Sep 18 -
oil giant in joint venture with PARCO
Pak-Arab Refinery Ltd (PARCO) and TotalFinaElf,
(France) on Thursday signed an accord involving an investment of $20m
to be increased up to $100m in future.
Managing Director PARCO Dr Shahid K Hak and
president TOTAL, Patrick De La Cheuardice signed the accord on behalf
of their organizations.
TOTAL Raffinage, part of the largest French Oil
Conglomerate TotalFinaElf has decided to enter into a joint venture
with PARCO in the petroleum sector. It's entry will open a new chapter
offering consumers an option to obtain cost effective products of
international quality to be produced by PARCO's Mid Country Refinery.
The venture has chalked out a plan requiring an
initial investment of $20m and increasing it up to $100m in future
with TOTAL's share 60 % and PARCO's 40 %. The venture will be called
TOTAL-PARCO (Pakistan) Ltd.
Petroleum Minister Usman Aminuddin speaking on
occasion said Pakistan will provide attractive incentives to the
prospective investors to be announced in October/ December this year.
The French oil giant TotalFinaElf has signed an
agreement with the Pakistani company PARCO to develop jointly a
distribution network for petroleum products in Pakistan, the French
firm said in a press statement on Thursday.
The project calls for an initial investment of $20
million, the statement said. TotalFinaElf will hold 60 per cent of the
new firm, to be called Total Parco Pakistan Limited.
PARCO (Pakistan-Arab Refinery Ltd) is owned jointly
by the governments of Pakistan and Abu Dhabi. It holds Pakistan's
largest and newest oil refinery, at Multan, which has a capacity of
100,000 barrels a day.
Iran sign 5-point agreement
Pakistan and Iran signed a five-point agreement on
Wednesday, where, among others, the two countries agreed to combat
drug trafficking and illegal crossing of the common border, setting up
of border markets, and work further towards the Iranian gas pipeline
The agreement was signed by Deputy Interior
Minister for Political and Social Affairs of the Islamic Republic of
Iran, Syed Mustafa Tajzadeh, and Secretary of the Ministry of
Interior, Hassan Raza Pasha.
Among the points which were discussed and agreed
(a) measures on common borders to combat drug
trafficking, regular border meetings and simultaneous patrolling,
strict measures against illegal cross-border movement, Pakistan-Iran
common border markets. (b) stolen crown jewels, vehicles, fishing
boats, violation of border regulations and travelling of vehicles, (c)
arrest/extradition of wanted persons, Iranian gas pipeline and
fisheries, progress of court cases, (d) Human smuggling and (e)
smuggling of POL to Pakistan.
policy next month
The government will announce 'leather policy' next
month to give an impetus to leather exports, on decline for the last
The policy will provide a broader framework to
bring about improvement in its chain of processing and remove
irritants at the export stages, official sources said on Thursday.
The study currently being undertaken is also
assessing the "financial back-up" that is needed to achieve
desired goals in this important sector of the economy.
The exports of leather and leather manufactures
have witnessed a drop in the last five years, causing considerable
loss to this industry that employ over 250,000 workers.
Its share in total exports has declined from 8.0 %
in 1994- 95 to 6.9% in 1998-99.
to give $4.7m for poll process
United Nations Development Programme, the Election
Commission and Economic Affairs Division have signed on Wednesday a
$4.7 million project for "supporting democratic electoral process
in Pakistan," said a UN press release.
Secretary EC Tawfiq Fehmi, secretary economic
affairs division Nawid Ahsan and United Nations resident coordinator
and UNDP resident representative Onder Yucer singed the agreement on
behalf of their respective organizations at a ceremony held at the
office of election commission, it said.
Through another agreement, the government of Norway
to provide Norwegian Kroner 10.945 million as cost-sharing
contribution from the Norwegian Agency for Development Corporation.
starts audit of fresh FCAs
The State Bank has started a random audit of fresh
foreign currency accounts of local and multinational companies. The
purpose is simple. The State Bank wants to see how many of them are
still holding in the accounts the huge amounts of dollars they had
purchased from the open market in the recent past.
On August 21 SBP had warned local and multinational
companies to refrain from buying dollars from the open market and
ordered them to sell back into the domestic within 15 days the amounts
of dollars so purchased.
to fix capital
President Rafiq Tarar on Tuesday further amended
the Banking Companies Ordinance, 1962 which empowers the State Bank of
Pakistan to determine the requirement of a minimum paid-up capital for
According to the new amendment, no banking company
shall commence business unless the aggregate of its capital and
unencumbered general reserves is of such minimum value within sub
period as may be determined and notified by the central bank from time
to time for banking companies in general or for a banking company in
met 15 World Leaders
The chief executive, Gen Pervez Musharraf, had met
15 world leaders on the sidelines of the recently-concluded UN
Millennium Summit in New York.
The CE had met the presidents of Italy, Turkey, Algeria, Russia,
Senegal, Iran, Sudan, China, and Comoros; King of Jordan, Amir of
Qatar, Crown Prince of Saudi Arabia, prime ministers of Nepal and
Bhutan, and the UN secretary-general, according to the foreign