Azerbaijan expresses
ISLAMABAD: During the latest summit in Islamabad, Azerbaijan expressed a keen interest in constructing an oil refinery in Pakistan.
Azerbaijan’s Deputy Minister of Energy, Kamal Abbasov, and Director of Azerbaijan Renewable Energy Agency (AREA), Javid Abdullayev, participated in the Pakistan Mineral Investment Summit in Islamabad.
The summit was an international event titled “Dust to the Development.”
Abbasov highlighted that Azerbaijan already supplies petrochemical products and urea fertilizers to Pakistan, with potential plans for expanding exports in the near future.
He informed that both countries are discussing possible collaboration in building a new oil refinery in Pakistan.
The deputy minister emphasized that opportunities exist for engaging in oil and gas structure exploration in Pakistan, as well as cooperating with relevant mining companies in the sector.
The discussion between the parties also covered opportunities for collaboration in oil and natural gas exploration in Pakistan.
Furthermore, Abbasov brought attention to an energy cooperation agreement signed between the governments of Azerbaijan and Pakistan.
He also lauded SOCAR’s role as a dependable LNG supplier to Pakistan in the period leading up to the agreement’s signing. The recently-signed agreement has opened up significant opportunities in the field of LNG supply.
It is worth noting that Azerbaijan’s state energy company, Socar, owns two refineries—one in Azerbaijan’s capital, Baku, and the other in Turkey’s Aegean region of Izmir.
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Mega companies report billions of rupees profits in 2023
Meanwhile, four mega companies operating in Pakistan reported huge profits in 2023. Some companies have reported half-yearly profits while some have announced full-year financial results, ending June 2023.
Nestle Pakistan reported a bumper profit of 17.58 billion rupees for six months (from Jan-June 2023). The post-tax profit of Nestle Pakistan Limited amounted to 10.98 billion rupees for the first half of the year, ending June 2023.
The value of the company’s share surged by 242 rupees in the stock market this year.
Similarly, Engro Fertilizers earned 13.91 billion rupees profit before tax payment from January to June 2023.
File photo of Pakistani currency notes as four mega companies report huge profits in 2023.
After payment of taxes, the net profit of the company fell to 5.46 billion rupees. It means the company paid a major chunk of its profit to the government as tax in the first half of this calendar year.
Earlier, Habib Bank Limited stunned corporate circles by reporting a bumper profit of 51.5 billion rupees for the half-year, ending June 2023.
The bank’s net profit ended at 26.33 billion rupees after the payment of taxes to the government. HBL is among the top three banks in Pakistan in terms of size and profitability.
