5.2m farmers to get subsidy on

DAP fertiliser

MULTAN (APP): The Punjab government has started subsidy on DAP fertiliser to facilitate 5.2 million farmers of the province under Khadam-e-Punjab Kisan Package. According to a handout issued by spokesman of Agriculture department here on Saturday, the Punjab government has started giving Rs150 subsidy on each bag of DAP fertiliser. He said that the initiative has been taken to facilitate farmers to decrease their production expenses. The farmers can get the subsidy through voucher in each bag of the fertiliser. He said the Punjab government is utilising all possible resources to provide maximum relief to the farmers. He said that farmers were advised to get them registered through call on 0800-29000 or 0800-15000 to avail the facility, and send scratch card number with national identity card number on 8070 through SMS, after that they will receive a message from the department and they will get cash from any easy paisa shop by showing them the message.

IMF cuts Cameroon GDP growth

forecast to 3.7pc for 2017

ABIDJAN (Reuters): Cameroon’s economic growth rate is expected to slip to 3.7 percent this year, down from an earlier estimate of around 4 percent, due to falling oil production, the International Monetary Fund said. The IMF approved a $666 million, three-year extended credit facility in June for Cameroon, which has been hit hard by the global decline in crude prices. Economic growth came in at 4.5 percent last year. In a statement at the end of a 10-day review mission, the IMF said that it had reached an agreement with the government on economic and financial policy ahead of the first review of the programme, which is expected in mid-December. “The economic programme of the country remains on the right track despite the difficult context. All the quantitative benchmarks established in the programme have been fulfilled,” said mission head Corinne Delechat. The government has been forced to concentrate resources on combating Islamist Boko Haram militants along its northwestern border with Nigeria. It has also faced unrest in two predominantly English-speaking provinces since late last year. The IMF, meanwhile, said that inflation would remain low this year at 0.5 percent.




Kuwait's PIC signs contract with US

Jacobs for plant in Canada

KHOBAR (Reuters): Kuwait’s Petrochemical Industries Co (PIC) has signed a contract with US firm Jacobs Engineering to carry out engineering and design work for a planned polypropylene plant it co-owns in Canada, Kuwait’s state news agency reported on Saturday. Kuwait and its neighbours including Saudi Arabia are expanding their petrochemicals footprint abroad, offering them a diversified feedstock for their growth in the sector. Canada Kuwait Petrochemical Corp. (CKPC), a joint venture between PIC, which is a subsidiary of state-run Kuwait Petroleum Corp (KPC), and Canada’s Pembina Pipeline Corp, plans to develop the facility. Jacobs will be in charge of carrying out front-end engineering and design for a propylene and polypropylene facility in Alberta. The work includes identifying costs and a timeframe for the project. No value for the contract was given. Work on the project is expected to be completed in the fourth quarter of 2018, KUNA reported, citing a PIC statement.

Pembina said in a statement in May that the preliminary capital cost estimate for the project is $3.8-$4.2 billion. The facility is expected to consume 22,000 barrels per day of propane produced in Alberta, it said in May.



Saudi minister calls for more work to cut global oil inventory

TASHKENT (Reuters): Saudi Arabian oil minister Khalid al-Falih said on Saturday that more work was needed to reduce global oil inventories. “There is a general satisfaction with the strategy of 24 countries that signed a declaration of cooperation”, he said after a meeting attended by his Russian, Uzbek and Kazakh counterparts. Russia and Saudi Arabia are leading a deal between OPEC and non-OPEC producers to cut global oil production, with the aim of propping up oil prices. “Everybody recognises that (the) job is not done yet by any means, we still have significant amount of work to do to bring inventories down. Mission is not yet complete, more needs to be done,” he added. He said members of the global pact he had spoken with have expressed the same views. “This is the same sentiment I’ve heard yesterday from (Kazakh) President (Nursultan) Nazarbayev, this is the same sentiment I’ve heard from all the oil producing members of the Asia energy ministers’ round table”, he said.

Officials from Malaysia, Ecuador, Nigeria and Libya have had also given him similar feedback, Falih said. “All committed to working with other producers and supporting the agreement”, the Saudi oil minister added.