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Oct 25, 1999

  1. International
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Listed cos to reveal detailed information

Security Exchange Commission of Pakistan will shortly issue a general order asking listed companies to provide more detailed information in their six monthly account reports as is the practice under the International Accounting Standards.

SECP sources told that the commission has decided to notify IAS-34 which pertains to interim reporting and the listing companies will have to prepare more detailed half-yearly accounts submitting notes on important items.

Previously, an exercise was carried out by SECP which revealed that listed companies prepare and circulate their half-yearly accounts without fulfilling the requirements of this exercise. Half yearly results were shown in the accounts which were not reconciled with the results shown in the financial statement issued at the year-end.

Gas, oil exploration licences for Totalfina

Pakistan granted two oil and gas offshore exploration licences to Totalfina, a French company.

Petroleum Exploration Licenses awarded for Indus Offshore-G Block No. 2265-1 and Indus

Offshore H-Block No. 2165-1 to the joint venture of TOTALFINA of France and the Government Holdings.

According to agreement signed, here Friday, TOTALFINA is the Operator of the Blocks. Simultaneously the parties have also executed a Petroleum Concession Agreements for these Blocks.

Blocks 2265-1 and 2165-1 are located about 200 kilometers south of Karachi. Indus G covers an area of 7500 sq Kms at depths ranging from 1700 to 2700 meters.

Indus-H covers an area of 7300 sq.Kms at depths of 2500 to 3000 meters.

The award of the blocks are for initial three year period with option for renewals.

200 silk mills shut

With the closure of another two hundred silk mills about ten thousand people have been rendered jobless in the entire Malakand division and they have been facing many socio-economic problems. Besides the paid employees of these mills, hundreds of others have also lost their sources of income who depended on these industries directly or indirectly.

Silk industry was an important source of income for the people across the Malakand division, particularly for the people of the Swat district. The people started investment in this field in the former Swat state's era in the late fifties.

The investors installed thousands of mills in this tax-free zone, which also helped in the provision of jobs to over one lakh people. Another cause of the rapid industrialization of the areas was the free Afghan transit trade.

OGDCL spuds Jiwanwala-1 exploratory well

Oil and Gas Development Company Limited (OGDCL) spudded Jiwanwala-1 exploratory well on October 14, 1999 according to an official handout.

The well lies about 65km in southeast of Rahimyar Khan Town. The main target is Chiltan Limestone of Jurassic age and the secondary objectives are sands of Sembar and Goru formations of the Cretaceous age.

Prognosed total depth of the well is 1800 meters. This fourth exploratory well spudded during the current financial year. Earlier Sadqal Deep-1. Charrat North and Miranabad-1 were spudded during the current financial year.

OGDCL plans to drill nine exploratory wells during the current financial year. Presently six exploratory wells i.e. Sadqal Deep-1 Chanda-1, Charrat North, Miranabad-1, Burzi-1 and Jiwanwala-1 are being drilled and rig building on 7th location is in hand.

SMEDA to go ahead with marble, granite development plan

NWFP's Small and Medium Enterprise Development Authority (SMEDA) is set to go ahead with its multi-million rupee marble and granite sector development plan to be announced after its formal approval by the concerned quarters, local officials told.

'SMEDA's working have not been brought at a halt in the backdrop of the change of government nor there isn't any message conveyed by the new administration showing unwillingness to continue the Authority,' added the sources.

SMEDA's regional chief, Sultan Tiwana, when contacted, said the regional office was giving final touches to the marble and granite sector development plan which would soon be launched.

'We want to give the plan some final touches to it before it is launched in the near future,' said Tiwana.

The Rs 1217m plan envisages to raise marble and granite exports from $4 m level to $ 40 m in a span of three years and it has been designed in a manner that it would jointly be financed by the private sector, government, banks and donor agencies.

Major finances would be provided by the banking sector whose total contribution for the sector would be at Rs 538 m followed by the second major contribution by the private sector at around Rs 498 m.

Whereas government's share in resource mobilisation has been fixed at Rs 178 m, Rs 3 m would be raised from donor agencies to be primarily meant for institutional development.

UNIDO had made commitments with SMEDA in this regard, said the sources.

The development package, said the sources, has envisaged to raise Rs 175m and Rs 70 m out of the total contribution to be made by the government and banks, to finance duty-free import of machinery and funds for meeting export marketing cost etc.

Onion crop

Ministry of Food and Agriculture has fixed a target of 1.8 million tons for onion crop 1999-2000.

According to official sources, the production of 1998-99 onion crop was 1.13 million from the four provinces.

Cotton crop

Cotton crop during the current season is estimated to touch the high mark of 10.5 to 11 million bales owing to a number of positive factors including the friendly weather conditions and below injury level pest attack in the major growing areas.

Hydrocarbon sector

A joint venture gas exploration company Premier and Shell Pakistan B.V. said that it will continue its support and commitment to the hydrocarbon sector in Pakistan, company sources said.

A spokesman of Premier and Shell Pakistan B.V. (PSP) said that this assurance was given by company's general manager Peter Cockcroft to Federal Secretary Petroleum and Natural Resources.

He said PSP is the most active foreign exploration and production company operating in Pakistan with an investment of $215 million.