BUSINESS Notes : Gwadar ' s phase 1 to be completed by Dec

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KARACHI: The first phase of Gwadar Deep Seaport, pegged to be completed by April 2005, is likely to get finished by December this year, four months ahead of the target. This was stated by federal minister for communications, Babar Khan Ghauri, while talking to APP here on Saturday.He said steps are being taken for removal of problems for arrival of motherships at Port Qasim, Karachi Port Trust as well as for Gwadar.

It has been observed that for the purpose there should be required dredging of 14.5 metres. The minister said it is also being mulled for maintaining international standards as far as handling of containers at the ports is concerned. He stated that scanners are also being installed at the ports for fast customs clearance. Mr Ghauri was of the opinion that a number of positive changes would soon be visible at the country ports. —APP

OPEC production 26mbd in April

DUBAI: OPEC members produced 25.99 million barrels per day (bpd) in April, well above the cartel’s agreed 23.5 million bpd minimum, although oil prices are soaring, according to a Middle East Economic Survey (MEES) report.The April production figure was down O.37 bpd on the previous month, in part due to maintenance work in the United Arab Emirates and a reduction of 100,000 bpd by Saudi Arabia, according to the MEES report, which will be published in full on Monday. “Most OPEC member states have continued to produce at or near capacity,” MEES said. New York’s crude oil contract shot to an all-time high 41.56 dollars a barrel Friday, chased higher by terrorism fears in Iraq and Saudi Arabia and hot global demand. —AFP

OPEC output hike won’t cool prices

ALGIERS: Algeria’s Minister of Energy and Mines Chakib Khelil said Saturday the Organization of Petroleum Exporting Countries could increase its oil output, but that would have no effect on cooling super-heated oil prices, which are due to events beyond the producer group’s control. Khelil, speaking at a press conference in Algiers said, “OPEC could increase prduction, but this would not have any impact on prices,” instead citing macro-political issues and speculation as the causes for current high prices. —Dow Jones Newswires

KCCI advises commercial officers

KARACHI: Commercial officers should work as representatives of Pakistan to help promote Pakistani products abroad.This was stressed by Siraj Kassam Teli, president of the Karachi Chamber of Commerce & Industry, while addressing a group of Pakistan’s commercial officers to be posted abroad. According to a KCCI press statement, Mr Teli said that there is a pressing need to boost the image of Pakistan as a forward looking country and the prime role of commercial officers in various countries must be to help improve trade relations with them and ultimately contribute to export promotion specially under the WTO regime. The KCCI chief stressed on the designated commercial officers to keep a close liaison with the Chamber and keep them properly updated on relevant issues. They must guide and help the Pakistani business community to penetrate into new markets and new areas of trade so that diversification in our exports can take place, he said. Tariq Shafi Chak, group leader, said the meeting provided a great opportunity to understand the views of the business community. He assured that the group would be working hard to come up to the expectations of the business community.

Source: Daily Times

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BUSINESS Notes : Gwadar ' s phase 1 to be completed by Dec
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