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Azerbaijan open to investing $2b | The Express Tribune

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Azerbaijan open to investing b | The Express Tribune


Finance Minister Muhammad Aurangzeb is interviewed during the G20 Finance Ministers and Central Bank Governors’ Meeting at the IMF and World Bank’s 2024 annual Spring Meetings in Washington. PHOTO: REUTERS


ISLAMABAD:

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Tuesday said Pakistan and Azerbaijan were working to translate their strong relations into tangible trade and investment outcomes, with Azerbaijan expressing an appetite to invest close to $2 billion in Pakistan.

In an interview with Report, the minister said bilateral relations, particularly with Azerbaijan, had grown stronger since the current government assumed office, with frequent high-level engagements including visits by Prime Minister Muhammad Shehbaz Sharif and Pakistan’s participation during the COP29 timeframe in Baku.

He said the focus was now on enhancing trade and investment flows, adding that energy, oil and gas, as well as minerals and mining, had emerged as key sectors for potential joint projects. “These are clear areas of focus as we move forward,” he remarked.

Providing details on the proposed investment package, Aurangzeb said discussions were underway with Azerbaijan’s state oil company SOCAR, which was exploring the possibility of investing in an oil pipeline project in Pakistan. He termed the talks as being at an early stage but expressed hope that it could be among the first projects to materialise.

Commenting on Azerbaijan’s readiness to provide a further $1 billion loan to Pakistan, the finance minister said the financing could take multiple forms, including placements with the State Bank of Pakistan or support for Azerbaijani investors operating in Pakistan. He said the current bilateral trade of less than $50 million did not reflect the true potential, and efforts were underway to identify priority sectors to make trade flows more meaningful.



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Co-op boss quits after ‘toxic culture’ claims reported by BBC

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Co-op boss quits after ‘toxic culture’ claims reported by BBC


Co-op chair Debbie White said: “We thank Shirine for her leadership and for the significant contribution she has made to our Co-op, to our communities and to the co-operative movement during her tenure. The Board is grateful for her commitment and leadership, particularly during a challenging few years, and we wish her every success in the future.”



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Airfares likely to doubled as jet fuel price aurges to Rs417 in Pakistan – SUCH TV

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Airfares likely to doubled as jet fuel price aurges to Rs417 in Pakistan – SUCH TV



Air travel is all set to become highly expensive as the airlines are indicating at doubling the air ticket prices following a whopping increase in jet fuel rate.

The jet fuel price has rocketed to Rs417 from Rs388 per litre in Pakistan and the airlines have started to increase the airfares through enhancing fuel surcharge rates.

The airlines maintained the basic fare but added the fuel price surge into the fuel surcharge.

The one-way fare from Karachi to Islamabad and Lahore has shot up to Rs40,000 while air travel on chance seats for Islamabad and Lahore has soared by 150 percent.

Accordingly, the Pakistan International Airlines (PIA) has boosted the airfares by 10 to 100 dollars.

Domestic flights will now carry additional $10 fuel surcharge which on Canada routes extra $100 will be received as fuel charge.

Passengers on UK-bound flights to pay 75 dollars additional surcharge while 50 dollars will be received on Middle East routes.

Private airlines have gone a step ahead as they enforced charging additional 15 dollars to 150 dollars on different routes.

The airlines were under pressure after closure of many air routes with the airlines administrations are saying that extraordinary rise in airfares has become inevitable.

Earlier on Wednesday, Pakistan fuel NOTAM forced foreign airlines to tanker Jet A-1 fuel from abroad and limit uplift at Karachi and Lahore airports.

The Pakistan Airports Authority issued the order to protect local supplies amid supply disruptions.

Foreign carriers now arrive with enough fuel for their return flights while Pakistani airlines receive full requirements.

This change hit operations on March 25 when one Karachi-to-Doha flight diverted to Muscat.

The Pakistan fuel NOTAM A0147/26 took effect on March 13 and runs through March 31 2026. It targets Jinnah International Airport in Karachi and Allama Iqbal International Airport in Lahore.

Airlines follow the rule and carry maximum fuel on inbound legs. Officials confirm foreign airlines get only the minimum quantity inside Pakistan.

Pakistan fuel NOTAM creates immediate changes on the ground. Foreign airlines offload passenger baggage and cargo to stay within weight limits.

The extra fuel adds weight that reduces payload capacity on every affected flight.

According to a Notice to Airmen (NOTAM) issued by the PAA, the supply of aviation fuel at domestic airports has been significantly curtailed due to regional supply chain disruptions, advising international carriers to maximize their fuel “uplift” at foreign stations and minimize refuelling within Pakistan.

The directive has already begun to impact international flight schedules.



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NS&I set to pay millions to customers over misplaced funds

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NS&I set to pay millions to customers over misplaced funds



The government-backed bank has been accused of a series of errors, including not paying bereaved families money that was rightfully theirs.



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