initiated its evaluation of corruption vulnerabilities across six core state functions in Pakistan.
That visit coincided with a separate IMF mission reviewing Pakistan’s economic performance under the Extended Fund Facility (EFF), which later led to a staff-level agreement expected to unlock a $1 billion disbursement.
Pakistan, a regular borrower of IMF funding, is undergoing the GCDA to identify priority structural reforms required under the EFF to help revive its fragile economy.
During the February visit, the IMF GCDA delegation met with Chief Justice of Pakistan Yahya Afridi to discuss the functioning of the judiciary.
In this second round, the IMF team is expected to engage with officials from the finance division, central bank, tax authority as well as institutions such as the Securities and Exchange Commission of Pakistan, Auditor General of Pakistan, Election Commission and the law ministry.
After completing its review, the IMF team will file a report and recommend steps for addressing corruption vulnerabilities and strengthening integrity and governance.
Its findings are expected to assist the Pakistani government in implementing reforms aimed at enhancing transparency, building institutional capacity and achieving inclusive and sustainable growth.
Pakistan aims to expand its economy by 3.6 percent in the current fiscal year ending in June, in a bid to generate jobs for its large youth population.
The country, home to over 240 million people, has faced a significant brain drain amid economic instability and limited employment opportunities.
The finance ministry officials denied local media reports suggesting that the visiting IMF team would provide input in the government’s ongoing budget formulation process.


Pakistan invites scientists, students to pitch experiments for mission to Chinese space station

Pakistan invites scientists, students to pitch experiments for mission to Chinese space station
Updated 04 April 2025
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Pakistan invites scientists, students to pitch experiments for mission to Chinese space station

Pakistan invites scientists, students to pitch experiments for mission to Chinese space station
  • The country’s space agency has partnered with China to send first Pakistani astronaut to space
  • The mission is expected take place by late 2026 following the completion of astronaut training

ISLAMABAD: Pakistan’s national space agency on Friday invited scientists, researchers and students to contribute to the country’s first-ever human spaceflight mission by submitting proposals for innovative experiments to be conducted aboard a Chinese space station.
Earlier this year in February, the Pakistan Space and Upper Atmosphere Research Commission (SUPARCO) signed a cooperation agreement with China, paving the way for a Pakistani astronaut to travel to the Tiangong space station.
The mission is expected to take place by the end of 2026 following the completion of astronaut training.
“As Pakistan’s first astronaut prepares to undertake a historic journey to the Chinese Space Station (CSS), the national space agency calls for proposals for innovative experiments to be conducted in the extreme thermal, complete vacuum and microgravity environment of the CSS to maximize the scientific impact of this mission,” SUPARCO said in an official statement.
“This is a significant chance for Pakistan’s scientific community and emerging scientists and engineers to contribute to the nation’s space journey and make a lasting impact on the future of space exploration,” it added.
The statement said the Chinese space station orbits the Earth at an altitude of around 380 kilometers, completing one revolution every 92 minutes at a speed of approximately 7.7 kilometers per second.
The space station features state-of-the-art facilities, including specialized experiment racks for research in life sciences, biotechnology, fundamental physics, fluid dynamics, material science and astrophysics.
The Pakistani agency particularly encouraged proposals in agriculture and medical sciences, noting the potential of microgravity to generate groundbreaking insights in those fields.
“Proposed experiments should be novel, cost-effective, lightweight and feasible within a week in microgravity,” it said. “Submissions must align with CSS research priorities, be unique, and support sustainable development goals.”
SUPARCO highlighted the selected experiments could lead to high-impact scientific publications, patents or commercial applications, emphasizing the project’s potential to contribute to socio-economic development.
The deadline to submit proposals is April 30.


Trafficking of NATO, Soviet arms continues in Afghanistan, Pakistan years after Taliban takeover — report

Trafficking of NATO, Soviet arms continues in Afghanistan, Pakistan years after Taliban takeover — report
Updated 04 April 2025
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Trafficking of NATO, Soviet arms continues in Afghanistan, Pakistan years after Taliban takeover — report

Trafficking of NATO, Soviet arms continues in Afghanistan, Pakistan years after Taliban takeover — report
  • While weapons management practices have improved over the past three years, their application remains inconsistent across Afghan provinces and communities, monitor says
  • The statement comes months after Islamabad voiced ‘profound concern’ over the presence of advanced US weapons in Afghanistan amid a surge in militancy in Pakistan’s border areas

ISLAMABAD: Trafficking and illegal sale of North Atlantic Treaty Organization (NATO) and Soviet arms have continued in Afghanistan and Pakistan’s border regions more than three years after the Taliban’s takeover of Kabul and their seizure of the previous regime’s stockpiles, a Geneva-based monitor Small Arms Survey has said in its recent report.
The report, titled “Documenting Arms Availability in Afghanistan,” said as of August 2021, Afghanistan had 258,300 rifles, including M4, M16 and AK-variants, 64,300 pistols, 63,000 sniper rifles, 56,155 light, medium and heavy machine guns, 31,000 grenade launchers, 9,115 shotguns, 1,845 rounds of 60-82mm, as well as hundreds of thousands of accessories and munitions.
The paper reviewed field investigations conducted from 2022 to 2024 into the availability and prices of small arms, light weapons, accessories, and ammunition at informal markets in the Afghanistan–Pakistan border areas. It found that cross-border trafficking was more of a “slow drip” than a flood, with both newer NATO- and older Soviet-pattern weapons still accessible in Afghanistan’s eastern provinces and Pakistan’s tribal districts.
While weapons management practices have improved over the past three years, their application remains inconsistent across provinces and communities, with institutional weaknesses, including limited technical capacity and reliance on paper-based systems, undermining the Taliban’s control efforts, according to the report. Diversion to illicit markets and the “deliberate provision of weapons to various non-state armed groups” remain significant concerns.
“More than three years after the Taliban’s takeover and their seizure of the previous regime’s weapons stockpiles, the de-facto authorities have strengthened control over commanders and restricted civilians’ and private businesses’ access to arms,” the report, published late last month, read.
“Arms trafficking has continued — likely with at least the tacit approval of low-level Taliban officials — and evidence suggests the continued arming of UN Security Council-designated terrorist groups, including the Tehreek-e-Taliban Pakistan (TTP) and Al-Qaeda, alongside efforts to acquire conventional weapons systems on international markets.”
Many local commanders in Afghanistan view weapons obtained during the insurgency as personal property, or property of their respective fighting group, and therefore resist efforts to register and manage these arms centrally, according to the report.
Additionally, internal divisions within the Taliban, along with the personal networks of commanders, provide informal pathways to acquire weapons, bypassing formal approval processes. These challenges led to significant variations in control practices from province to province based on the influence of local commanders and their relationship with Afghan central authorities.
“When comparing prices in Pakistan with those in Afghan border provinces, US M4 rifles cost between USD3,325 and USD 3,700 in Pakistan, making them cheaper than in Khost and Nangarhar on the Afghan side but slightly more expensive than in Kunar, Paktia, and Paktika,” it read.
“In general, the wide variety in price is likely indicative of the condition of the weapons and their origin; sophisticated replicas may have also accounted for some of the lower-priced models. M16 rifles, however, are significantly less expensive in Pakistan, at an average price of between USD1,245 and USD1,400, compared to USD1,824–3,065 in Afghanistan... Conversely, Russian AK-pattern rifles are notably more expensive in Pakistan.”
In Jan. this year, Pakistan voiced “profound concern” over the presence of advanced US weapons in Afghanistan, which Washington has sought to be returned by Kabul’s Afghan Taliban rulers.
“The presence of US advance weapons in Afghanistan, left behind in the aftermath of the withdrawal of its troops in August 2021, has been an issue of profound concern for the safety and security of Pakistan and its citizens,” the Pakistani foreign office said in a statement.
“These weapons have been used by terrorist organizations, including the TTP [Tehreek-e-Taliban Pakistan], to carry out terrorist attacks in Pakistan.”
The statement came months after Pakistani security officials said custom authorities had seized a large cache of US-made weapons and ammunition worth approximately Rs35 million ($125,000) at a border crossing between Pakistan and Afghanistan. The weapons seized at the Torkham border crossing in Pakistan’s northwestern Khyber Pakhtunkhwa (KP) province included M4 rifles and magazines, security sources said in Oct. last year.
Pakistan has struggled to contain surging militancy in KP since a fragile truce between the Pakistani Taliban, or the TTP, and the state broke down in November 2022.
The TTP and other militant groups have frequently targeted security forces convoys and check-posts, besides targeted killings and kidnappings of law enforcers and government officials in recent months. In 2024 alone, the Pakistani military reported that 383 soldiers and 925 militants were killed in various clashes.
Islamabad has frequently blamed the surge in militancy on Afghanistan, accusing it of sheltering and supporting militant groups that launch cross-border attacks. Afghan officials deny involvement and insist that Pakistan’s security issues are an internal matter of Islamabad.


Pakistan stock market hits record intraday high, closes slightly lower on profit-taking

Pakistan stock market hits record intraday high, closes slightly lower on profit-taking
Updated 04 April 2025
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Pakistan stock market hits record intraday high, closes slightly lower on profit-taking

Pakistan stock market hits record intraday high, closes slightly lower on profit-taking
  • Analysts attributed the bullish sentiment at the start of trading to power tariff cuts announced a day earlier
  • Last week, Pakistan reached a staff-level IMF agreement after the first review under the $7 billion loan program

ISLAMABAD: The Pakistan Stock Exchange (PSX) hit an all-time high during intraday trade on Friday but closed slightly lower as investors opted for profit-taking ahead of the weekend.

The benchmark KSE-100 index surged by as much as 1,858.56 points to a record 120,796.67 during the morning session. However, the index later pared gains and ended the day at 118,791.66 points, down 146.45 points, or 0.12 percent, from the previous close of 118,938.11.

Earlier in the day, Prime Minister Shehbaz Sharif attributed the bullish momentum to investor confidence in his government’s economic policies.

“Positive trend in business at the Pakistan Stock Exchange reflects growing confidence of traders and investors in government’s economic policies,” he said in a statement, citing recent economic measures.

“A major reduction in electricity tariffs has been made, which will not only provide relief to domestic consumers, but it is also welcoming for the business community and industries,” he added.

On Thursday, the government announced a cut of more than Rs7 in domestic and industrial power tariffs. The gains also followed a staff-level agreement with the International Monetary Fund (IMF) last week on the first review of Pakistan’s $7 billion loan program.

Ahsan Mehanti, CEO of Arif Habib Corporation, said the tariff relief and a year-on-year drop in the consumer price index to 0.7% in March had raised expectations of an interest rate cut, contributing to the bullish trend.

“Institutional support on the IMF deal and speculations over the government negotiations on [US President Donald] Trump tariff played a catalyst role in bullish activity at the PSX,” he said while explaining the early market bullish sentiment.

Raza Jafri, head of research at Intermarket Securities, noted that Pakistani equities had been performing well since the Eid al-Fitr break, in contrast to global markets, due to local policy developments.

“Domestic developments such as the ongoing IMF program and cut in electricity tariffs seem to hold more importance for Pakistan, which is relatively insulated from global developments and arguably a net beneficiary if the reduction in international oil prices more than offsets the impact on exports,” he said.

Despite the strong start, analysts said the late pullback reflected investor caution heading into the weekend, with many opting to lock in profits after a sharp early rally.


Pakistan Super League 10th edition tickets go up for sale online

Pakistan Super League 10th edition tickets go up for sale online
Updated 04 April 2025
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Pakistan Super League 10th edition tickets go up for sale online

Pakistan Super League 10th edition tickets go up for sale online
  • The Twenty-20 tournament is set to begin from Apr. 11 and will feature over 30 matches
  • Online tickets can be collected from designated TCS pick-up centers or delivered to home

ISLAMABAD: Online sale of tickets for the 10th edition of the Pakistan Super League (PSL) began on Thursday, the Pakistan Cricket Board (PCB) said.
The 10th edition of the PSL beginning on Apr. 11 will host 34 matches in Karachi, Lahore, Rawalpindi and Multan, with the final scheduled for May 18 at Lahore’s Qaddafi Stadium.
This season will feature top local and international players, following the usual format with group stages and knockout rounds, according to the PCB.
Tickets booked online can be collected from designated TCS pick-up centers or delivered directly to home.
“HBL PSL X tickets online sale has commenced from 3pm PKT today as the marquee event is all set to begin from Apr. 11,” the PCB said in a statement on Thursday.


Physical tickets for the tournament will go up for sale at designated TCS centers across the country at 4pm on Apr. 7 onwards, according to the board.
The stadium seating for each match is divided into four categories: General Enclosure, Premium, First-Class and VIP Stands, along with the exclusive HQSP PCB Gallery.
Ticket prices start at $2 (Rs650) for the general category. Regular match tickets can go up to $21 (Rs6,000) for VIP categories, while playoffs and finals may cost as much as $35 (Rs10,000) for VIP stands.
The PCB said it will also hold a ticket raffle at every match, with exciting prizes such as motorcycles, smartphones and gift hampers to enhance fan engagement and offer a unique match-day experience.