Oct 09 -
Gas sale accord next week
Another gas sales purchase accord (GSPA) is likely to be
signed when the President of OMV, an oil and gas exploration company operating
in Pakistan, arrives next week.
The accord for the sale of gas from Sawan oil field in Sukkar
will be the fifth GSPA with foreign oil exploration companies. An accord with
LASMO for the development of Bhit field is also expected.
OMV was negotiating an accord with the government and SSGC
for the development of Sawan field. Gerhard Roiss, President Exploration and
Production of OMV, and Helmut Langanger senior vice president, exploration &
production will arrive in Pakistan on 8th of this month.
The government and oil and gas companies had different views
on the sales of gas. The companies first disputed the package for the sales of
gas. However, with the passage of time out of six companies which discovered gas
in Pakistan, four have already signed the agreements and fifth has been lined
The GSPA signed by the government so far are, Miano GSPA with
OMV led joint venture; Zamzama GSPA with BHP led joint venture; Badin-III GSPA
with UTP led joint venture and Block 22 joint venture; Badin-III with UTP-led
joint venture and Block 22 GSPA with PPL led joint venture.
OMV Pakistan, a subsidiary of OMV, an Austrian company. The
group entered in oil and gas exploration activities in Pakistan in '90 and has
invested more than $200m in this country.
At present OMV is operating three Exploration Licences and
two Development and Production Leases. The Miano gas field discovered in '93
near Sukkur plans production by mid next year.
The OMV delegation will hold meetings with senior officials
of ministry of petroleum and natural resources and other exploration &
production companies operating in Pakistan.
1,500 bulldozers offered under barter
A Russian firm has offered to provide 1,500 bulldozers under
barter exchange to Pakistan on very competitive prices, officials of the
agriculture ministry told.
The firm has expressed desire to import food items from
Pakistan against the price of bulldozers.
The firm, Traktoroexport said, bulldozers can be delivered
over a period of three years or according to agriculture ministry's procurement
schedule at $27,000 per piece for 100 HP and $66,550 per piece for 180 HP
bulldozer. In case of cash, the firm has offered to sell them at $24,800 and
$60,500 per piece. In case, Pakistan pays 30% cash and 70% under barter, the
firm will sell these bulldozers at $ 31,000 and $ 75,625 per piece respectively.
ECGS to be operational by year-end
The Export Credit Guarantee Scheme (ECGS) being drawn up by
the federal government is likely to become operational by the end of this year.
The scheme is being put in place to facilitate the export-
oriented small and medium enterprises (SMEs), especially the information
technology (IT) firms, facing difficulties in obtaining credit from the banks
because of lack of collateral.
Once the scheme becomes operational, the SMEs will be able to
secure credit from the banks and finance institutions against guarantees
provided by the ECGS.
The scheme will have an equity of $10 million expected to be
contributed by the Asian Development Bank (ADB), the International Finance
Corporation (IFC) and commercial banks.
Indonesian envoy to Pakistan Jack Said Gaffar said Wednesday
Indonesia intends to establish warehouses in Rawlpindi and Karachi using
Pakistan for her entry to Central Asian States.
Tariff row between Chinese firm, WAPDA
A dispute has cropped up between a Chinese firm, engaged in
the construction of Ghazi Barotha Hydel Power Project, and Wapda over power
tariff, a government official told.
Brig Mohammed Zareen, the general manager of Ghazi Barotha
project, said that the Dongfong Electric Corporation of China had taken the
issue to the dispute review board. The board, set up under the provision of the
contract to settle disputes, comprises a representative each from Wapda and the
Chinese contractor as well as a member of the International Chamber of Commerce
Rafhan BestóLever Brothers
A copy of a joint press release issued to the three stock
exchanges, by Lever Brothers Pakistan and Rafhan Best Foods Limited on Tuesday,
confirmed that the agreement for merger of Bestfoods with Unilever had been
approved by the shareholders of both companies on October 2, after clearance
from the regulatory authorities in US and EU.
Refineries asked to cut crude oil throughput
The government has asked the local refineries to cut crude
oil throughput from October because of surplus motor gasoline production as a
result of commissioning of PARCO refinery near Multan from last month.
"We have started curtailing the throughput from
Monday", an official in one of the local refineries told on Monday. The
other refineries will follow the suit in a day or two.
With a view to ensure export facilitation by quick clearance
of the export consignments and speedy disposal of duty drawback claims, the
Collectorate of Customs (exports) has initiated a 'skill development programme'
to enhance the level of efficiency of its staff and officers.
The programme includes lectures by prominent exporters on
various aspect of manufacture, value addition and quality control of numerous
Single-Grade Petrol (87 Octane) is being introduced
throughout the country from Sunday which will give more mileage to consumers at
The ministry of petroleum and natural resources had long been
considering to improve the specifications of the petroleum products with the
objectives of reducing environmental pollution, optimizing petroleum logistics
and infrastructure and increasing fuel efficiency and benefits to consumers.