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Pakistan, China sign $1.5 billion MoU in petroleum sector

06:37 PM | 18 Oct, 2023
Pakistan, China sign $1.5 billion MoU in petroleum sector
Source: Radio Pakistan

BEIJING – Pakistan Refinery Limited and a Chinese company have signed a Memorandum of Understanding (MoU) for investment worth $1.5 billion in the petroleum industry.

Caretaker Prime Minister Anwaar-ul-Haq Kakar and Caretaker Minister for Energy Muhammad Ali witnessed the signing of MoU with United Energy Group of China in Beijing on Wednesday.

The agreement will help increasing the total production capacity of the refinery from existing two hundred fifty thousand metric tons to 1.6 million metric tons. 

It will also help increase the production of high-speed diesel from six hundred thousand metric tons to two million metric tons.   

The petrol and diesel obtain from the Pakistan Refinery will help cut import of expensive fuel, saving national exchequer.

Earlier, PM Kakar, who is visiting China to attend the 3rd Belt and Road Forum, held a “fruitful meeting” with my Chinese counterpart Premier Li Qiang, on the sidelines of event. 

“We reaffirmed our enduring friendship, strategic partnership and commitment to deepen collaboration in the political, economic, education, science & technology and cultural domains and to further promote people-to-people relations,” Kakar said. 

“We agreed to synergize efforts for the next phase of CPEC,” he said. 

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan - Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 24 Feb 2024

Pakistani currency remains largely stable against US dollar and other currencies in the open market on February 24, 2024.

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.

On Saturday, Euro stands at 302  for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 24 February 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.5 282.55
Euro EUR 302 305
UK Pound Sterling GBP 352.5 356
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.37
Thai Bhat THB 7.79 7.94

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