Thursday 5 January 2017

SUNRISE CAPITAL (PVT) LTD | 06 January 2017 | TAKE OFF

Cement production capacity projected to rise by 26m tons:
Encouraged by consistent domestic demand and government’s focus on a host of infrastructure projects, the cement industry has planned to increase its capacity by 26.25 million tons over the next two to three years to support a smooth growth of the national economy.Reviewing the six-month performance of the industry, All Pakistan Cement Manufacturers Association Chairman Sayeed Tariq Saigol said sales of the industry rose 8.6% and reached 19.81 million tons in the first half (July-December) of current fiscal year 2016-17. “The growth trend indicates that in the next two years the current production capacity of 46 million tons will be insufficient to meet domestic demand. The industry is making massive investments to add new capacities,”
Govt plans 10-paisa per unit surcharge to cover Neelum-Jhelum cost overruns:
The government is expected to impose 10-paisa per unit surcharge for all electricity consumers for at least 18 months to finance cost overruns of Rs 500 billion Neelum-Jhelum Hydropower Project and extend Rs3 per unit reduction in power tariff for industrial consumers for six months. The official said the 10-paisa per unit surcharge was originally imposed in 2007 when the Neelum-Jhelum project cost was approved at Rs130bn with a sunset clause of Dec 31, 2015. It was envisaged that half of the financing would be generated through this surcharge on every unit of electricity sold to consumers in eight years.
Tarbela-4 extension: Company suspends contract, may go to international court:
The contractor of Tarbela-4 extension project has issued a contract suspension notice to the Pakistan Water and Power Development Authority (Wapda) and has threatened to approach the international court following the government’s move to recover the incentive money paid under a work acceleration plan.The contractor said it would reclaim in the international court the disputed amount of $130 million, which had been settled earlier with the government.The government had committed to paying $50 million as an incentive to the contractor if it succeeded in completing the Tarbela hydroelectric power fourth extension project by June 2017.
PSO’s receivables mount to Rs219.4b:
Pakistan State Oil (PSO) has asked the government to release Rs30 billion immediately, to meet its payment obligation and avoid any untoward situation, as the company receivable to the power companies reaches to Rs219.4 billion.Besides, there is overdue receivable of Rs5 billion to the gas utility company Sui Northern Gas Pipeline Limited (SNGPL) by the PSO for the supply of Liquefied Natural Gas (LNG), official sources told The Nation here. Despite default of the power sector against payment commitment, PSO is continuously supplying furnace oil to the power sector and the overdue reciveable has reached to Rs219.4 billion, the source said. In a letter to the Ministry of petroleum and Natural Resources, PSO said, “During next few days PSO has to make international L/C payments worth Rs18 billion while Rs10 billion will become due towards local refineries. However, due to the huge outstanding receivables, PSO is under severe liquidity crunch and has utilised its borrowing line to the maximum.”
Traders express reservations over CPEC:
 The business community has urged the government to announce a ‘domestic business plan’ along the route of the China Pakistan Economic Corridor (CPEC) in consultation with the concerned industrial associations to take care of local industry so that domestic investor can reap maximum benefit of this mega project.Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA) Central Chairman Ijaz Khokhar suggested to set up a CPEC Business Committee or a CPEC Business Wing to update the local industry about the nature of China’s planned industrial units in the country, warning of its adverse effect on local industry and apprehending that such a scenario might turn Pakistan into a purely consumer market. He said that domestic industries are already at risk of being wiped out due to dumping of cheap Chinese products. “We appreciate the government efforts for CPEC which has opened opportunities for industrial cooperation between the two friendly countries. However, it is our opinion that CPEC committee or CPEC Business Wing should be established to safeguard the existing local industry as well as international investors.”
Foreign reserves decline by $30m:
The total liquid foreign reserves held by the country stood at $23,163.6 million on December 30, 2016. According to weekly break-up of the foreign reserves position released on Thursday showed that foreign reserves held by the State Bank of Pakistan (SBP) stood at $18,268.9m, net foreign reserves held by commercial banks are $4,894.7m thus total liquid foreign reserves reached at $23,163.6m. During the week ending December 30, 2016 SBP’s reserves decreased by $30m to $18,269m due to external debt servicing.

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