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Punjab textile millers demand power tariff at Rs 8 per kwh

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LAHORE: All Pakistan Textile Mills Association (APTMA) Punjab Chairman Ali Pervaiz Malik on Tuesday demanded Rs 8 per kWh electricity tariff for the textile industry in Punjab and uninterrupted electricity supply during Ramazan.

Addressing a media conference after chairing the APTMA Punjab general body meeting attended by over 100 member mills from Lahore, Faisalabad and Multan here at APTMA House, he said that government should also continue with the relief of Rs 3 per unit under the Prime Minister’s Textile Industry package as Punjab industry was unable to operate on high energy price than other provinces.

The member mills raised industry concerns relating to the energy supply and affordability, adding that the mills would have to close down one and a half shift production, as labour would not be able to do Sehri and offer Taraweeh due to power outage in mills.

He said the Central Chairman APTMA Aamir Fayyaz and APTMA Group Leader Gohar Ejaz would lead a delegation of 50 textile millers for meeting with Finance Minister in Islamabad wherein issue of energy supply and affordability would be presented.

He apprehended, “Textile units on independent feeders will be forced to lay off workers due to the suspension of one shift production in case the government carried with observing load-shedding for industry in Ramazan.”

Ali Pervaiz expressed concern over trade deficit and said that only way forward for the government was to enable exporting industry to generate exportable surplus and earn precious foreign exchange to overcome trade deficit for current year.

The export growth achieved in the recent past would reverse if the potential to produce of the industry was disturbed due to 10 to 12 hours industry load-shedding, he added.

The per unit cost of the mills relying upon system gas and RLNG would shoot up to Rs 14 per unit as well, therefore, both the mills relying either on independent feeders or captive power plants would have to become further uncompetitive, he maintained.

APTMA Punjab Chairman demanded an immediate announcement of Prime Minister relief package to bring down electricity tariff from Rs 10.5 to Rs 8 per kWh, besides the system gas quota of 28 percent be enhanced to 50 percent so that high price of RLNG be reduced.

“The APTMA leadership will protect its members from all types of discrimination, as the industry cannot pass on cross-subsidy, inefficiencies and the financial cost of sales tax and duty drawbacks to its buyers in the international market,” said Gohar Ejaz.

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Economy

Linkages with Afghanistan to increase export!

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ISLAMABAD: Deputy Chairman of Planning Commission Sartaj Aziz today stressed that Pakistan and Afghanistan should focus on building the road and railway linkages which would ultimately enable both sides to utilize the export potential.

Talking to a high level delegation led by Dr Humayun Qayumi, Chief Advisor on Infrastructure and Technology to President of Afghanistan who called on him here, Sartaj Aziz said improved regional connectivity can assist supporting growth and development.

He further said Pakistan was ready to play a meaningful role in terms of extended cooperation in multi-sectoral avenues. Sartaj Aziz emphasized that connectivity is a key to expanding mutual trade and enhancing bilateral ties. The two sides discussed avenues of economic cooperation, trade, energy, and connectivity.

Sartaj Aziz maintained that the people of Afghanistan have suffered for many years and they deserve rapid improvement in economic and social sectors.

Both the sides agreed to hold meetings of the sub-working groups on regular basis in order to fast track the economic and development initiatives.

Furthermore, the sub-working groups would identify issues and prepare agenda for the upcoming meeting of the Economic Cooperation Group to be held in September 2018.

Relevant piece published earlier: Pakistan and Afghanistan sign bilateral trade meeting minutes held here on May 8, expressing the desire to enhance business ties between them by overcoming existing challenges through frequent interaction and extended facilitation. From Pakistan side, the minutes were signed by Secretary Commerce Mohammad Younus Dagha, whereas from Afghanistan side, Deputy Minister for Industries and Commerce Kamila Sidiqi signed the documents, said a press release issued here Thursday. Minister for Commerce Mohammad Pervaiz Malik, Ambassador of Afghanistan to Pakistan Omar Zakhilwal, officials of the Ministry of Commerce and Textiles, members of the Afghan ministerial delegation, and embassy officials were also present on the occasion. The Afghan ministerial delegation, who arrived in Islamabad on May 7, had been holding policy and expert-level talks with Pakistani counterparts for improvement of bilateral trade relations. After the signing ceremony, both sides had a brief discussion and expressed the desire to enhance trade relations between the two countries by overcoming existing challenges and impediments through frequent interaction and extending facilitation. The announcement by the Prime Minister of Pakistan during his recent visit to Afghanistan regarding removal of regulatory duties on import of Afghan products was also discussed during the recent visit and talks. As per discussions on May 8, 2018, the Afghanistan side had requested for removal of regulatory duties from fresh fruits, vegetables, dry fruits and other goods. The ministry of commerce assured to accommodate the Afghan request to all possible extent. In addition, it was also agreed to facilitate Afghan cotton exports to Pakistan.

 

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Erdogan asks citizens to help prop-up lira

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ANKARA: Turkish President Recep  Tayyip Erdogan today urged compatriots to change their foreign exchange to the lira to help prop up the embattled currency.

“My brothers, could those of you who have euros and dollars under their pillows invest their money in liras?” he said in the eastern city of Erzurum.

The lira has lost 16 percent of its value against the greenback in a month as markets became jittery after Erdogan indicated he wanted a greater say in monetary policy if he won legislative and presidential elections on June 24.

This then raised concerns over economic policy becoming more unpredictable. The lira hit 4.92 against the dollar on Wednesday before paring back some of its losses later this week after an emergency central bank rate hike.

Ankara has repeatedly said the lira’s fall was a “conspiracy” by unnamed foreign powers to weaken Turkey. “If the financial sector plays such games to work against our investors and entrepreneurs, know that you will pay a steep price,” Erdogan said today.

A piece published earlier: One of Turkey’s largest conglomerate Ronesans Holding has signed four agreements in Russia, the Turkish holding announced today. The holding signed agreements for projects of the Amur Gas Processing Plant, Sberbank, Administrative Divisions of Moscow and Trams in St. Petersburg under the scope of the St. Petersburg International Economic Forum (SPIEF), it said in a press release. The 1.3-billion-euro ($1.52 billion) agreement with an Italian engineering and construction company Maire Tecnimont includes Russian energy giant Gazprom’s Amur Gas Processing Plant’s building works, which will be completed by 2023, Anadolu news agency reported.

“We undertook with this agreement Gazprom’s largest gas processing plant in Russia,” Alptekin Tizer, president of the Ronesans Heavy Industries, said. He said the plant would have 42-billion-cubic-meter production capacity and it will process Yakutia and Irkutsk’s gas. The plant will carry Russia’s gas to China and it will support Amur and East Siberia regions’ social, economic and industrial development. Another agreement Memorandum of Understanding for building the Yuniy transfer station, Yujnaya subway station and Kolpino tramway project investment cost will be planned for 20 billion rubles (some $321 million), the press release said.

The agreement with the Administrative Divisions of Moscow includes projects in medical services, offices and hotel complexes, and investment appeals. Sberbank and the Ronesans Holding signed an agreement to cooperate in several areas such as investment banking and financing activities.  The 1.3-billion-euro ($1.52 billion) agreement with an Italian engineering and construction company Maire Tecnimont includes Russian energy giant Gazprom’s Amur Gas Processing Plant’s building works, which will be completed by 2023. It is pertinent to mention here that Ronesans Holding that operates in over 20 countries (including Russia, Germany, Switzerland, Qatar, Finland, Belgium, Gabon and Japan) was established in 1993. Relations were frozen for months between the countries but relaxed in the summer of 2016 when Putin and Erdoğan began to bury the hatchet. Since then, Russia has relaxed the measures and lifted bans on some products.

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Economy

Turkey’s Ronesans Holding signs 4 agreements in Russia

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ISTANBUL: One of Turkey’s largest conglomerate Ronesans Holding has signed four agreements in Russia, the Turkish holding announced today.

The holding signed agreements for projects of the Amur Gas Processing Plant, Sberbank, Administrative Divisions of Moscow and Trams in St. Petersburg under the scope of the St. Petersburg International Economic Forum (SPIEF), it said in a press release.

The 1.3-billion-euro ($1.52 billion) agreement with an Italian engineering and construction company Maire Tecnimont includes Russian energy giant Gazprom’s Amur Gas Processing Plant’s building works, which will be completed by 2023, Anadolu news agency reported.

“We undertook with this agreement Gazprom’s largest gas processing plant in Russia,” Alptekin Tizer, president of the Ronesans Heavy Industries, said.

He said the plant would have 42-billion-cubic-meter production capacity and it will process Yakutia and Irkutsk’s gas. The plant will carry Russia’s gas to China and it will support Amur and East Siberia regions’ social, economic and industrial development.

Another agreement Memorandum of Understanding for building the Yuniy transfer station, Yujnaya subway station and Kolpino tramway project investment cost will be planned for 20 billion rubles (some $321 million), the press release said.

The agreement with the Administrative Divisions of Moscow includes projects in medical services, offices and hotel complexes, and investment appeals.

Sberbank and the Ronesans Holding signed an agreement to cooperate in several areas such as investment banking and financing activities. 

The 1.3-billion-euro ($1.52 billion) agreement with an Italian engineering and construction company Maire Tecnimont includes Russian energy giant Gazprom’s Amur Gas Processing Plant’s building works, which will be completed by 2023.

It is pertinent to mention here that Ronesans Holding that operates in over 20 countries (including Russia, Germany, Switzerland, Qatar, Finland, Belgium, Gabon and Japan) was established in 1993.

Relations were frozen for months between the countries but relaxed in the summer of 2016 when Putin and Erdoğan began to bury the hatchet. Since then, Russia has relaxed the measures and lifted bans on some products.

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