ISLAMABAD – Iranian authorities warned Pakistan of an $18 billion penalty if Islamabad fails to complete the multi-billion-dollar gas pipeline project despite US sanctions.
A report by The News quoting an official of the Ministry of Energy claimed that Tehran gave a deadline of February-March 2024 to Pakistan to construct a portion of the Iran-Pakistan gas line project in its territory, or face a hefty penalty.
It was reported that Iranian officials conveyed this to the visiting Pakistani delegation earlier this month, calling on Pakistani authorities to complete the gas pipeline agreement in a year's time. Iran has already completed its part from the gas field to the Pakistan border.
The neighbouring countries inked the pact back in 2009 under the PPP government. According to the agreement, Islamabad was supposed to build around 800 kilometres long pipeline but the project continued to be delayed for 13 years.
Over the years, Pakistani authorities have informed Tehran that it cannot continue with the project in wake of sanctions by the US.
As per the agreement, Iran could not move to any international court in case of delay till 2024. In 2019, Iran warned to move an arbitration to invoke the penalty clause.
Pakistan maintained commitment to execute the project but only if international sanctions on Tehran are lifted.
Pakistani rupee witnessed upward trajectort against US dollar and other currencies amid positive economic cues.
On Wednesday, the US dollar moved down and was being quoted at 283.7 for buying and 286.75 for selling.
Euro remained stable at 309 for buying and 312 for selling. British Pound rate increased to 361 for buying, and 364 for selling.
UAE Dirham AED dropped to 77.6 whereas the Saudi Riyal rate stands at 76.
Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency | Symbol | Buying | Selling |
---|---|---|---|
US Dollar | USD | 283.7 | 286.75 |
Euro | EUR | 309 | 312 |
UK Pound Sterling | GBP | 361 | 364 |
U.A.E Dirham | AED | 77.6 | 78.3 |
Saudi Riyal | SAR | 76 | 76.8 |
Australian Dollar | AUD | 187.72 | 188.22 |
Bahrain Dinar | BHD | 758.58 | 766.58 |
Canadian Dollar | CAD | 209 | 211 |
China Yuan | CNY | 39.93 | 40.33 |
Danish Krone | DKK | 41.41 | 41.81 |
Hong Kong Dollar | HKD | 36.49 | 36.84 |
Indian Rupee | INR | 3.42 | 3.53 |
Japanese Yen | JPY | 1.49 | 1.56 |
Kuwaiti Dinar | KWD | 923.13 | 932.13 |
Malaysian Ringgit | MYR | 60.97 | 61.57 |
New Zealand Dollar | NZD | 175.89 | 177.89 |
Norwegians Krone | NOK | 26.68 | 26.98 |
Omani Riyal | OMR | 740.01 | 748.01 |
Qatari Riyal | QAR | 78.36 | 79.06 |
Singapore Dollar | SGD | 211 | 213 |
Swedish Korona | SEK | 27.45 | 27.75 |
Thai Bhat | THB | 8.09 | 8.24 |
KARACHI – Gold prices in the local market continue to decline in line with the international market.
On Wednesday, the price of a single tola of 24-karat gold stands at Rs219,400 and 10 grams of 24k gold costs Rs188,100.
Each tola for 24 karat is Rs216,700, 22 Karat is Rs198,640, and 21 karat rate per tola is Rs189,613 and 18k gold rate is Rs162,525.00 for single tola.
In the global market, the precious metal moved down, and hovers around $2023 per ounce after drop of around $10.
City | Gold | Silver |
---|---|---|
Lahore | PKR 219,400 | PKR 2,625 |
Karachi | PKR 219,400 | PKR 2,625 |
Islamabad | PKR 219,400 | PKR 2,625 |
Peshawar | PKR 219,400 | PKR 2,625 |
Quetta | PKR 219,400 | PKR 2,625 |
Sialkot | PKR 219,400 | PKR 2,625 |
Attock | PKR 219,400 | PKR 2,625 |
Gujranwala | PKR 219,400 | PKR 2,625 |
Jehlum | PKR 219,400 | PKR 2,625 |
Multan | PKR 219,400 | PKR 2,625 |
Bahawalpur | PKR 219,400 | PKR 2,625 |
Gujrat | PKR 219,400 | PKR 2,625 |
Nawabshah | PKR 219,400 | PKR 2,625 |
Chakwal | PKR 219,400 | PKR 2,625 |
Hyderabad | PKR 219,400 | PKR 2,625 |
Nowshehra | PKR 219,400 | PKR 2,625 |
Sargodha | PKR 219,400 | PKR 2,625 |
Faisalabad | PKR 219,400 | PKR 2,625 |
Mirpur | PKR 219,400 | PKR 2,625 |
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