Apr 30 -
May 06, 2001
Pakistan to seek investment in oil and gas sector
Pakistan is arranging two high-profile conferences in London
and Houston (US) in June to seek investment in oil and gas sector, official
sources told on Thursday.
The government is expected to announce its new energy policy
and incentive-oriented onshore petroleum policy at these two events to attract
Official sources said that a new petroleum policy was being
prepared in the light of incentives provided by emerging petroleum markets in
the region like Bangladesh, India and Iran to compete with those countries.
The first two-day conference on "Pakistan's Oil and Gas
Sector: Emerging Investment Opportunities" will be held in London on June
20 and 21, followed by another similar event on June 28 and 29 in Houston. This
is part of Pakistan's four-pronged strategy for attracting foreign investment
and for economic growth in the areas of oil and gas, information technology and
According to the chairman of Board of Investment (BOI), Wasim
Haqqie, Pakistan has so far secured investment commitments worth $1.7 billion
during the current fiscal year.
In the oil and gas sector, Pakistan plans to attract foreign
investors through privatisation of state-owned enterprises, besides fresh
investment in the upstream and downstream petroleum activities.
A number of multinationals and financial institutions from
the UK, US, Canada, Russia and Mexico, including heads of Lasmo Oil, Gazprom,
Gaffney Cline Associates, Wood Mackenzie, British Petroleum, Merill Lynch,
Orient Petroleum Inc, Chase Infrastructure, Citibank, OMV of Austria, Occidental
Oil and Gas Corporation, Ocean Energy, Occidental Energy, ABN Amro and Marathon
Oil, besides a some other multinational petroleum companies are expected to
participate in the conferences.
Chief Executive calls for stronger defence ties
Chief Executive Gen Pervez Musharraf said on Thursday that
Islamabad wanted stronger ties with Iran in all fields and said there was good
scope for increasing military co-operation between the two countries.
The chief executive was talking to Dr Hassan Rouhani,
Secretary of Iran's Supreme National Security Council and National Security
Adviser to the President, who called on him on Thursday.
The chief executive also underscored the need for greater
economic co-operation between Pakistan and Iran and observed that the volume of
trade between the two countries was far below its potential and needed to be
substantially increased, says an official statement.
Referring to the traditionally close relations that have
existed between Pakistan and Iran, the chief executive told Dr Rouhani that
Pakistan sincerely desired to further strengthen these ties with Iran in all
Gas supply agreement
The Water and Power Development Authority (WAPDA) has asked
the petroleum ministry to extend gas supply agreement of $380 million Liberty
Power Project from 15 years to 25 years.
WAPDA sources told that there was a serious inconsistency
between the two agreements signed by Malaysian Liberty Power Project (LPP) with
WAPDA and Sui Northern Gas Pipelines Limited (SNGPL). Situated at Dharki, in
Ghotki district of Sindh, the 235mw LPP is required under the power purchase
agreement to supply electricity to WAPDA for 25 years. The implementation
agreement signed by the federal government with the company also supplemented
Install power generators
Frequent power breakdowns in city have forced a large number
of industrial units to make arrangements for their own electricity generation
system, instead of depending on Karachi Electric Supply Corporation (KESC).
According to industrialists, despite a phenomenal hike in
generators' prices almost all the export-oriented units in city's main
industrial areas have installed power generating units completely, to avoid
production losses and meet export commitments on time.
Rice team for Manila to explore markets
A six-member rice delegation led by the Chairman Trading
Corporation of Pakistan (TCP), Syed Masood Alam Rizvi is leaving on Wednesday
for Manila on an official visit.
Single day visit is taking place on the invitation of
National Food Authority (NFA), Philippines and is arranged by the Pakistani
envoy to Manila.
During their stay, the team will explore and look into
prospects of entering Philippines rice market, which hitherto remained out of
reach for Pakistan.
Punjab Governor, Lt-Gen (rtd) Muhammad Safdar Tuesday said
that the government was planning to establish an International Expo Centre in
Lahore to display Pakistani products.
"We are co-ordinating with the ministry of commerce and
industry in this regard," he said while speaking at the inaugural ceremony
of the two-day Exhibit USA-2001 at a local hotel.
The first international convention of the Memon Community
will be held in Dubai on April 28 and 29 to discuss the future of the community.
The two-day event, entitled Memon International Convention
2001, at Hotel Le Meridien near Dubai International Airport, will be attended by
around 200 delegates mainly from Pakistan, India, Bangladesh, Sri Lanka,
Southern Africa, the United Kingdom, the United States, Singapore, Hong Kong,
Japan, and the UAE.
PC puts PTCL on auction block
Privatization Commission on Saturday launched the process of
selling 26 per cent management stakes of Pakistan Telecommunication Company
Limited (PTCL) to strategic investor.
Expression of interests (EoIs) from prospective buyers will
be invited through advertisements in local and international media, within next
few days. The last date for submitting EoIs is June 30, 2001, Secretary
Privatization Commission Zafar Ali Khan told a press conference on Saturday.
Chairman PTCL Akhter Bajwa was also present.