Let us unite our efforts to harness the full potential of Pakistan, Saudi Arabia, and the region’s mineral sector. The dispute was only resolved after Barrick Gold ended the conflict last year and said it would start developing gold and copper mining projects under a new agreement. Islamabad was later ordered by a global arbitration body to pay $5.8 billion in damages after Tethyan Copper took it to court. In the past, a joint venture was blocked by Pakistan’s Supreme Court from developing Reko Diq - one of the world’s biggest untapped deposits of copper and gold - following a court case over how the contract was awarded. “There are vast opportunities for exploration in our country, and we will make sure that these opportunities are realized through joint efforts,” the army chief added. We will establish an investor-friendly system that avoids unnecessary complications and provides favorable conditions.” “Foreign investors will be an integral part of the mines and mineral projects and their investment will be secure under the Special Investment Facilitation Council. “Our vision for the mining industry goes beyond financial gains,” the army chief said, assuring foreign investors that the federal and provincial governments and the country’s security forces were on the “same page” to provide secure investment opportunities. The Pakistan military has been given a key role in the body and will be involved in all projects under the new framework. The summit was organized by the Special Investment Facilitation Council which was established in June to attract foreign investment. The event was attended by foreign investors, diplomats, and other notable figures. The two leaders were addressing Pakistan’s first summit on minerals in Islamabad. Syed Asim Munir on Tuesday said foreign investors will play an “integral part” in helping the country tap its vast mineral riches estimated at $6 trillion while Prime Minister Shehbaz Sharif called for following in the footsteps of countries in the Middle East in developing mineral wealth. ISLAMABAD: Pakistan’s Chief of the Army Staff Gen. This article originally appeared on Arab News Japan.Japan uses oil to generate around one-third of its energy needs. The figures are related to the quantities of oil that arrived at refineries, tanks, and warehouses in ports in Japan during May. Tokyo’s embargo on importing oil from Iran and Russia continued in May. The May import figures showed Japan’s dependence on Arab oil to keep its economic wheels turning. Most recently, in May, Japan imported around 76 million barrels of crude oil, of which 97 percent (73.68 million barrels) came from GCC countries.Īccording to METI, the UAE was the top crude oil supplier to Japan during May with approximately 33 million barrels, or 43.4 percent of its total imports. But as Japan is boycotting Iranian oil in compliance with US and European sanctions, the Middle East, according to the METI list of crude oil sources for the country, only refers to Arab countries including Saudi Arabia, the UAE, Qatar, Kuwait, Bahrain, Oman, and small amounts from Algeria. In January, the import of Saudi crude oil amounted to 37.16 million barrels (43.9 percent) of the total, 33.16 million barrels (43.4 percent) in February, 32.83 million barrels (42.2 percent) in March, 30.45 million barrels (35.3 percent) in April, and 29.36 million barrels (38.6 percent) in May.ĭuring that five-month period, Japan imported 155.37 million barrels from the UAE, or 38.38 percent of its total crude imports.ĭuring the same period, Japan’s total oil imports from what METI categorizes as the Middle East amounted to 431.55 million barrels or 96.26 percent of the total. This represents 40.68 percent of Japan’s total oil imports in those months. TOKYO: Japan imported about 162 million barrels of crude oil from Saudi Arabia during the first five months of this year, according to data from the Natural Resources and Energy Agency of the Japanese Ministry of Economy, Trade and Industry, or METI.
1 Comment
9/2/2023 02:06:08 am
Fascinating article! It's amazing to learn about the valuable treasures hidden beneath our Earth's surface. Thanks for shedding light on the world of minerals
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