ISLAMABAD (Staff Report) – The United Arab Emirates (UAE) has stopped purchasing Petroleum Naphtha from Pakistan after a $80 billion deal with India, Trade Minister Khurram Dastagir has confirmed.
UAE and India have recently spread their tie-up in the energy sector as well as the petroleum sector.
“It has resulted in decline of exports and increase in trade deficit. However, we are exporting several other items to UAE,” the minister told the Pakistani media on Tuesday.
According to the ministry, petroleum group and coal had a share of 1.8 per cent in exports in July, with a total of three billion rupees.
Last year, Pakistan exported 3490 metric ton petroleum crude worth 320 million while 9425 MT Excel Top Naphtha was exported for Rs920m and 9900 MT Petroleum Top Naphtha for Rs970m.
During the first month of this fiscal, Petroleum Crude of more than Rs2 billion was exported to UAE but only 7117 MT Excel Top Naphtha worth Rs580m could be exported due to 36 per cent decline in exports.
The export of Top Naphtha has reduced to absolutely zero.