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Jan 17 - 23, 2000

  1. International
  2. Finance
  3. Industry
  4. Policy
  5. Trade
  6. Gulf

OMV Pakistan gets contract for Miano gas field

OMV (Pakistan) Exploration GmbH has been awarded contracts for the development of Miano gas field having a known gas reserves of 320 BCF, a press release said.

After the award of contracts including rig contract for development drilling, EPC contract and certain other contracts for the supply of equipment for processing of gas, OMV Exploration GmbH made the decision of the joint venture public here on Thursday.

The announcement follows the signature in November of a Gas Sales Agreement with Sui Southern Gas Company Limited and a Gas Pricing Agreement with the President of the Islamic Republic of Pakistan.

General Manager of OMV Pakistan Reinhart Samhber after the signing of the agreement said that his project team would implement the joint venture's decisions on the fastest possible track to bring the field on production in early 2001.

Five-year agriculture plan on anvil, says Jamote

Federal Food and Agriculture Minister, Shafqat Ali Jamote on Thursday said that a five-year plan for agriculture was being formulated to ensure the continuity of policies regarding the betterment of this vital sector.

" We have continuity of policies in the larger interest of national economy, especially for the betterment in agriculture sector," he told reporters after the extra-ordinary general body meeting of the Farmers Associates Pakistan (FAP) at Lahore Press Club (LPC) here.

To a question, he categorically said that there was no likelihood of any shortage of this commodity as government had ample wheat stocks.

" Inshallah, the arrival of new wheat crop from Sindh will start by end-March, followed by the wheat from Punjab in May," he said.

Referring to the recently sown wheat crop, he said that the country would be able to achieve the wheat production target of 20 million tonnes this year.

He said that the increase in the support prices of the wheat would not hike the prices of the wheat flour in any part of the country.

He said that efforts were also made to develop some marketing mechanism for the produce of various crops to keep the prices of these commodities stable even in glut-like situation.

" We are working on various options including that of establishing a Commodity Price Stabilization Fund," Jamote said.

He said that every stake holder of the agriculture sector would be evolved in the proposed fund.

Export Promotion Bureau (EPB) will have a separate section shortly to deal with the exports of the agricultural stuff, Jamote said.

Jamote said that the government was working to formulate some strategy to deal with the demand side of the agricultural produce as only supply side had been given importance in the past.

Consumption of cotton

Higher consumption of raw cotton by domestic industry this season (1999-2000) is likely to upset government estimates of having substantial quantity of exportable surplus, industry sources said.

The textile spinning industry on a monthly average of 700,000 bales last season consumed around 8.5 million bales whereas the current season monthly consumption has risen to 750,000 bales which is to push the total consumption to over 9.2 million bales for the entire season, sources said.

Discovery of oil, gas reserves

Oil and Gas Development Company Ltd (OGDC) have made an oil and gas discovery in Chanda Well-I drilled in Shakardarra Exploration Licence, near Kohat.

The government had granted an Exploration Licence to a consortium led by OGDC over Shakardarra area covering 943.43 sq kms, located in Mianwalai, Attock, Kohat, Karak districts and Waziristan Agency in Punjab and NWFP .

According to an OGDC press release issued in Islamabad, quoted by 'Progress' a monthly publication of Pakistan Petroleum Ltd. this is the first discovery made by any oil and gas company in NWFP, which will open up a new area for hydrocarbon exploration in the Indus Basin.

Chanda Well-I, located in district Kohat, was started on December 3 1998. The well was originally planned to TD of 4,500 metres in Chichali Formation of Cretaceous age.

900 companies acquire ISO-9000

The number of quality and environmental certification companies in Pakistan is nearing 1,000 mark, rising to 900 units in which 80 per cent of the ISO-9000 certificates have been awarded to export-oriented and small and medium sized units compared to six certificates of ISO-14000 to multinational companies (MNCs).

According to data compiled by Quest Technologies and Total Quality Management Experts Cell (TQMEC) of the FPCCI, Pakistani companies took at least six year to reach the 900 mark and the awareness among entrepreneurs is now picking up. The first company was certified in 1994. By April 1999 only 330 companies had got the certificate.

Privatization law to ensure sanctity of deals: Altaf

A comprehensive law on privatization is being drafted to secure sanctity of the transaction, besides ensuring that the sale proceeds are exclusively used for debt servicing.

"The law will be to ensure the sanctity of the transaction which has taken place as a result of a total transparent and due process," Chairman Privatization Commission (PC) Altaf Saleem said.

Moreover, the Chairman PC said, "We are also incorporating in the law the provision which ensures that the sale proceeds are only used for the debt-servicing.

The framing of law on privatization was also one of the main point taken during the meetings of the Cabinet and the National Security Council, he said. "It is the intention of the government to come up with such a law."

"What foreign investors want is a sanctity of the transaction," he said while adding, " the investors desire that once the deal is made, which has gone through all the scrutiny, it is not un-necessarily re-opened."