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IEA signs Amu River basin oil extraction contract with Chinese company



(Last Updated On: January 5, 2023)

Islamic Emirate of Afghanistan’s (IEA) officials signed a contract on Thursday with China’s CAPEIC (Xinjiang Central Asia Petroleum and Gas Co) Company for the extraction of oil in the Amu River basin, which covers a large area across parts of three northern provinces.

The signing ceremony was held at the Government Information and Media Center (GMIC) in Kabul, in the presence of Mullah Abdul Ghani Baradar Akhund, the Economic Deputy of the Prime Minister, and China’s ambassador to Kabul.

Speaking at the event, Sheikh Shahabuddin Delawar, the Minister of Mines and Petroleum, said: “According to the order of the Supreme Leader and the guidance of the Prime Minister and the Economic Deputy of the Ministry, today we will sign an oil extraction contract with a Chinese company.”

The ministry said oil will be extracted from an area covering 4,500 square kilometers across parts of Sar-e-Pul, Jawzjan and Faryab provinces.

Delawar said the rate of oil extraction will be from 1,000 to 23,000 tons per day and the company will invest up to $150 million dollars a year, which will increase to $540 million dollars in three years.

According to the contract, the Islamic Emirate will own a 20 percent share in the oil fields, but that in time this percentage will increase to 75 percent.

Delawar also said that 3,000 jobs will be created for Afghans. However, if skilled labor is not available in Afghanistan, then China will be able to import workers, he added.

He also said that it was agreed that if the Chinese company does not fulfill all its requirements within a year, the contract will automatically be canceled.

Mullah Abdul Ghani Baradar Akhund also spoke at the event and said that in the past year, work has been done to promote development in the country.

“Recently, several projects were approved by the Economic Commission, and with their implementation, fundamental steps will be taken regarding the prosperity of the country and public welfare,” Baradar said.

He said the signing of Thursday’s contract was an important step towards the country obtaining self-sufficiency. He also called on the Chinese company to work in accordance with international standards and to provide local people with public benefits.

Baradar also told the ministry of mines to closely monitor developments at the oil field so as to ensure the Chinese company fulfills its obligations.

China’s Ambassador to Afghanistan Wang Yu meanwhile said: “This contract is important for the economic growth and self-sufficiency of Afghanistan and is a good example of cooperation and interaction between the two countries.”

Wang asked the contracting company to carefully perform the assigned tasks according to the provisions of the contract and also asked the ministry to provide the framework for the effective implementation of the contract and to work closely with the contracting company.


Customs duties on essential food items drops by up to 70%



(Last Updated On: March 20, 2023)

The Ministry of Finance said that based on the decision of the leadership of the Islamic Emirate of Afghanistan, customs duties on basic food items have dropped by between 50 and 70 percent in the last solar year.

As a result of this decision customs duties have been reduced to the value of 6.7 million afghanis this year, the ministry said.

The decision to decrease customs duties on the food items that include flour, wheat, cooking oil, rice, and sugar, was to keep the prices down on local markets.

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Kunduz commerce department’s revenues rise by 48%



(Last Updated On: March 19, 2023)

Kunduz Directorate of Industry and Commerce officials say their revenues have increased by 48 percent this solar year.

According to officials, the institution has collected more than 12 million Afghanis from the extension and distribution of licenses to manufacturing companies.

Mohammad Rahim Sirat, head of Kunduz Directorate of Industry and Commerce, said they distributed licenses to 112 people and renewed the licenses for 303 people.

Meanwhile, Kunduz Municipality officials also announced that they have collected 120 million Afghanis in 11 months of the current solar year, which shows a 40 percent increase compared to the same period last year.

Tajuddin Sohak, the spokesman for Kunduz Municipality, said they collected 120 million Afghanis this year, which shows a 40 percent increase from 86 million afghanis last year.

But shopkeepers and owners of manufacturing companies in Kunduz complain about the lack of a market for their products. They say that in the past their goods used to be exported abroad, but now exports have declined.

“In the past, we used to export to Iran, Pakistan, and Iraq, but our exports have decreased compared to the past. We ask the government to cooperate with us to provide the basis for export,” Wasim Akram, an entrepreneur, said.

Local officials in Kunduz say they have always tried to facilitate trade. They express hope that in the new year their efforts for foreign marketing of manufacturing companies will produce good results.

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IEA leader met customs officials, asked them to provide facilities for merchants



(Last Updated On: March 17, 2023)

The leader of the Islamic Emirate of Afghanistan, Mawlavi Hibatullah Akhundzadah, met with ministry of finance customs officials on Wednesday and shared necessary guidance and recommendations.

According to the ministry statement, Deputy Minister of Finance for Revenue and Customs, Mullah Muhammad Nasser Akhund, General Director of Customs, Mufti Abdul Matin Saeed, and all the officials of the country’s customs were present in the meeting.

At the meeting, Deputy Minister of Finance for Revenue and Customs and the General Director of Customs of the Ministry presented a detailed report related to their performance since the takeover of the country by the Islamic Emirate and also shared their recommendations for improving related matters with Mawlavi Hibatullah Akhundzadah, the ministry said.

The leader of the Islamic Emirate of Afghanistan pointed out to the officials their assigned responsibilities and gave them the necessary guidance.

“The leader also gave them recommendations in order to provide better services for the Islamic ruling system, treat people well, provide facilities for merchants and other related sectors,” read the statement.

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