OGDCL’s
LPG plant to begin processing by June 2017
he
Pakistan’s biggest liquefied petroleum gas (LPG) processing plant is all set to
begin operation from the next June, an official said on Monday. The plant
with a processing capacity of 98 million cubic feet/day is located at the
Nashpa field of the Oil and Gas Development Company Limited (OGDCL) in Khyber
Pakhtunkhwa. In 2015, OGDCL awarded Chinese firm HBP the contract to
install, construct and commission LPG processing and recovery. “The Nashpa and
Mela gas fields are located in Karak district of Khyber Pakhtunkhwa and the
objective of the project is to construct a gas processing facility at Nashpa to
process raw gas of the locality and separator gas from the Mela field,” the
official said. “The project covers wellhead facilities, gas gathering system
(excluding flow lines) and gas processing plant.
Ecnec
approves Rs187bn development projects:
The
Executive Committee of the National Economic Council (Ecnec) on Monday approved
eight development projects, most of them in the power sector, worth about Rs187
billion. Presided over by Finance Minister Ishaq Dar, the meeting also approved
a Rs16.415bn transmission line project for a 1,320-megawatt power project at
Hub whose capacity has already been reduced by half by the Private Power and
Infrastructure Board (PPIB). An official announcement said that Ecnec, the
country’s highest project approval authority, okayed a project to evacuate
power from the imported coal-based power plant at Hub with a total cost of
Rs16.415bn, including foreign exchange component (FEC) of Rs7.876bn. The
finance minister, however, directed that the power evacuation project should be
started after achieving financial close of the power plant.
Domestic
demand: Cement sales shoot up 15.88% in October
Sales
of cement in the domestic market accelerated 15.88% in October 2016 after a
modest growth of only 2% in September. Exports, however, declined by 1.96% as
opposed to a robust growth of 11.79% in September. According to data released
by the All Pakistan Cement Manufacturers Association (APCMA), in the first four
months of the current financial year, the cement industry posted a growth of
11.26% in local sales compared to the same period of previous year. Exports
recorded a growth of 1.73% in July-October 2016 compared with the same period of
last year. Overall sales during the first four months recorded a 9.57% growth.
The APCMA spokesman said domestic sales in October 2016 were 3.008 million
tons, up 15.88% from the previous month, while exports stood at 0.518 million
tons, reflecting a negative growth of 1.96%.
Panama
Papers: parties asked to substantiate claims without further ado
Granting
last chance to all parties in Panama Leaks case to produce documents in support
of their claims, Supreme Court on Monday ruled that it will take decision in
appointing commission after examining all documents on November 15. A
five-member larger bench led by Chief Justice Anwar Zaheer Jamali resumed the
hearing of four pleas including Pakistan Tehreek-e-Insaf (PTI), seeking Prime
Minster Nawaz Sharif and family members' disqualification for their alleged
involvement in Panama Papers' controversy.
Power
sector: secretary explains non-cash adjustment of circular debt
on-cash
adjustment of Rs 138 billion circular debt refers to settlement of energy
sub-sectoral dues to each other, Secretary Finance Dr Waqar Masood clarified.
Talking to Business Recorder, Dr Masood said that part of the outstanding dues
to WAPDA by government ministries/departments were settled through non-cash
adjustments. Another official, requested anonymity, revealed that loans
procured by the federal government from external sources for Wapda that have
yet to be cleared by Wapda though they have been cleared by the government,
have also been adjusted to the tune of Rs 90 billion; while similar loans by
NTDC/GENCOs to the tune of Rs 25 billion to the government have also been
adjusted. Ministry of Water and Power shared details of circular debt
settlement with Senate Standing Committee on Finance and maintained that while
settling pending circular debt a Rs 138 billion non-cash adjustment was also
made.
Export
proceeds: SBP gets $58 million repatriated through judicial proceedings
The
State Bank of Pakistan (SBP) got repatriated some $58 million of the pending
export proceeds into the country through judicial proceedings during last
fiscal year (FY16). The non-receipt of export proceeds for considerably long
period of time has been a challenge for SBP-Banking Services Corporation
(SBP-BSC), therefore SBP is continuously making efforts to getting the pending
export proceeds repatriated into the country. A special dedicated department,
ie, Foreign Exchange Adjudication Department exists in the BSC to adjudicate
cases of non-receipts of export proceeds by exporters. This department has the
mandate to levy fines and penalties on the exporters, who failed to bring the
export proceeds within the timelines given by the department.
Gas
utilities to invest Rs71 billion
Sui
Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company (SSGC) are
improving their transmission networks to maintain gas pressure, especially for
tail-enders in the winter season. “Gas companies will spend around Rs71 billion
on upgrading their transmission networks to meet future needs of the country
and address consumer complaints regarding low gas pressure,” an official told
APP. According to officials, the reinforcement of the transmission system is a
necessity, keeping in view the injection of additional volume of re-gasified
liquefied natural gas into the transmission system, ongoing liquefied petroleum
gas air-mix projects, planned Iran-Pakistan and
Turkmenistan-Afghanistan-Pakistan-India gas pipeline projects. The gas
companies have planned to invest Rs13.896 billion in transmission projects,
Rs32.739 billion in distribution projects and Rs24.408 billion in other
schemes, making a total investment of Rs71.043 billion during the current
fiscal year. Discussing last year’s performance of the two companies, the
officials said SNGPL and SSGC built 116km gas transmission, 1,848km
distribution and 679km service pipelines as well as connected 203 villages and
towns to the gas supply network. During the period, the utility companies
invested Rs9.959 billion in transmission projects, Rs8.705 billion in
distribution projects and Rs13.705 billion in other projects with total
investment at Rs31.919 billion.
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