Shanghai Electric
agrees to share business plan with GoP:
M/s
Shanghai Electric Power (SEP), the new intended buyer of 66.4 per cent shares
of Karachi Electric (KE) has agreed to share its top secret business plan with
the government of Pakistan directly instead of through Abraaj Group of Dubai,
well-informed sources told Business Recorder.The sources said a meeting has
been convened on December 6 (Tuesday) in the Ministry of Water and Power on the
request of M/s Shanghai Electric, which would table its ten years investment
and business plan.M/s SEP would acquire 66.4 per cent stake in K-Electric for
$1.77 billion and the authorities hope that the company would immediately
invest $1.7 billion to upgrade the distribution and transmission
system.According to sources, the Chinese company has set a condition that GoP would
not divest its 24 per cent shares but this condition would not be acceptable to
Islamabad.
PPIB extends
deadline for power plant bids:
The
Private Power and Infrastructure Board (PPIB) has extended the deadline for the
submission of bids for the launch of
1,200MW power plant based on imported re-gasified liquefied natural gas (RLNG)
for 15 days.In a high level meeting of the Ministry of Water And Power and
PPIB, it was decided that the earlier deadline of December 5, set by the PPIB
for receiving of bids for the 1,200MW power plant will be extended till
December 20. The decision was taken for the facilitating of investors, as the
government want to face no hurdles or delays during the processing of the
projects.The decision to offer the project for bidding was taken by the
government to complete the project as soon as possible and it could start
single-cycle generation by March 2018. As per the plan, 1200MW electricity will
be added to the national grid by the year 2018, which will help in eliminating load
shedding.
Traders urged to
explore opportunities in Syria:
Federation
of Pakistan Chambers of Commerce and Industry (FPCCI) President Abdul Rauf Alam
has asked the business community to explore trade and investment opportunities
in Syria.While talking to Syrian Ambassador to Pakistan Radwan Loutfi at FPCCI
Capital House, he said that there is lot of scope for Pakistani textiles, rice,
pharmaceuticals, sports goods and agricultural products in Syria.He said that
Syria is a potential market for Pakistani products and the improvement in the
overall security situation will result in opening many opportunities for
Pakistani business community which will include massive reconstruction
activities. “Trade with Syria might be a little risky right now but higher risks
means higher profitability and our business community will surely benefit from
the situation after peace is restored”, he added.
Rebounding oil
prices spell bad news:
The
golden era for oil importing economies like Pakistan comes to an end as crude
exporting countries agree for the first time since 2008 to cut oil supplies.The
move has served the purpose of the Organisation of Petroleum Exporting
Countries (Opec) – dominated by Saudi Arabia – and Russia (a non-Opec member),
as price of the benchmark crude oil, Brent, has risen by 10% in two days to a
14-month high above $54 a barrel.
Govt stumbles in
fifth attempt to privatise HEC:
The
Ministry of Industries has technically blocked the privatisation process of
Heavy Electrical Complex (HEC), frustrating the government’s fifth attempt to
sell the enterprise.Representatives of the Ministry of Industries, State
Engineering Corporation and HEC joined hands to technically knock out the two
investment houses that had applied for becoming financial advisers for the
company’s privatisation, according to documents and discussions with the people
involved in the process.
Furnace oil sales
fall after closure of mega power plants:
Fuel
oil sales dropped drastically in November after the government switched off a
number of mega oil-fired power plants, decrease in use of home-based power
generators and a slight increase in compressed natural gas (CNG) supply.Sales
of furnace oil declined 34% to 565,000 tons in November from 856,000 tons in
the previous month. Similarly, sales of petrol (mogas) fell 6% to 534,000 tons
in November from 571,000 tons in October.
FBR blames govt
for Rs117 billion revenue shortfall:
The
Federal Board of Revenue (FBR) on Saturday blamed the government’s tax policies
for a whopping Rs117-billion shortfall in revenue collection. However, Finance
Minister Ishaq Dar did not agree on a downward revision in the annual
collection target, at least for now.The minister called the FBR’s top hierarchy
in his office to review its progress after revenues plunged from July to
November of the current fiscal year 2016-17. Against the target of Rs1.201
trillion, the authorities collected Rs1.084 trillion, according to the final
collection figures.
Gas price
reduction revives hopes of fertiliser exports:
Pakistan’s
fertiliser sector, which has been facing tough times throughout the year, has
just been provided a respite by the government.The recent gas price reduction
has rekindled the interest of domestic fertiliser-makers in export options,
especially with rising international urea prices.
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