• About
  • Advertise
  • Contact
Tuesday, August 9, 2022
  • Login
WRITE FOR US
Economy.pk
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
No Result
View All Result
Economy.pk
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
Economy.pk
Home Business

Pakistan to export urea to South Korea

byNews Desk
November 20, 2021
in Business, Economy
Reading Time: 2 mins read
0
South Korea urea export
23
SHARES
1.3k
VIEWS
Share on FacebookShare on Twitter

South Korea shows interest in urea import from Pakistan because recently China has put limitations on urea exports.

South Korea has shown interest in importing urea from Pakistan since South Korean urea supplies have been impacted due to recent limitation on export of urea and other fertilizers from China. A delegation of Engro Fertilizers Limited was called by the South Korean Embassy to discuss the possible opportunity of export of urea to South Korea. Pakistan has significant potential to export urea and earn valuable foreign currency for the country.

RelatedPosts

Pakistan to soon bridge external financing gap of $4 billion: SBP

Roshan Digital Account Inflows Sink to Lowest Level in 17 Months

Pakistan’s trade with ASEAN topped $11b in 2022

After the meeting with the Ambassador – Suh Sangpyo and Counsellor (DCM) – June Seo Park, Imran Ahmed (CFO – Engro Fertilizers Limited) briefed the media on these significant discussions. Imran Ahmed highlighted that Pakistan was a net importer of urea till 2012 as the domestic manufacturers faced capacity constraints to meet the country’s high urea demand. However, the Fertilizer Policy 2001 incentivized the local industry to invest around Rs 162 billion in new plants and capacity expansions. As a result, the domestic production capacity increased by approximately 2 million tons and helped Pakistan not only to attain self-sufficiency in urea but has also created excess capacity which may earn precious foreign exchange for the country.

He further explained that with domestic urea demand of hovering around 6-6.2 million tons, the fertilizer industry has an idle capacity of 800,000 tons on an annual basis. If granted permission by the government, the industry can start making exports within 30 days, which will create additional jobs and result in significant foreign exchange inflows of over USD 700 million on current spot basis.

Whilst Pakistan faces a severe gas shortage, the urea manufacturers utilize low quality (low British Thermal Unit – BTU) gas for which adequate gas reserves for the next decade and beyond are available. Moreover, with the right government support, untapped reserves of low BTU gas in the country can be put to use to earn the much- needed foreign exchange for the country. The requirement of urea in South Korea, coupled with unutilized capacity of Pakistan, may create a possibility to develop a long-term sustainable export opportunity for the country.

The domestic fertilizer industry has enabled USD 3 billion import substitution for the country during this year. After achieving self-sufficiency for the domestic demand, the industry is now geared to generate significant exports from untapped low BTU indigenous gas resources.

Tags: export ureaPakistanSouth Korea
News Desk

News Desk

A source of economic, political, business, finance, health and sports updates.

Related Posts

Pakistan to soon bridge external financing gap of $4 billion: SBP

Pakistan to soon bridge external financing gap of $4 billion: SBP

In the face of intense pressure on foreign currency reserves, Pakistan will soon close its $4 billion shortfall in external...

Roshan Digital Account Inflows Sink to Lowest Level in 17 Months

Roshan Digital Account Inflows Sink to Lowest Level in 17 Months

RDA With inflows at $188 million, which is significantly less than in June, the inflows under the Roshan Digital Account...

Next Post
Pakistan in talks with Russia to Create Weather Satellites

Pakistan in talks with Russia to Make Weather Satellites

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Emerging hero's of Pakistan at Commonwealth Games

Emerging hero’s of Pakistan at Commonwealth Games 2022

Lt Gen Faiz Hameed transferred from Peshawar to Bahawalpur

Lt Gen Faiz Hameed transferred from Peshawar to Bahawalpur

24 Palestinians killed as Israeli air strikes pound Gaza for second day

24 Palestinians killed as Israeli air strikes pound Gaza for second day

Arshad Nadeem gets international scholarship for Paris Olympics 2024

Arshad Nadeem gets international scholarship for Paris Olympics 2024

CM Punjab directs to start work on Ring Road Project, Nullah Lai Expressway

CM Punjab directs to start work on Ring Road Project, Nullah Lai Expressway

Pakistan’s Shehroze Kashif becomes youngest climber to summit Gasherbrum II

Pakistan’s Shehroze Kashif becomes youngest climber to summit Gasherbrum II

Connect with us

Twitter

Economy.pk

Economy.pk touches diverse topics with a lighter note and is geared toward audiences with various interests and all ages. Come and explore Economy.pk. Ample details and analysis are provided in extraordinarily readable manner making them compelling and interesting at the same time.

Category

  • World
  • Politics
  • Business
  • Technology
  • Education
  • Health
  • Life & Style
  • Opinions

Social Media

  • Facebook
  • Instagram
  • Twitter
  • Linkedin

Sitelinks

  • Sitemap

Download our APP

download on android app download on apple app
  • About
  • Advertise
  • Contact

© 2022 All Rights Reserved Economy.pk | Designed & Developed by Digital Otters

  • LATEST
  • World
    • Europe
    • Americas
    • Asia
    • Oceania
    • Africa
    • Canada
    • Middle East
  • Finance
  • Politics
  • Business
    • Economy
    • Finance
    • Entrepreneurship
    • Real Estate
  • Technology
    • Cyber Security
    • Mobiles
    • Social Media
  • Education
  • Sports
  • Life & Style
    • Personalities
    • Art
    • Culture
    • History
    • Entertainment
    • Fashion
    • Food
    • Health
      • Environment
      • Fitness
  • Sponsored

© 2022 All Rights Reserved Economy.pk | Designed & Developed by Digital Otters

No Result
View All Result

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In