OGDCL
produces record 50,172 bpd:
The state-run Oil and
Gas Development Company Ltd (OGDCL) on Wednesday hit a record production level
of 50,172 barrels per day (bpd) of oil, securing 57 per cent share in the
country’s total production of about 88,000 bpd . “The crossing of 50,000 bpd
psychological barrier is a historic moment. It has been our long-standing
aspiration for decades,” said Zahid Mir, the chief executive officer of the
company at a news conference. Pakistan meets around 12pc of its oil requirement
from indigenous resources. On top of that, the company is all set to inject
about 4,000 barrels of additional oil per day, 100 million cubic feet per day
(mmcfd) of gas and 400 tonnes of liquefied petroleum gas, starting with fewer
quantities in the first week of December and then gradually going up. This
addition would come from Kunar Pasakhi Deep field in Sindh which had been held
up due to disputes and court cases. He said the OGDCL’s production has hovered
between 35,000-45,000 bpd. Last year, it produced about 41,000 bpd. He said the
company had taken in hand an aggressive exploration and development program in
the last few years to take advantage of a slowdown in drilling activities in
the Middle East and around the world.
Oil
refinery to be set up in place of Gadani coal power project:
The federal
government has decided to establish a new oil refinery on the land allotted for
the 6,600-megawatt coal-based Gadani Power Park Project. According to Prime
Minister’s Office directives available with Dawn, the premier has directed that
the land earlier earmarked for the power project be allotted to Pakistan Arab
Refinery Company (Parco) for building up the Khalifa Coastal Refinery (KCR).
According to sources quoting an official letter issued by the Ministry of
Petroleum and Natural Resources, Prime Minister Nawaz Sharif has observed that
the allocation of land to Pakistan Power Park Management Company Ltd (PPPMCL)
for the Gadani project is no longer required as it has been abandoned.
Monetary
policy on 26th:
The State Bank of
Pakistan (SBP) said on Wednesday the bi-monthly monetary policy will be
announced on Nov 26. With rising government borrowing from the central bank and
a widening fiscal deficit, independent economists, analysts and other
stakeholders will be keenly watching the monetary policy stance. Analysts
expect a slight increase in the key interest rate, currently at 5.75 per cent,
in view of the Consumer Price Index, which has been rising on a month-on-month
basis.
Govt
incentives boost Islamic banks:
Pakistan’s Islamic
banks are introducing new products and adjusting policies to take advantage of
government incentives designed to boost growth in the industry.
Shariah-compliant banks in the country, the world’s second most populous Muslim
nation, held 11.4 per cent of total banking assets in June, barely changed from
a year ago. That is well below levels of around 25pc seen in Gulf Arab states.
To help change this, the government introduced a 2pc tax rebate for
Shariah-compliant manufacturing firms in July to encourage them to eliminate
interest-bearing debt from their balance sheets. The central bank has exempted
Islamic banks from using interest-based benchmarks for some financing products.
Pakistan-America
conference to be held next year:
The Pakistan, America
Business Opportunities Conference will be organised early next year. This was
agreed in a meeting between Sindh Board of Investment (SBI) Chairperson Naheed
Memon and officials of the Consulate of United States in Karachi, said a
statement Wednesday. Over 30 companies are expected to attend the Pakistan
American Business Opportunities Conference. The companies working in the
sectors include information technology, energy infrastructure, agriculture,
food, textile, garments and finance, which are expected to participate in the
event.
IFC
likely to inject $500m into Pakistan Development Fund:
The International
Finance Corporation of the World Bank Group may inject $500 million in Pakistan
Development Fund Limited (PDFL) – a company set up with a generous Saudi
contribution of $1.5 billion – as the government has offered it 20% equity
stake. The government has decided to keep control of the company in its hands
and therefore, offered only 20% equity stake to the International Finance
Corporation (IFC) of the World Bank Group, said sources in the Ministry of
Finance.
Chinese
and Iranian companies interested in leasing PSM:
Chinese and Iranian
state-owned companies are interested in taking over loss-making Pakistan Steel
Mills (PSM) as part of a long-term lease deal, Privatisation Commission
Chairman Mohammad Zubair said on Wednesday. Built by the Soviet Union in 1970s,
state-owned PSM has become a huge drain on government resources and shuttered
steel production in 2015. PSM has accumulated losses worth 163 billion rupees
($1.56 billion) and other outstanding debts. The government had hoped to sell
PSM but has struggled to find buyers and faced opposition to the sale from the
Sindh government, as well as a powerful union which represents many of the 14,000
PSM workers.
Rail,
energy and infrastructure: China to make extra $8.5 billion investments
Pakistan has secured
an additional $8.5 billion of investment from Beijing as part of the countries'
joint energy, transport and infrastructure plan, Planning Minister Ahsan Iqbal
said on Wednesday. That is on top of the $46-billion China-Pakistan Economic
Corridor (CPEC) project, which focuses on road building and energy
infrastructure to end chronic power shortages in Pakistan and to link China's
landlocked north-west with the deep-water port Gwadar on the Arabian Sea. Some
$4.5 billion of the additional investment will be spent on upgrading tracks and
signalling on Pakistan's main railway line from Karachi to Peshawar and
increase the speed on the line to 160 km per hour from the current 60-80 kph,
Iqbal told Reuters in an interview. Another $4 billion will go towards an LNG
terminal and transmission line, he added."This has now all been approved,
so this is an additional $8.5 billion to the $46 billion we had already, so we
are now close to $55 billion," Iqbal said.
Government
set to review telecom licensing framework:
The government is all
set to review the telecommunication licensing framework aimed at enhancing and
optimising the licensing regime to cater for emerging technological and market
trends, it is learnt. Officials said that any new licensing regime will be
based on international best practices. It will enable new services to be
readily provided while meeting service specific requirements (including but not
limited to quality of service, customer protection, content acceptability and
national security) as they are defined. The licensing regime will continue
rights and obligations associated with scarce resources and any obligations on
network roll-out.
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