The ruins are located about 170 kilometers from Islamabad, approximately at a distance of 10 kilometers from Mardan in Pakistan's Khyber-Pakhtunkhwa Province. According to locals site got its name from two wells on the hill, or the springs nearby. In Persian, Takht means 'top' or 'throne' while bahi means 'spring' or 'water'. When combined, its meaning is 'spring from the top' or 'high spring', and there were two springs on the top of mountains. The site is considered among the most important relics of Buddhism in all of what was once Gandhara. The complex is regarded by archaeologists as being particularly representative of the architecture of Buddhist monastic centers from its era. Takht-i-Bahi was listed as a UNESCO World Heritage Site in 1980.
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Explore Pakistan - Takht-i-Bahi
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Chinese bank opens LC for Russian oil import
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Pakistan has opened a Letter of Credit (LC) in the Bank of China for import of first oil cargo from Russia, which is expected to arrive in the last week of May. According to sources, the LC has been opened in the Chinese bank in an attempt to make payment for the cargo – the first-ever purchase of Russian oil by Pakistan – in Chinese yuan. Russia will send a ship carrying 100,000 tons of crude oil. At present, Pakistan is importing crude oil on a free-on-board (fob) basis, which means refineries will pay for the oil to be transported to the port. However, Islamabad is importing oil from Russia on a cost, insurance and freight (CIF) basis, which means it will pay for the cargo after delivery at its port. “Russian oil will be shipped to Pakistan Refinery Limited (PRL) for testing its quality and production of refined products,” a source said. This way, the economics of petroleum products produced from the first Russian cargo will be assessed based on the discount offered. So far, the specifications have not been found to be too good. Additionally, the freight rate is very high. The discount has been offered to match the quality and freight rate for Arab Light Crude which Pakistani refineries are currently processing.
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A consignment of liquid petroleum gas (LPG) comprising three tankers has arrived in Pakistan via the Chaman border with Afghanistan. Officials said the consignment arrived from Turkmenistan via Afghanistan which entered Pakistan through the Friendship Gate. These tankers were parked at the premises of Pakistan Customs. Some sources said the LPG consignment comprised eight tankers, but only three had been allowed to enter Pakistan so far.
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Pakistan receives LPG consignment via Chaman
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Pakistan, US to develop green energy roadmap
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Minister of State for Petroleum Musadik Masood Malik on May 8th discussed with senior US officials ways to enhance productivity in the energy sector, help Pakistan make inroads into the global value chain and establish cross-border networks that bring a product or service from conception to market. During a meeting with US Trade and Development Agency (USTDA) Regional Director for Indo-Pacific Verinda Fike and USTDA Country Manager for Indo-Pacific Region Tanvi Madhusudanan, Malik discussed various ideas to ensure energy security, affordability and sustainability in the wake of challenges like climate change and its socio-economic impact on Pakistan, according to a statement issued by the Pakistani embassy.
The two sides agreed to develop a roadmap for pursuing new businesses in the green and renewable energy sector, both in public and private sectors. The US side would provide financial and technical expertise for undertaking feasibility studies for mutually agreed projects.
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Finance Minister Ishaq Dar on May 10th, announced that the federal budget for fiscal 2024 would be presented on June 9 and insisted that Pakistan would not default on any foreign liability, with or without an IMF programme. Speaking to journalists after a seminar organised by the National Security Division, the minister said there should be no concern over the repayment of $3.7 billion foreign loans during May and June and a payment plan had been firmed up. He said Pakistan had fulfilled all the prior actions of the International Monetary Fund and it was now up to the lender to sign the agreement, and further tough decisions could not be taken at this stage. He hoped that China would roll over another $2.4bn loan. He said the country’s current account had turned into a surplus in March and would go up further in April as well when data is finalised.
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Budget to be presented on June 9
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Auto sales drop by over 80pc in April
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Sales of cars, light commercial vehicles, jeeps and vans plunged by over 80 per cent year-on-year (YoY) to 4,463 units in April amid growing economic and political uncertainties. As a result, the sales halved to 114,868 units in the first 10 months of the current fiscal year compared to 227,995 units in the same period last fiscal year. On month-on-month (MoM), the sales stood lower by 52pc in April. It was the lowest monthly sales in the above categories since May 2020 Covid-19 lockdown. Higher prices, dwindling auto financing on account of high soaring interest rates, high petroleum prices, plant shutdowns due to parts shortage owing to import curbs and delay in delivery of vehicles to the customers were the main reasons for the continuous downward trend in the auto sales the same period last fiscal year.
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Pakistani men’s garment exports to China showed a significant growth of 29% in the first quarter of 2023. In the first three months of 2023, men’s garment exports from Pakistan to China reached approximately $6 million compared to $4.27 million in the same period in 2022, representing a 29% increase. Exports of men’s or boys’ trousers fetched $3.47 million as compared to $1.67 million in January-March 2022. Pakistan was preparing to host the largest textile exhibition in the current month. Over 70 top fabric enterprises have already confirmed their participation and it is anticipated that more than 100 Chinese textile enterprises will also take part in the event. The exhibition is scheduled to be held from May 26 to 28 at the Karachi Expo Centre.
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Men’s garments export to China rises 29% in Q1
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Pakistan set to build new refinery as part of efforts to enhance energy security
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Minister of State for Petroleum, Musadik Malik, said the government has planned to build a new refinery to meet the country's energy needs. "The Prime Minister Shehbaz Sharif has approved the project, which had been in development for some time, during a Cabinet Committee on Energy (CCoE) meeting," Malik told a news conference. The new refinery is expected to cost between $10-14 billion. Malik emphasised the importance of energy for economic development and expressed his optimism that this new initiative would drive progress in Pakistan. The minister said Pakistan would soon receive its first shipment of inexpensive oil from Russia, which was made possible by the present government's successful negotiation with Moscow.
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In a blow to the government, the state-owned Pakistan LNG Limited (PLL) has lost a case in the London Court of International Arbitration (LCIA) on its arbitrary action to terminate the Operation and Services Agreement (OSA) with the PGP Consortium Limited that owns and operates the LNG terminal-2.
The Arbitral Tribunal appointed under the London Court of International Arbitration (LCIA) Rules, 2014, on April 26, 2023, issued its award in the arbitration between PGPC and Pakistan LNG Limited (PLL), declaring the termination notice issued by PLL on 14 October 2019 as void and illegal. The tribunal also went further by directing PLL to provide PGPC with a Stand-by Letter of Credit for US$21,481,272 as prescribed in the OSA. Pakistan LNG Terminal Limited (PLTL) which later merged with PLL had terminated the agreement with PGPCL for not timely depositing a fresh credit rating guarantee equal to $10 million in cash or asset value of $15 million. The PGPCL later on deposited the fresh required guarantee, but PLL refused to accept and maintained its decision to terminate the OSA signed with PGPCL. This prompted PGPCL, which set up the LNG terminal at the cost of US$176.5 million, to move LCIA which has now given the award in favour of PGPCL.
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Pakistan LNG loses case against PGPC in London arbitration court
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