CARBOTRACE, Proppant Conveyed Inflow Production Tracers Are Being Launched Globally

CARBO Ceramics Inc. partners with GEOSPLIT Middle East FZE HOUSTON, TX / ACCESSWIRE / March 1, 2023 / CARBO and GEOSPLIT announced today that the companies have entered into a strategic partnership that will enable energy operators to improve their reservoir performance by optimizing drilling & completions designs through understanding the production inflow profiling. The […]

CARBO Ceramics Inc. partners with GEOSPLIT Middle East FZE

HOUSTON, TX / ACCESSWIRE / March 1, 2023 / CARBO and GEOSPLIT announced today that the companies have entered into a strategic partnership that will enable energy operators to improve their reservoir performance by optimizing drilling & completions designs through understanding the production inflow profiling. The use of the technology reduces the overall cost of the well’s ownership, improves the carbon footprint for the well’s lifecycle, and boosts the decision-making of the E&Ps for their offset wells.

CARBOTRACE
CARBOTRACE

The agreement combines CARBO’s manufacturing, sales, and marketing expertise with the inflow production profiling capabilities of GEOSPLIT. CARBO is the market leader in proppant and proppant-delivered technologies, and GEOSPLIT is a developer of a proven long-term dynamic zonal inflow tracer technology evaluation service.

“CARBO’s portfolio of proppant delivered technologies continues to expand and provide customers with added value, enabling the most efficient completion and production strategies. CARBO has proven once more to be a technology leader in the space by creating an alliance with this Middle Eastern start-up for further geographical expansion,” said Max Nikolaev, Senior Vice President

Customers of CARBO will now be able to understand their reservoir performance through production monitoring better, marker/tracer monitoring of production inflow profiles, reservoir management, and digital oilfield services based on dynamic zonal inflow production profiling.

“Tracer-embedded coating for propping materials is one of the key solutions in our technological portfolio. Strategic partnership with Carbo Ceramics is a high recognition of technology capabilities and will allow the technology to reach out to more operators worldwide,” said Anna Belova, VP Global Business Development for GEOSPLIT.

About CARBO Ceramics Inc

CARBO® is a global technology company that provides products and services to several markets, including oil and gas, industrial, agricultural, and environmental markets, to enhance client value.

CARBO Energy – is a leading provider of market-leading technologies to create engineered production enhancements solutions that help E&P operators to design, build and optimize the frac – increasing well production and estimated ultimate recovery and lower finding and development cost per barrel of oil equivalent.

For more information, please visit www.carboceramics.com or contact Joshua Leasure, Director Technology Sales Joshua.Leasure@carboceramics.com

About GEOSPLIT

GeoSplit Middle East FZE is an international digital oilfield service company offering a tracer-based production profile surveillance technology for oil and gas wells. The GeoSplit technology portfolio provides a stream of data on the oil and gas well production pattern for years without well intervention. The data becomes a decision-making support tool and gives recommendations on addressing specific objectives of field operators and customers in such segments as hydrocarbon development, production, reservoir management, and optimization.

For more information, please visit www.geosplit.org or contact Anna Belova, VP Global Business Development a.belova@geosplit.org

Contact Information

Joshua Leasure
Director Technology Sales, CARBO
joshua.leasure@carboceramics.com
281-921-6490

Anna Belova
VP Global Business Development, GEOSPLIT MIDDLE EAST FZE
a.belova@geosplit.org
+31 611 255342

SOURCE: CARBO

Henley & Partners: Invest in Namibian Real Estate and Secure Residence Rights

LONDON, March 01, 2023 (GLOBE NEWSWIRE) — The world’s latest investment migration option — and Africa’s second — the Namibia Residence by Investment Program has been launched by Henley & Partners, the global leaders in residence and citizenship planning. The Namibian government is actively seeking foreign investment to boost the country’s economic growth and diversify […]

LONDON, March 01, 2023 (GLOBE NEWSWIRE) — The world’s latest investment migration option — and Africa’s second — the Namibia Residence by Investment Program has been launched by Henley & Partners, the global leaders in residence and citizenship planning.

The Namibian government is actively seeking foreign investment to boost the country’s economic growth and diversify the economy. The program provides numerous opportunities for international investors seeking a foothold and growth on the African continent, including tax incentives, financing, and a one-stop bureau service for international companies. For a minimum real estate investment of USD 316,000 in the new luxury golf and eco-friendly President’s Links Estate in Walvis Bay, successful investors will receive a five-year, renewable work permit which gives them the right to live, do business, and study in Namibia.

Group Head of Private Clients at Henley & Partners, Dominic Volek, says, “We are delighted to announce this innovative new residence by investment offering in Africa. Namibia’s stunning landscape, attractive tax system, and business-friendly environment make it an ideal option for international entrepreneurs, high-net-worth individuals, or retirees. There are fewer than 600 real estate units available in this exclusive coastal estate that qualifies for residence, so investors need to move quickly if they want to take advantage of this limited opportunity to secure residence rights in one of the most nature- and wildlife rich countries in the world.”

One of Africa’s fastest growing private wealth markets

The total private wealth currently held on the African continent is USD 2.1 trillion and is expected to rise by 38% over the next 10 years, according to the Africa Wealth Report, published by Henley & Partners in partnership with New World Wealth. Namibia is expected to be one of Africa’s fastest growing markets going forward, with high-net-worth individual (those with wealth of USD 1 million or more) growth of over 60% forecast for the next decade (until 2032). According to New World Wealth’s December 2022 statistics, Namibia holds USD 26 billion in total investable wealth. The average wealth of a resident of Namibia (wealth per capita) is USD 10,050, ranking as the third highest in Africa after Mauritius and South Africa. The nation is home to around 2,100 high-net-worth individuals and three centi-millionaires (with wealth of USD 100 million or more).

To attract inward investment, the government has made major improvements to its tax system in recent years. Namibia operates a source-based tax system, which means that foreign residents are generally only taxed on the income they generate in the country. What is more, tax rates are relatively competitive compared with many other emerging markets and particularly with neighboring countries such as South Africa. The top rate of income tax in Namibia is a modest 37%, but perhaps most notably there are no capital gains, estate, gift, inheritance, or net wealth/worth taxes.

Unprecedented interest in domicile diversification

Currently, the President’s Links Estate is the only investment route for the Namibia Residence by Investment Program. Group Head of Real Estate at Henley & Partners, Thomas Scott, says international real estate has always been a reliable asset class for global investors due to its long-term staying power. “Real estate–linked investment migration programs such as the offering in Namibia have the additional advantages of enhancing your global mobility and expanding your personal access rights as a resident or citizen of additional jurisdictions, creating optionality in terms of where you and your family can live, work, study, retire, and invest. The potential gains over the lifetime of this investment include the core value of the asset, rental yields, and global access as an ultimate hedge against both regional and global volatility.”

Volek points out that there has been significant and ongoing growth in the demand for residence and citizenship by investment options over the past few years. “The appeal of investment migration for affluent families is truly universal due to its many benefits, ranging from domicile diversification to global mobility enhancement, to accessing world-class education and healthcare, to having a plan B in times of turmoil. No matter where you were born, or where you currently reside, wealthy investors can futureproof themselves and their families for whatever might lie ahead through investment migration options such as the new Namibia Residence by Investment Program.”

Media Contact

Sarah Nicklin
Group Head of PR
sarah.nicklin@henleyglobal.com
Mobile: +27 72 464 8965

GlobeNewswire Distribution ID 1000795319

OICCI Urges FBR to Resolve Rs. 93 Billion Pending Tax Refund Cases

The Overseas Investors Chamber of Commerce and Industry (OICCI) has asked the Federal Board of Revenue (FBR) to resolve all cases of pending tax refunds which have increased by 15 percent to Rs. 93 billion.Businesses have routinely accused tax authorit…

The Overseas Investors Chamber of Commerce and Industry (OICCI) has asked the Federal Board of Revenue (FBR) to resolve all cases of pending tax refunds which have increased by 15 percent to Rs. 93 billion.

Businesses have routinely accused tax authorities of collecting and withholding more taxes than were due in order to meet revenue targets. The OICCI recently shared with the FBR an exhaustive list of tax refund claims, while demanding that the process should be “institutionalized”, reported Dawn.

According to the list of tax refund claims shared by OICCI with FBR via letter, Hub Power Company Limited is the most affected entity. It is owed Rs. 9 billion in income and sales tax refunds. K-Electric is second on the list, with Rs. 8.6 billion in outstanding sales tax refunds.

Other claims on the list for Frieslandcampina Engro Pakistan Limited, Engro Polymer and Chemicals Limited, and Procter and Gamble Pakistan Limited amount to Rs. 6.4 billion, Rs. 3 billion, and Rs. 2.4 billion, respectively.

According to OICCI, more than 57 percent of all outstanding refund claims are for income tax, with the remainder for sales tax.

The OICCI urged the regulator to direct the relevant FBR commissioners to review all pending refund cases and arrange for early settlement of valid refund cases in order to ensure that all issues are resolved peacefully.

Source: Pro Pakistani

Inflation Set to Break 50-Year Record in Pakistan

Inflation in Pakistan is set to break the almost 50-year record of 29.3 percent witnessed in April 1975.Ismail Iqbal Securities has put the estimate for February 2023 inflation at 29.6 percent but said that this is not likely to be the peak as most of …

Inflation in Pakistan is set to break the almost 50-year record of 29.3 percent witnessed in April 1975.

Ismail Iqbal Securities has put the estimate for February 2023 inflation at 29.6 percent but said that this is not likely to be the peak as most of the impact of recent sharp currency depreciation, energy price adjustments, and tax measures would reflect from March 2023. The estimate for March 2023 inflation is 33.6 percent.

The report puts the fiscal year 2022-23 (FY23) average at 27.7 percent compared to 12.1 percent in the previous fiscal year (FY21).

The report said that on a month-on-month (MoM) basis, the Consumer Price Index (CPI) index is estimated to surge by 2.8 percent led by Food (mainly chicken, rice, and edible oil), Housing (LPG prices), and transport (petroleum prices) segments.

The report expects core inflation to remain elevated at above 1 percent MoM, given supply shocks as shipments are stuck at ports and imports are restricted. This would likely lead to urban core inflation of 15.6 percent and rural of 20 percent, the report added.

It is pertinent to mention here that Pakistan’s Consumer Price Index-based inflation increased to 27.6 percent on a year-on-year (YoY) basis in January 2023 as compared to an increase of 24.5 percent in the previous month (December) and 13 percent in January 2022.

Source: Pro Pakistani

Rupee Sharply Declines Against US Dollar, British Pound After SBP News

The Pakistani rupee (PKR) reversed gains and sharply declined against the dollar during interbank trade on Tuesday, going as low as 262.125 against the greenback.At close, the rupee depreciated by 0.60 percent and suspended movement at 261.5 after losi…

The Pakistani rupee (PKR) reversed gains and sharply declined against the dollar during interbank trade on Tuesday, going as low as 262.125 against the greenback.

At close, the rupee depreciated by 0.60 percent and suspended movement at 261.5 after losing Rs. 1.58 against the greenback.

The local unit was all red against the dollar and opened trade at 259.5 in the open market. By midday, the greenback went higher against the rupee to around 262. After 1 PM, the local unit was largely bearish against the top foreign currency before the interbank close.

The rupee ended its 4-day winning streak against the dollar today after the State Bank of Pakistan (SBP) announced to push up its Monetary Policy Committee meeting to March 2nd, 2023, and raise the policy rate to offset negative macros as the government works to meet the terms of a $6.5 billion bailout from the International Monetary Fund (IMF).

The rupee is down almost Rs. 26 since its record-breaking single-day drop of Rs. 25 in the last week of January and has since then gradually parried small losses despite economic pressure.

To recall, the SBP first increased the benchmark policy rate in January 2023, to 17 percent, the highest in over two decades. Pakistan’s bond auction last week signaled that the central bank is expected to raise its interest rate, which is seen as a condition for reviving the country’s loan program with the IMF. Analysts expect the rate hike by 150 to 250 basis points.

Money changers say last week’s high-priced treasury bill auction finally convinced the central bank to call an urgent market review meeting in a bid to offset near-term economic downturns. The IMF’s influence is playing a big role in making SBP push for a policy shift as it enforces all pre-conditions for releasing a billion-dollar bailout to Pakistan.

The PKR was all red against all of the other major currencies in the interbank market today. It lost 40 paisas against the Saudi Riyal (SAR), 43 paisas against the UAE Dirham (AED), 78 paisas against the Australian Dollar (AUD), Rs. 1.10 against the Canadian Dollar (CAD), and Rs. 2.92 against the Euro (EUR).

Moreover, it lost Rs. 4.04 against the Pound Sterling (GBP) in today’s interbank currency market.

Source: Pro Pakistani

Moody’s Downgrades Pakistan’s Credit Rating Over Default Risks

Moody’s Investors Service (Moody’s) has downgraded the Government of Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to Caa3 from Caa1.Moody’s has also downgraded the rating for the senior unsecured MTN programme to (P)Ca…

Moody’s Investors Service (Moody’s) has downgraded the Government of Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to Caa3 from Caa1.

Moody’s has also downgraded the rating for the senior unsecured MTN programme to (P)Caa3 from (P)Caa1. Concurrently, Moody’s has also changed the outlook to stable from negative.

The decision to downgrade the ratings is driven by Moody’s assessment that Pakistan’s increasingly fragile liquidity and external position significantly raises default risks to a level consistent with a Caa3 rating.

In particular, the country’s foreign exchange reserves have fallen to extremely low levels, far lower than necessary to cover its imports needs and external debt obligations over the immediate and medium term. Although the government is implementing some tax measures to meet the conditions of the International Monetary Fund’s (IMF) programme and a disbursement by the IMF may help to cover the country’s immediate needs, weak governance and heightened social risks impede Pakistan’s ability to continually implement the range of policies that would secure large amounts of financing and decisively mitigate risks to the balance of payments.

The stable outlook reflects Moody’s assessment that the pressures that Pakistan faces are consistent with a Caa3 rating level, with broadly balanced risks. Significant external financing becoming available in the very near term, such as through the disbursement of the next tranches under the current IMF programme and related financing, would reduce default risk potentially to a level consistent with a higher rating. However, in the current extremely fragile balance of payments situation, disbursements may not be secured in time to avoid a default. Moreover, beyond the life of the current IMF programme that ends in June 2023, there is very limited visibility on Pakistan’s sources of financing for its sizeable external payments needs.

The downgrade to Caa3 from Caa1 rating also applies to the backed foreign currency senior unsecured ratings for The Pakistan Global Sukuk Programme Co Ltd. The associated payment obligations are, in Moody’s view, direct obligations of the Government of Pakistan.

Concurrent to today’s action, Moody’s has lowered Pakistan’s local and foreign currency country ceilings to Caa1 and Caa3 from B2 and Caa1, respectively. The two-notch gap between the local currency ceiling and sovereign rating is driven by the government’s relatively large footprint in the economy, weak institutions, and relatively high political and external vulnerability risk. The two-notch gap between the foreign currency ceiling and the local currency ceiling reflects incomplete capital account convertibility and relatively weak policy effectiveness. It also takes into account material risks of transfer and convertibility restrictions being imposed.

Source: Pro Pakistani

SECP Organizes Financial Reporting Workshop on NBMF Sector

The Securities and Exchange Commission of Pakistan (SECP) organized a financial reporting workshop on Non-Banking Microfinance (NBMF) sector in light of new regulatory requirements outlined under Circular 15.The aim of this interactive workshop was to …

The Securities and Exchange Commission of Pakistan (SECP) organized a financial reporting workshop on Non-Banking Microfinance (NBMF) sector in light of new regulatory requirements outlined under Circular 15.

The aim of this interactive workshop was to apprise participants of the measures taken for the promotion of the sector and to protect the interests of borrowers. Leading journalists from print and electronic media attended the workshop.

SECP Executive Director Khalida Habib gave a presentation on the circular that explains the digital lending standards applicable to Non-Banking Finance Companies (NBFCs) undertaking lending activities through digital channels/mobile applications (Apps). The lending standards have been issued by the SECP to tackle concerns involving mis-selling, breach of data privacy, and coercive recovery practices of licensed digital lending companies, she said.

She informed the attendees that through Circular 15, SECP has stipulated minimum mandatory disclosures for digital lenders before loan disbursement to the borrower. These include loan amount approved, annual percentage rates, the tenor of loans, installments/lump sum payment amounts with the date(s), and all fees and charges, as well as Key Fact Statement (KFS).

To discourage non-licensed digital lenders, the licensed digital lender shall be required to disclose its full corporate name and licensing status on its lending platform(s)/App(s), and ensure that any advertisement and publication shall be fair and not contain misleading information, she said, adding that SECP has also specified a comprehensive grievance redressal mechanism over and above the current NBFC grievance redressal framework. Circular 15 also mandates that digital lenders will not be allowed to access borrowers’ phone books or contacts lists or photo galleries, even if the borrower has given consent in this regard.

The SECP has liaised with the local regulators concerned (i.e., PTA, FIA, NTISB, and SBP), as well as with Google and Apple for the removal of unauthorized apps. In January 2023, 58 unauthorized apps had been reported to Google for removal.

From January 2022 to November 2022, NBFCs undertaking digital lending disbursed 2,402,301 loans of Rs. 63.589 billion, to 2.4 million borrowers in 3,738,719 loans. This results in an average loan size of Rs. 17,000.

SECP Executive Director and Spokesperson Musarat Jabeen also gave a presentation elaborating the Commission’s overall goals and future outlook, with respect to improving financial inclusion, market development, and ease of doing business.

Source: Pro Pakistani

Standard Chartered Bank Launches Internships for People With Disabilities

Standard Chartered Bank Pakistan Limited (SCBPL) has launched an internship program for disabled individuals to encourage economic empowerment and financial inclusion.This initiative’s goal is to develop a broad stream of viable candidates for the bank…

Standard Chartered Bank Pakistan Limited (SCBPL) has launched an internship program for disabled individuals to encourage economic empowerment and financial inclusion.

This initiative’s goal is to develop a broad stream of viable candidates for the banking sector while also improving their quality of life.

Rehan Sheikh, Chief Executive Officer (CEO) of SCBPL, Millicent Clarke, Regional Head of Human Resources, Africa and Middle East, and Muhammad Umer, Country Head of HR SCBPL, attended the inaugural event, including colleagues with disabilities who recounted their experiences at the bank.

The newly established Internship Program for Disabled People, as per the SCBPL CEO, is an important milestone in the bank’s efforts to enable equity in access and chance for people with disabilities to engage in business activities and achieve their full potential.

The program, which is a component of their Futuremakers Inclusive Employability Plan, is backed by enhanced infrastructure, service delivery, and the utilization of new technology.

The initiative aligns with the bank’s objective of Financial Inclusion of People with Disabilities and is projected to provide additional doors and chances for future growth.

Source: Pro Pakistani

OICCI Appoints Unilever CEO Amir Paracha As President

Amir Paracha, Chairman & Chief Executive Officer, of Unilever Pakistan Limited, has taken over as the President of the Overseas Investors Chamber of Commerce and Industry (OICCI) for the 2023 term.This was announced at the 163rd Ann…

Amir Paracha, Chairman & Chief Executive Officer, of Unilever Pakistan Limited, has taken over as the President of the Overseas Investors Chamber of Commerce and Industry (OICCI) for the 2023 term.

This was announced at the 163rd Annual General Meeting of the OICCI held at the Chamber on Tuesday, February 28, 2023. Mr. Rehan Muhammad Shaikh, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited, was elected as the Vice President.

The other elected members of the OICCI Managing Committee for 2023 are as follows:

1. Syed Anis Ahmed of Abbott Laboratories (Pakistan) Limited

2. Ahmed Zahid Zaheer of Chevron Pakistan Lubricants (Private) Limited

3. Umar Ahsan Khan of Dawlance (Private) Limited

4. Kamran Ataullah Khan of Dupont Pakistan Operations (Private) Limited

5. Erum Shakir Rahim of GlaxoSmithKline Pakistan Limited

6. Najeeb Ahmad of Hitachi Energy Pakistan (Private) Limited

7. Ali Asghar Jamali of Indus Motor Company Limited

8. Waqar Irshad Siddiqui of Shell Pakistan Limited

In his message to the members, incoming President OICCI Amir Paracha said, ‘’Pakistan’s multi-fold challenges are evident to all of us, and now is the time for leaders across all sectors to unite as a force for good and lead Pakistan back on a path of growth. Foreign investment is the primary gateway through which developing economies like Pakistan can access innovative technology and increased market access resulting in the improvement of human capital. These factors are critical in enabling Pakistan to achieve a higher growth trajectory, supported by predictable, consistent, and transparent policy frameworks. There are many examples in the region of economies with similar challenges managing to achieve notable economic growth primarily through the promotion of FDI. For strong sustainable socio-economic growth, bringing in technology advancements is imperative”.

Amir Paracha began his career at the Royal Dutch Shell Oil company in July 1996. He joined Unilever Pakistan in 2000, leading multiple categories in Pakistan and in the GCC cluster. He has also led the Home and Personal Care Division as well as Customer Development before becoming Chairman & CEO in 2020. Amir earned his Master’s in Business Administration (MBA) from the Institute of Business Administration, Karachi, and is serving on the Boards of Endeavor Pakistan, Karachi Vocational Training Centre, and Federation of Pakistan Chambers of Commerce & Industry (FPCCI).

Source: Pro Pakistani