Iran asks India to clear $6.5 billion oil dues in 2 months

NEW DELHI: Iran has asked India to pay within two months $6.5 billion in past oil dues, partly in rupees and rest in dollars or euros, a top official said.

“The payment will be in at least three installments. The modalities of installments and the route are being worked out,” he said. The dues to Iran on crude oil that refiners buy have accumulated as Western sanctions blocked payment routes since 2013. About 45 per cent of the oil import bill is paid in rupees in a Uco Bank branch and the rest has accumulated.

The official said the payment to Iran can be either through Reserve Bank of India (RBI) – in that case refiners will hand over the money to the central bank which will then do the onward transmission to Iran, or through a gateway notified by the government, TOI reported on Thursday.

“Part of the payment in US dollar or euro and part in Indian rupees,” he said adding Iran will open a new account with one of the Indian banks for receipt of the rupee payment. Iran will use the rupee payments to settle bills for goods and commodities it imports from India.

The official said the new account will be different from the Uco Bank account which is a non-interest bearing account.
“They want the payments to be made to an interest-bearing account.”

Since February 2013, refiners like Mangalore Refinery and Petrochemicals (MRPL) and Essar Oil have been paying 45 per cent of payment due on purchase of crude oil from Iran in rupees through Uco Bank, Kolkata.

The remaining has been accumulating, pending finalization of a payment route and mechanism. They had last year paid nearly $3 billion in six installments through a limited payment channel following start of nuclear talks between the Western world and Iran.

The outstanding has since climbed to over $6.5 billion. Essar Oil owes $3.34 billion, MRPL ($2.49 billion) and Indian Oil Corp ($581 million) to Iran. HPCL-Mittal Energy Ltd (HMEL) owes $97 million and Hindustan Petroleum Corp Ltd (HPCL) another $29 million. Besides, about Rs 17,000 crore was lying in Iranian account with Uco Bank. Last week, Finance Secretary Rajiv Mehrishi had told PTI that India is willing to clear the $6.5 billion in past oil dues and modalities are being worked out.

Indian movie “Phantom” banned in Pakistan

A Pakistan court has banned release of Kabir Khan’s Phantom starring Saif Ali Khan and Katrina Kaif on a plea filed by 26/11 mastermind Hafiz Saeed.

Hafiz has alleged that the film set on post-26/11 attacks, contains “filthy propaganda” against him and his outfit. He had even said that film has “venom against Pakistan and JuD”. Back in 2012, Kabir Khan-directed Ek Tha Tiger had also faced a ban in Pakistan.

The film is based on crime author Hussain Zaidi’s novel ‘Mumbai Avengers’ and is set to release on August 28, 2015.

Komal Rizvi Performs in Oslo Mela Music Festival

NORWAY: Oslo Mela Festival is an annual music festival, since 2001, which happened at City Hall Square on Friday 14th Sunday to 16th August 2015. In the three days of International and local artist performances at various venues, Komal Rizvi was chosen to represent Pakistan in this grand cultural explosion by giving a mind blowing musical performance in Oslo, Norway.

Komal has a powerful and edgy voice and has achieved huge popularity as a solo artist. She sang her popular hits in the festival including baujee, Lambi Judai, Washmallay and Daneh pe Dannah along with her new smash hit single Tu Beh Gaya. The crowd went crazy while singing and dancing to Laal Meri Pat which gave an amazing closing to her remarkable

“Out of over 1000 gigs and concerts that I have done all over the world, the International star studded Oslo Mela Festival was easily one of the best top 10 shows that I have ever done as far as being organized is concerned, having a great sound and stage set up and an awesome audience in a beautiful city. I feel honored and blessed”.

Along with her was Ali Azmat giving a marvelous performance himself with several other international artists including Unity Crew (Oslo), Gentleman and The Evolution (Germany), Balkan Beat Box (New York) and Sangkung Jobarteh (Gambia) Oslo Mela Festival is a celebration of love, life and music. Komal Rizvi’s performance was attended by over 35,000 Indians and Pakistanis, needless to say we are extremely proud of one of our nest female vocalists in our nation.

Nawaz Sharif inaugurates Pakistan’s largest nuclear power plant in Karachi

Harry Javed/KARACHI: Prime Minister Nawaz Sharif has inaugurated the K-2 power project at the Karachi Nuclear Power Plant (Kanupp) on Thursday. The K-2 nuclear power plant will the largest in the country and generate 1,100MWs of electricity after completion.

Premier congratulated the Pakistan Atomic Energy Commission on the timely start of concrete pouring of K-2 power plant, which will be built by the China National Nuclear Corporation (CNNC). Terming the occasion an “important day in Pakistan’s history”, Nawaz Sharif said the project was a strong evidence of cooperation between Pakistan and China in the field of science and technology.

The prime minister thanked the Chinese government, CNNC, and other Chinese organisations for their cooperation in the construction of nuclear power plants. The groundbreaking of K-2 and K-3 power plants was performed by the prime minister in November last year. The World Nuclear Association had earlier estimated the cost of the new project at nearly $10 billion.

Governor Sindh Dr Ishratul Ibad and Chief Minister Syed Qaim Ali Shah received the Prime Minister at Karachi Airport. Federal Ministers Khawaja Asif, Ch. Nisar Ali Khan and Minister of State Abid Sher Ali are accompanying the Prime Minister.

Nawaz Sharif is scheduled to chair an important meeting of the apex committee to review the city’s law and order situation. During the meeting, the prime minister will be briefed about the progress of ongoing Karachi operation, which was launched in September 2013 to free the city of criminals and people associated with terrorist outfits. The prime minister will also meet with representatives of the city’s Parsi community during his one-day visit.

Nawaz Sharif toeing military line in upcoming talks with India, claims TOI

Monitoring Report/ISLAMABAD: Taking independent foreign policy decision on ties with India has always proved difficult for Pakistan’s civilian leadership. Knowing the repercussions of independent decisions, specifically in the context of the 1999 Lahore Declaration, Nawaz Sharif is extra careful this time. His aides say he wants the military leadership on board before attempting to mend ties with India. “Nawaz Sharif knows that improving ties with India isn’t possible without the military’s support and endorsement,” a Sharif aide told Times of India.

So, while finalizing strategy for the NSA talks the Pak PM, his aides and his kitchen cabinet held extensive discussions with the army and ISI chiefs. Pakistan and India are holding 2-day National Security Advisers level talks on Aug 23 in New Delhi. Despite the fact that bilateral talks are just two days away, Pakistan and India continuously blaming one another for across the border shelling for the last two months. Pakistan has claimed that in last two months, Indian forces violated ceasefire along LoC and Working Boundary 71 times and fired mortar bombs, killing 7 people and injuring several others.

The civilian leadership agreed with army chief Gen Raheel Sharif and ISI DG Lt General Rizwan Akhtar to adopt an aggressive stance on terror-related issues but a give-and-take approach on bilateral disputes. The military leadership proposed this at a meeting held at PM House on Tuesday . Sources said the decision to invite Hurriyat leaders by the Pakistan high commission on August 23 was taken at this meeting.

Media reports said it was proposed that Aziz should raise the release of the Samjhauta Express blast alleged mastermind, India’s involvement in Baluchistan and Afghanistan and its violation of LoC truce.

The civilian leadership agreed with the military that unlike the ambiguous meetings in the past, the NSA talks should send a clear message to all stakeholders.

The participants agreed that Pakistan’s approach on international disputes with India should be reciprocal. Sir Creek, Siachen and the Kashmir issue should be discussed on give-and-take basis, they proposed.

Turkish investors eyeing hydel, mining sectors, says Yildiz

 Road show in Turkey to attract investment in power sector

ANKARA, 19 August 2015: Minister for Energy and Natural Resources of Turkey Mr. Taner Yildiz during a meeting with a high level delegation from Pakistan that met him here today said Turkish Government will encourage Turkish entrepreneurs to invest in mining and hydel sectors in Pakistan.

Minister for Mines & Minerals of the Government of Punjab Mr. Sher Ali Khan led Pakistan side during the meeting. The delegation included Ambassador of Pakistan Mr. Sohail Mahmood, Additional Chief Secretary Punjab Dr. Jehanzeb Khan and Secretary Mining Dr. Arshad Mahmood.

Pakistan side made a comprehensive presentation about potential energy projects in the Punjab province  including coal-based  and small hydro-power plants.

Pakistan delegation will hold a road show on Thursday in Ankara and will be meeting with the leading Turkish contractors in hydel and coal sector.