KARACHI: A consortium of Pakistan’s oil and gas exploration companies on Friday announced its plan to invest $400 million in the oil exploration sector of the United Arab Emirates by participating in a bidding process organized by the Abu Dhabi National Oil Company (ADNOC).
The consortium comprising the Oil and Gas Development Company Limited (OGDCL), Mari Petroleum Company Limited (MPCL), Pakistan Petroleum Limited (PPL), and Government Holding (Private) Limited has decided to incorporate a company/special purpose vehicle by the name of "NewCo" in Abu Dhabi Global Market and Pakistan, the OGDCL said in an information disclosure notice to the Pakistan Stock Exchange (PSX) on Friday.
“Each consortium partner has a 25% shareholding in the company,” the statement said. “The consortium has submitted a bid for one of the blocks offered in the Abu Dhabi Bid Round 2019 and incorporation of the NewCo is one of the conditions to qualify for the award.”
The Economic Coordination Committee of the Cabinet (ECC) had allowed the consortium to submit the bid in 2019, asking its members to make the initial investment through their own resources in keeping with the size of their shares.
Five blocks have been announced for the commercially competitive bidding in the upcoming round in Abu Dhabi, three of which are offshore and two onshore, according to the information posted on the ADNOC website.
The Pakistani consortium clarified in its statement that the award would be granted by the Supreme Council for Finance and Economic Affairs (SCFEA) of the Emirate of Abu Dhabi, adding that no decision in this regard had yet been taken.
According to the information shared by the OGDCL, each consortium company will invest up to $100 million in case of a successful bid, taking the total financing to $400 million.
If the block is not awarded to the consortium, however, the companies have also agreed to dissolve NewCo.
Asked about the initiative, experts said it could turn out to be a good opportunity for the Pakistani companies.
“They have submitted the bid for offshore exploration which will help them earn huge profits if they win the award and their drilling remains successful,” Tahir Abbas, director research at Arif Habib, told Arab News.
He added that working with the ADNOC could also produce several exciting opportunities for the consortium in future.
The UAE is the world’s seventh-largest oil producer which has about 96 percent of oil reserves in Abu Dhabi.
Located in one of the world’s largest hydrocarbon super-basins, much of its stocks of oil and gas remain undiscovered and untapped.
Pakistani consortium plans to invest $400 million in UAE oil exploration sector
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Pakistani consortium plans to invest $400 million in UAE oil exploration sector
- The consortium has submitted its bid for an offshore block in a process organized by the Abu Dhabi National Oil Company
- Located in one of the largest hydrocarbon super-basins, the UAE is the seventh-largest oil producer in the world
Authorities broker second ceasefire between warring Shiite, Sunni tribes in Pakistan’s northwest
- The violence in Kurram district erupted after gunmen attacked a convoy of vehicles carrying mostly Shiites, killing 52 people on Nov.21
- Some Shiites, after burying the victims, launched attacks on Sunni Muslims and clashes ensued, killing 78 people and wounding 200 others
PESHAWAR: Pakistani authorities with help from community leaders brokered a second ceasefire between warring minority Shiites and Sunni Muslims in a troubled northwestern region bordering Afghanistan following a deadly sectarian violence that left dozens of people dead, officials said Monday.
The violence in Kurram, a district in Khyber Pakhtunkhwa province, erupted after gunmen attacked a convoy of vehicles carrying mostly Shiites, killing 52 people on Nov.21. Though nobody claimed the assault, some Shiites, after burying the victims, launched attacks on Sunni Muslims and clashes ensued, killing 78 people and wounding 200 others.
A ceasefire was reached on Nov. 24, but didn’t last long before violence flared up again. This time, authorities are hopeful it will hold.
Javed Ullah Mehsud, the deputy commissioner of Kurram, said tribal leaders helped negotiate the respite Sunday night and that police have been deployed to ensure peace in the area.
Shiite Muslims make up about 15 percent of the 240 million people in Sunni-majority Pakistan, which has a history of sectarian animosity between the communities.
Shiites dominate parts of the Kurram district. Though Shiites and Sunnis generally live in peace there, land disputes have led to sectarian violence in recent months.
Pakistan PM congratulates UAE leadership and people on 53rd National Day
- The UAE is Pakistan’s third-largest trading partner after China and the United States, and a major source of foreign investment
- PM Sharif says Pakistan will keep striving to further strengthen ties with the UAE to transform them into an economic partnership
ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif on Monday congratulated the leadership and the people of the United Arab Emirates (UAE) on its 53rd National Day, hoping to further strengthen fraternal Pakistan-UAE ties into an economic partnership.
The UAE is Pakistan’s third-largest trading partner after China and the United States, and a major source of foreign investment, valued at over $10 billion in the last 20 years, according to the UAE foreign ministry. It is also home to more than a million Pakistani expatriates.
Policymakers in Pakistan also consider the Gulf country an optimal export destination due to its geographical proximity, which minimizes transportation and freight costs while facilitating commercial transactions.
In a message on X, PM Sharif extended his heartiest felicitations to the leadership and the people of the UAE, saying Pakistan was proud of the Gulf nation’s “remarkable journey of progress and prosperity.”
“Pakistan has always remained a steadfast brother and partner of the UAE,” he said. “Together, we will continue to strive to further strengthen our historical and fraternal ties and transform them into a mutually beneficial economic partnership. Long live Pakistan-UAE friendship!“
He said the UAE was founded on the wisdom and sagacity of the late former president Sheikh Zayed bin Sultan Al-Nahyan and today that vision to achieve excellence through innovation and modernization was carried forward by UAE President Sheikh Mohamed bin Zayed Al-Nahyan and Prime Minister Sheikh Mohammed bin Rashid Al-Maktoum.
The UAE-Pakistan trade volume rose to $7.9 billion in 2023, up 12 percent from 2022. In May this year, PM Sharif said the Emirates had committed $10 billion to invest in promising economic sectors in Pakistan.
The Pakistan Business Council (PBC), set up this September at the Sharjah Chamber of Commerce and Industry, also aims to increase Pakistan’s bilateral trade volume with the UAE to $40 billion in three years.
Pakistan offers support to Malaysia after floods displace over 122,000
- The number even surpassed the 118,000 evacuated during one of Malaysia’s worst floodings in 2014
- Both countries agree to encourage the two relief authorities to hold discussions on support from Pakistan
ISLAMABAD: Pakistan’s deputy prime minister and foreign minister, Ishaq Dar, on Sunday telephoned Malaysian Foreign Minister Hajji Mohamad bin Hajji and offered Islamabad’s assistance following the evacuation of more than 122,000 people due to recent floods in Malaysia, the Pakistani foreign ministry said.
The massive floods, caused by relentless rains, swept through Malaysia’s northern states, killing at least four people, according to Malaysian disaster management officials.
The number surpassed the 118,000 evacuated during one of the country’s worst floodings in 2014, and officials feared it could rise further as there was no let-up in torrential downpours.
During the telephonic conversation, Dar offered his deepest sympathies on the tragic loss of lives and property in Malaysia, according to the Pakistani foreign ministry.
“He conveyed Pakistan’s full solidarity with the people of Malaysia and the readiness to extend immediate humanitarian assistance to Malaysia in this difficult time,” the Pakistani ministry said in a statement.
“The two ministers also agreed to encourage the disaster relief authorities of the two countries to continue discussions on humanitarian support from Pakistan.”
Pakistan and Malaysia enjoy a strong bilateral relationship, rooted in shared Islamic values and historical ties.
Since 1957, they’ve fostered economic cooperation, defense collaborations, and cultural exchange. The Pakistan-Malaysia Free Trade Agreement of 2008 boosted trade and investment, while regular high-level visits have solidified their partnership, underpinned by mutual respect and trust.
Pakistani journalist, arrested after coverage of anti-government protests, denies ‘fabricated’ charges
- Matiullah Jan was booked in a terrorism and narcotics case after being arrested from outside a hospital in Islamabad
- Jan thanks his lawyers, journalists and the civil society as well as the diplomatic community for standing by him
ISLAMABAD: A Pakistani journalist, who was arrested after coverage of last week’s anti-government protests in Islamabad, on Sunday denied “fabricated” charges against him, a day after his release in a terrorism and narcotics case.
Matiullah Jan, a broadcaster working with Neo TV, was “picked up” from outside a hospital in Islamabad on Wednesday, where he was investigating alleged fatalities during the recent protests in support of jailed ex-premier Imran Khan, according to his son.
The police report registered against Jan included Code of Criminal Procedure’s Sections 279 (rash driving or riding on a public way), 353 (assault or criminal force to deter public servant from discharge of duty), 382 (theft after preparation made for causing death, hurt or restraint in order to the committing of the theft), 427 (mischief causing damage), 506 (criminal intimidation) along with 7ATA (terrorism-related section) and a narcotics-related section.
On Saturday, an anti-terrorism court judge, Tahir Abbas Sipra, who presided over the hearing of Jan’s bail petition, approved the plea against surety bonds worth Rs10,000 ($36), following which he was released from custody.
“Allah Almighty has been very kind to me once again. I am back home safe and sound,” Jan said on X. “I want to completely deny the false and fabricated charges brought against me by the government.”
Jan has a history of criticizing Pakistan’s government and the country’s powerful military establishment. He was also briefly detained by uniformed men during Imran Khan’s tenure in 2020.
He thanked his lawyers, journalists, politicians, members of the civil society as well as the diplomatic community for standing by him and a timely response to ensure safety and security of journalists in Pakistan.
Successive Pakistan governments have often been criticized by rights monitors for using broad anti-terrorism legislation to quash dissent.
Islamabad witnessed a protest march by Pakistan Tehreek-e-Insaf (PTI) supporters, who faced a major government crackdown in which nearly a thousand political activists were arrested during three days of unrest this week.
Jan was investigating the aftermath of the crackdown on PTI workers when, according to his family, he was taken away by people in unmarked vehicles hours before the police announced his arrest.
Amnesty International has criticized Pakistani security forces for using “unlawful and excessive force” on crowds, but Information Minister Attaullah Tarar told reporters on Wednesday that the PTI was “lying” about it, as its leaders claimed their followers had been killed.
Khan’s party has so far named 12 people, claiming it has evidence they lost their lives during the crackdown in the federal capital and demanding the judiciary take notice and hold top government ministers accountable.
Pakistan Deputy PM to leave for Iran today to attend ECO meeting
- Pakistan and Iran have had a history of rocky relations despite a number of commercial agreements
- In January, both countries came to the brink of war after cross-border strikes on militant hideouts
ISLAMABAD: Pakistan’s deputy prime minister and foreign minister, Ishaq Dar, will leave for Iran today, Monday, on a two-day official visit to attend the 28th meeting of the Economic Cooperation Organization (ECO) Council of Ministers, according to the Pakistani Foreign Office.
Pakistan and Iran have had a history of rocky relations despite a number of commercial pacts. In 2004, both countries signed the $7 billion Iran-Pakistan gas pipeline project agreement but 20 years on, the project remains incomplete.
Tehran has completed the gas pipeline’s construction on its side of the border while Pakistan is seeking a United States (US) waiver to go ahead with it due to international sanctions targeting Iran.
In his address with the ECO meeting in Mashhad, Dar would highlight the potential of greater connectivity in the ECO region, according to Foreign Office spokesperson Mumtaz Zahra Baloch.
“Deputy PM will reiterate Pakistan’s commitment to the ECO charter and highlight the potential of greater connectivity in the ECO region to development of road and rail networks, liberalization of visa regimes, simplification of border procedures and to maintain sustainable growth and enhance geo-economic potential of the ECO region,” Baloch said at a press briefing last week.
“Deputy PM will sign the charter for ECO clean energy center and hold bilateral meetings with participating ministers and other dignitaries on the sidelines.”
Dar would also reiterate Pakistan’s concerns over hostilities in the Middle East that endanger peace and security of the region.
Dar’s visit comes weeks after Iranian FM Seyed Abbas Araghchi’s two-day visit to Islamabad to hold consultations with the Pakistani leadership on the Middle East situation following Israel’s invasion of Gaza and Lebanon, and to discuss bilateral ties with Pakistan.
Despite several agreements between them, Pakistan and Iran have often been at odds over instability along their shared, porous border and routinely trade blame for not rooting out militancy. Tensions surged in January when Pakistan and Iran exchanged airstrikes, both claiming to target alleged militant hideouts in each other’s territory.
Late Iranian president Ebrahim Raisi had later traveled to Pakistan on a three-day visit in April to ease tensions and strengthen bilateral relations. The two sides had also signed memorandums of understanding in the fields of trade, science technology, agriculture, health, culture, and judicial matters.
