Business
Afghanistan’s oil sector is a source of growing interest among investors: IEA
Afghanistan Chamber of Commerce and Investment (ACCI) officials meanwhile called on the ministry to also focus on increasing the operational capacity of established oil extraction companies and in building refineries instead of focusing on attracting foreign investors.
Afghanistan’s Ministry of Mines and Petroleum reports that the country’s lucrative oil sector is generating growing interest from a number of countries in the region including Iran, Turkey, Russia and Uzbekistan.
According to officials, companies in these countries have shown serious interest in investing in the extraction and refinement processes.
The ministry has however called on Afghan investors to also take advantage of opportunities in the sector.
Afghanistan’s Crude Oil Refinery Union has meanwhile urged the Islamic Emirate to support local investors in the extraction process but also by establishing refineries that meet international standards.
Afghanistan’s Crude Oil Refinery Union has meanwhile urged the Islamic Emirate to support local investors
Afghanistan Chamber of Commerce and Investment (ACCI) officials meanwhile called on the ministry to also focus on increasing the operational capacity of established oil extraction companies and in building refineries instead of focusing on attracting foreign investors.
Muhammad Younus Mohmand, Vice-Chairman of the ACCI, said: "Our wish is that the refineries that people invest in, in Afghanistan, should be supported."
According to union officials, over $300 million has already been invested in the sector in the country, providing jobs to thousands of workers.
[embed]https://youtu.be/wmmI5LckggY[/embed]
Working towards self-sufficiency
Despite having over 200,000 square kilometers of oil and gas reserves, Afghanistan currently purchases nearly 90 percent of its oil and gas needs from Central Asian countries and Iran.
But growing interest from companies in the region could mark a significant shift in Afghanistan's energy sector, potentially reducing its reliance on imports and boosting regional economic ties.
Earlier this month, the ministry of mines and petroleum reported that it had successfully sold $80 million in crude oil.
For Afghanistan this was a major leap in the direction of growth, especially after China's Xinjiang Central Asia Petroleum and Gas Company’s (CAPEIC) investment in Afghanistan last year of $49 million has helped boost the country's daily crude oil output to more than 8,000 bpd.
Spanning Afghanistan and Tajikistan, the Amu Darya basin, where oil is extracted, is estimated to contain 962 million barrels of crude oil and 52,025 billion cubic feet of natural gas.
So far, CAPEIC’s investment of $49 million in Afghanistan has helped boost the country's daily crude oil output to more than 1,100 metric tons (8,000 barrels per day), a volume that could increase significantly.
Related Stories:
Afghan ministry of commerce meets with stakeholders to build a refinery
Ministry of commerce allocates land for oil refineries
Business
Shoemaking industry in Takhar province facing stagnation
A number of shoemakers in northern Takhar province say that while their handmade shoes are of better quality than imported shoes, but still sales are down.
According to them, there were more than 20 shoe-making shops in the past, but now some have been closed due to the decline in sales.
The shoemakers make most of their shoes from leather. A number of industrialists say that this industry is now facing stagnation.
Abdul Raqib, a shoemaking factor owner, said: “The government should support us. Currently, we import soles. It can be made with good quality in Afghanistan, and we could even compete against Turkish shoes.”
Meraj, another shoemaking factory owner, said: “Shoe sales were higher in the republic era. There were military shoes. Sales have declined now, but we still thank Allah.”
Shoemakers make these shoes with basic tools and by hand, with 5 to 8 people working in each shop.
Javed, a shoemaker, said: “Our sales are not so good. We can make any type of shoe or slipper. We want the government to support us.”
A number of Takhar residents say that domestically produced shoes are of high quality and with lower price compared to imported shoes, so people prefer domestic products to foreign products.
Mir Ata, a resident of Takhar, said: “We are very happy about domestic shoes. People should buy it. They are of good quality.”
However, the officials of Takhar Industry and Commerce Department say that they are committed to support the industrialists.
Abdul Rahman Ghaznawi, provincial director of industry and commerce, said: “People prefer domestic shoes and slippers. Takhar’s products are sold in Kunduz, Baghlan and Badakhshan as well.”
Meanwhile, industrialists say that if the government supports them, they will be able to make the best products and can be more competitive.
Business
Daily truck clearances at Torkham drop from 400-500 to 5-10
Pakistan’s Sarhad Chamber of Commerce and Industry (SCCI) has said that daily truck clearances at Torkham crossing have declined from 400-500 to 5-10.
SCCI President Fazal Muqeem Khan said this at the signing ceremony of a memorandum of understanding (MoU) with the Pakistan-Afghanistan Joint Chamber of Commerce and Industry to promote bilateral trade and cooperation.
He said the volume of trade between Pakistan and Afghanistan had fallen from $3 billion to $1 billion annually.
Fazal Muqeem also highlighted the adverse impact of the 2% Infrastructure Development Cess (IDC) imposed by the Khyber-Pakhtunkhwa government on trade and transit.
Business
Turkish scholars, charity officials assess investment prospects in Afghanistan
Officials pledged to encourage Turkish investors to explore and capitalize on investment opportunities in Afghanistan
Afghanistan’s Acting Minister of Energy and Water, Mullah Abdul Latif Mansoor, met with a delegation of Turkish scholars and officials from the Adif Charity Foundation on Tuesday to discuss various political, religious, and social issues.
According to the Ministry of Energy and Water, Mullah Mansoor praised Adif’s humanitarian efforts in Afghanistan and highlighted the country’s ample resources for energy production.
He emphasized that Afghanistan currently offers a favorable environment for investment in all sectors, assuring the Turkish delegation of the Islamic Emirate’s commitment to ensuring the safety and security of investors and their assets.
In response, Adif officials pledged to encourage Turkish investors to explore and capitalize on investment opportunities in Afghanistan, signaling a potential boost in economic and developmental cooperation between the two nations.
-
Sport5 days ago
Zimbabwe’s opening ODI against Afghanistan abandoned
-
World4 days ago
North Korean troops suffer 100 deaths, struggling in drone warfare, South Korea says
-
Latest News2 days ago
Afghan men must stand with women to support viable future of country: US envoy
-
Latest News4 days ago
Two horror accidents on Kabul-Kandahar highway leave 52 dead
-
Sport3 days ago
Afghanistan crush Zimbabwe by 232 runs in second ODI
-
Regional5 days ago
Iran’s president to make rare visit to Egypt for D-8 summit
-
International Sports4 days ago
Lanka T10: Kandy Bolts in at 4th spot in playoffs after thrilling day
-
World5 days ago
NATO takes over coordination of military aid to Kyiv from US, source says