April 08 - 14, 2002
TOTALFINAELF INTERESTED IN BUYING OGDCL
A prominent French company has shown interest to
purchase Oil and Gas Development Company Limited (OGDCL). A delegation
of TotalFinaElf, France, led by Senior Vice President Far East Michael
Seguin expressed his company interest in the OGDCL, during a meeting
with Minister for Privatization Altaf M. Saleem on Tuesday.
The minister while appreciating French company's
interest said that the government has provided a level playing field
to the parties participating in the privatization process and was
ensuring all possible transparency.
He also apprised them about various steps taken by
the government to improve investment climate in the country. He
assured the delegation of the government's resolve to revive the
economy and establish a culture of transparency.
The minister said that regulatory regime had
already been established for the Telecom, Power and Oil & Gas
industry, which had given boost to the privatization activity in
Pakistan. He informed the delegation that most of the targeted
privatization plan has attracted the potential local and foreign
business groups from all over the world, which was a significant and
The leader of the delegation Michel Seguin informed
the minister that TotalFinaElf being oil & gas exploration and
production company was already operating in Pakistan and had been
awarded two offshore petroleum concession agreements. He further
stated that the company intended to expand its operations in Pakistan
and to bring in fresh investments in the petroleum sector.
Meanwhile, the visiting US business delegation led
by State Senator Billy A. Mickle also met Major General Parvez Akmal,
Managing Director OGDCL on Tuesday and was given a detailed briefing
on various aspects of the company's operations and its standing in the
domestic as well as International oil and gas sector. The efforts made
by OGDCL management towards good corporate governance, introduction of
reforms, human resource development and transfer of technology were
BIDDING FOR UBL, ICP FUNDS THIS MONTH
The Privatization Commission (PC) plans to hold the
bidding for the sale of United Bank Ltd, 12 funds of Investment
Corporation of Pakistan and nine oil fields during April.
This was stated by Minister for Privatization Altaf
Salim while talking to reporters after opening an audit workshop on
He said the Commission would advertise for sale up
to 10 per cent shares of Habib Bank Ltd to the general public in May.
He said no specific percentage of the HBL shares to be privatized had
so far been decided, adding between 5-10 per cent stock of the bank
might be offered to the general public.
ADB WILL GIVE $1BN THIS YEAR
President Asian Development Bank, Tadao Chino, on
Thursday said that the Bank would extend US$1 billion to Pakistan in
2002. The ADB president called on the finance minister, Shaukat Aziz,
on Thursday after his visit to Kabul, and appreciated the government's
The two sides discussed the assistance ADB was
offering with special emphasis on its plan for new assistance of about
US$1 billion in 2002 for financing the development of agriculture,
local government, and improvement of governance, and the financial
position of the provinces.
The finance minister thanked the ADB president for
approving the Access-to-Justice loan of US$350 million.
GOLD HITS NEW PEAK
Gold prices have once again become under pressure
after a gap of two months, touching new peaks of the current year to
Rs5,958 per 10 grams on Wednesday.
The last highest price of the current year was
recorded on February 8, touching to Rs5,868 per 10 grams, from Rs5,615
on February 4 following global price hike to $305 per ounce, from
Gold dealers and jewellers attributed the current
increase in domestic gold prices to persistent escalating global rates
by over $306 per ounce. Some 12 days back, the international gold
price was $292 per ounce.
Pakistan Industrial Credit and Investment
Corporation (PICIC) has sufficient funds to fulfil the requirement of
industrialists and businessmen for long-term financing.
This was stated by the Managing Director, PICIC,
Mohammad Ali Khoja while addressing the members of Korangi Association
of Trade and Industry (KATI) on Wednesday.
STATE BANK MOPS UP RS3.693BN
The State Bank of Pakistan (SBP) on Wednesday
realized Rs3,693.7950 million with face value of Rs3,850 million
through the sale of three-, six, and 12-month Government of Pakistan
Market Treasury Bills.
The central bank received bids of Rs11,468.53
million with the face value of Rs11,900 million. For three-month
T-bills the bank received bids of Rs2,662.185, which were rejected.
OCAC HOLDS PRICES FIRM EXCEPT JP-4, JP-1
Except for increase in the prices of JP-4 and JP-1
by 4.62 and 6.07 per cent, the Oil Companies Advisory Committee (OCAC)
has maintained the prices of other petroleum products.
JP-4 prices have been increased to Rs15.62 per
litre, from Rs14.93 and JP-1 prices have been fixed at Rs11.88 per
litre, from Rs11.20. The OCAC, in its statement, did not give any
reason as to why the prices of petrol, diesel, kerosene, HOBC and
light diesel had been kept unchanged despite increase in global oil
BOK POSTS RS163M PROFIT
The provincial public sector Bank of Khyber (BoK)
recorded Rs163 million pre-tax profit for the period ended December
31, 2001. The profit recorded by the bank appears to be an improvement
after the bank had underwent Rs156 million losses in the year ended
December 31, 2000, according to sources.