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
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
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
" 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
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
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
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."