AIRLINK 74.85 Increased By ▲ 0.56 (0.75%)
BOP 4.98 Increased By ▲ 0.03 (0.61%)
CNERGY 4.49 Increased By ▲ 0.12 (2.75%)
DFML 40.00 Increased By ▲ 1.20 (3.09%)
DGKC 86.35 Increased By ▲ 1.53 (1.8%)
FCCL 21.36 Increased By ▲ 0.15 (0.71%)
FFBL 33.85 Decreased By ▼ -0.27 (-0.79%)
FFL 9.72 Increased By ▲ 0.02 (0.21%)
GGL 10.45 Increased By ▲ 0.03 (0.29%)
HBL 112.74 Decreased By ▼ -0.26 (-0.23%)
HUBC 137.44 Increased By ▲ 1.24 (0.91%)
HUMNL 11.42 Decreased By ▼ -0.48 (-4.03%)
KEL 5.28 Increased By ▲ 0.57 (12.1%)
KOSM 4.63 Increased By ▲ 0.19 (4.28%)
MLCF 37.80 Increased By ▲ 0.15 (0.4%)
OGDC 139.50 Increased By ▲ 3.30 (2.42%)
PAEL 25.61 Increased By ▲ 0.51 (2.03%)
PIAA 20.68 Increased By ▲ 1.44 (7.48%)
PIBTL 6.80 Increased By ▲ 0.09 (1.34%)
PPL 122.20 Increased By ▲ 0.10 (0.08%)
PRL 26.58 Decreased By ▼ -0.07 (-0.26%)
PTC 14.05 Increased By ▲ 0.12 (0.86%)
SEARL 58.98 Increased By ▲ 1.76 (3.08%)
SNGP 68.95 Increased By ▲ 1.35 (2%)
SSGC 10.30 Increased By ▲ 0.05 (0.49%)
TELE 8.38 Decreased By ▼ -0.02 (-0.24%)
TPLP 11.06 Decreased By ▼ -0.07 (-0.63%)
TRG 64.19 Increased By ▲ 1.38 (2.2%)
UNITY 26.55 Increased By ▲ 0.05 (0.19%)
WTL 1.45 Increased By ▲ 0.10 (7.41%)
BR100 7,841 Increased By 30.9 (0.4%)
BR30 25,465 Increased By 315.4 (1.25%)
KSE100 75,114 Increased By 157.8 (0.21%)
KSE30 24,114 Increased By 30.8 (0.13%)

Finance Minister Ishaq Dar said on Saturday that Pakistan cleared the dues of Chinese banks few weeks in advance in a bid to secure refinancing.

In a press conference, he said that the “payments were due at the end of June”.

“Paying in advance is a charged exercise but Chinese banks waived off the penalty,” he said.

He notified that $1 billion was paid back to China Development Bank on Monday and it was rolled over on Friday.

“The bank agreed to refinance the loan facility to Pakistan and it did so within a week. We reached an understanding on Monday,” he said.

An additional $300 million have been paid back to the Bank of China on Friday and it is expected to be refinanced in 3-5 days.

The finance minister stated that an additional $1 billion have to be paid to China on state-to-state basis in two tranches of $500 million each.

“These will be renewed as well,” he said.

‘Govt was aware of Shell Petroleum’s decision to sell stake in Pakistan’

Dar added that Shell Pakistan Limited (SPL) is not shutting down, rather the parent Shell Petroleum Company Limited (SPCo) is selling its stake in the country.

He said that “Shell will continue operating in Pakistan after the sale is finalised and there won’t be large scale layoffs”.

Shell Pakistan’s share price has soared over 24% in 3 days after parent company’s intent to sell

A foreign investor is interested to purchase the stake of Shell and “it even wants the company to retain its name after sale”.

“The government knew about this for past many months as the firm had started process to offload its holding,” he said. “The company’s decision made headlines recently when a notification was sent to the Pakistan Stock Exchange (PSX).”

He added that Shell was selling its interest in many European nations as well hence “this is a policy matter”.

Oil industry and petroleum networks will remain unaffected from this transaction, the finance minister added.

Shell Pakistan Limited (SPL) on Wednesday announced that its parent company has notified its intent to sell its shareholding in SPL.

SPL, however, said that the development would have no impact on its current business operations, which will continue.

Comments

Comments are closed.

Johnny Walker Jun 17, 2023 08:17pm
As per Dar "Foreign investor interested in buying Shell stake". Perhaps Sharif Petroleum or maybe Bilawal Petroleum !!!!
thumb_up Recommended (0)