SSGC-UTP gas purchase
The government has approved a gas purchase agreement between Sui
Southern Gas Company (SSGC) and Union Texas Pakistan (UTP) based on international fuel oil
According to the offer made by UTP, the price of gas will be based on
C&F price of HSFO as determined by Price Determining Authority on the last six months
average with seven per cent discount.
Fertilizer imports up by 53pc
Pakistan imported 1,606,055 tonnes fertilizer worth Rs.13.288 billion
during 1998-99 to supplement the domestic production, as compared to 1,049,491 tonnes
valuing Rs.9.079 billion during 1997-98, showing an increase of 53.03 percent quantum
wise, while 46.36 percent increase in term of rupee.
In terms of dollar, the import bill registered 27.23 percent increase.
Official sources said, the country is not self-sufficient in the
production of fertilizer and various types of fertilizer are being imported to supplement
the domestic production.
The target for fertilizer off-take during the 1998-99 had been set at
2,786,000 nutrient tonnes as compared to the actual off-take of 2659.3 thousand nutrient
tonnes during 1997-98.
Powdered milk imports seen rising
The price of powdered milk in international markets have touched a five
year low $ 1,100-1,500 per tonne. Consequently, traders anticipate that the milk imports
in Pakistan may record an increase of nearly 50 to 60 percent during the running financial
Corporates gauging investors' mood
Sajjad Textile Mills Limited of the Sargodha Group, proposes to raise
Rs 106.3 million, through the issue of right shares at 100 per cent (one-for-one).
The announcement was made by the company and marks the latest in a
series of calls for cash made by corporates to their shareholders.
Although no new company has entered the secondary market in about the
last two years, several companies are gauging the investors' mood through the right
Already on the proposed list of right issues of the KSE are three
insurance companies: United Insurance with an offer of 150 per cent; Orient Insurance 60
per cent and Heritage Insurance 21 per cent.
Amin Fabrics, a scrip priced at 55 per cent discount, on the
defaulters' (jute) counter of the KSE, has made an offer of a whopping 300 per cent in
right issue to its shareholders.
The latest share on right offer: Sajjad Textile Mills is also placed on
the defaulters' counter of the Exchange. It stands quoted at only Rs 1.15.
Wapda may sign power purchase accord with Matiltan Co
The Water and Power Development Authority (Wapda) is likely to sign
Power Purchase Agreement with Matiltan Hyder Power Company.
The Swat-based project would be the first private hydel project in
Northern Areas of the country with an investment of $ 130 million. Synergics Energy
Development of the USA is the sponsor of the project, which would be completed by July
Pakistani exports to US west coast up
Pakistan's exports to the US west coast, passing through Los Angeles,
have registered an appreciable increase over the last four years, touching $350 million
The items of export have been largely traditional like ready made
garments, leather goods, sports goods, surgical instruments, cotton yarn and fabrics,
textiles, handmade carpets etc.
But looking at the huge share of other countries in the vast US
consumers' market the private sector of Pakistan has been advised to closely review its
production facilities and capabilities in relation to the possibilities available in the
US markets alone.
It is a well-known fact that the people of the United States of America
constitute the largest single consumer market in the world. American markets have been the
target of both the developed and the developing countries.
$1bn rice export target to be achieved: Laleka
Federal Food and Agriculture Minister, Mian Abdul Sattar Laleka said
that Pakistan would achieve US $1 billion rice exports target during the year 1999-2000.
" The problem of mixing of inferior rice in the superior rice
consignments to other countries has been overcome," he said after witnessing the
demonstration of the locally fabricated first-ever paddy transplators at Rice Research
Institute (RRI), Kala Shah Kaku, some 18 kilometres off here.
Federal Parliamentary Secretary for Food and Agriculture, Chaudhary
Afzal Hussain Tarar, Chairman Pakistan Agricultural Research Council (PARC), Dr. Kausar
Abdullah Malik, Managing Director Heavy Mechanical Complex (HMC), M.A. Janjua and Director
RRI, Rao Muhammad Ghayyur were also present on the occasion.
He said that the rice exports for the year 1998-99 were likely to close
at the mark of US $ 800 million.
He said that Pakistan's super fine basmati had outbeaten the Indian
Tilda brand rice in many countries.
To a question on Basmati issue, he said that all was prepared to file a
suit in an American court against the registration of Basmati rice by a firm with the
United States' patent body as its own product.
" We will safeguard the national interests in every field of
life," Laleka vowed.
Regarding the successful fabrication of the paddy transplanter by Heavy
Mechanical Complex, Taxila for Farm Research Institute (FE) of Pakistan Agricultural
Research Council (PARC), the minister said that the introduction of this machine would
help increase the per acre yield of rice in the country.
The paddy has been sown in Pakistan this year over an area of 2.3
million hectares to reap a production of 5 million metric tonnes.