April 22 - 28, 2002
$176.3M OFFERED FOR 9 OIL, GAS FIELDS
The Privatization Commission has received a total
offer of $176.3 million from the highest bidders for the divestment of
the government's shareholding in nine oil & gas concessions.
The bidding ceremony was held under the
chairmanship of the Federal Minister for Privatization Altaf M. Saleem
and attended by a large number of local and foreign investors. Newsmen
were also allowed to witness the ceremony.
Later, the Privatization Commission Board met and
approved the highest bidding. CCoP meets on Tuesday to finally approve
the transaction. The meeting also recommended for approval of CCoP the
highest bids received for E&M Oil Mills and Maqbool Oil Company
Limited amounting to roughly Rs94 million (Rs 48.50 per share) and
Rs27 million (Rs102 per share) respectively.
The highest bid received for 1. Badin-I offered
jointly by BP Pakistan Exploration & Production Inc, UK and
Occidental Oil & Gas Pakistan LLC was $131,500,000, and they also
offered highest bid for 2. Badin-II (Revised) of $8,500,000. Attock
Oil, UK remained highest for 3. Turkwal concession with an offer of
$1,60,000. 4. Adhi oil field received highest offer of US $ 11,330,000
from Pakistan Oilfields (POL), while Western Acquisition, USA made
highest offer of $532,500 for 5. Ratana field. Western Acquisition
Inc. also made solo bid for 6. Mazarani field offering $107,500. For
7. Dhurnal field again Western Acquisition Inc. remained highest with
an offer of $3,834,000 while 8. Pariwali field and 9. Minwal field
fetched highest offer of US $ 18,695,000 and US $ 201,000,
respectively from Fauji Foundation and Pyramid Energy International
Privatization Commission had early last year and
again this year solicited Expressions of Interest (EOI) from parties
interested in acquiring the GoP's working interest in these
concessions. In response, 18 reputable parties submitted their EOI to
participate in the bidding process.
STATE BANK STARTS CHASING END-JUNE TARGETS
The State Bank has started chasing the end- June
targets set by the IMF and its recent moves to contain liquidity are
aimed at keeping its net domestic assets (NDA) from rising.
Sources close to SBP say the end-June target for
NDA is Rs6.8 billion down by Rs21.7 billion than the end-March target
of Rs28.5 billion. They say that the central bank has met the end-
March target by keeping the growth of NDA at Rs28.6 billion adding
that it is now making moves to gradually bring it down to Rs6.8
billion by end-June.
MUSHARRAF SAYS RISK CALCULATED
President Gen Pervez Musharraf on Tuesday strongly
defended the holding of referendum as "absolutely
constitutional" and said necessary amendments were currently
being contemplated to decide about the future political setup of the
He told a news conference that he had not decided
whether to step down in case he did not get himself elected in the
referendum. "I have not thought about it so far (whether) to
continue or step down in case I do not win this referendum. But I
would say that I have taken a calculated risk and I am sure that I
will win," he said.
OIL, GAS SECTOR
Pakistan and Russia have adequate potential for
collaboration in the fields of oil, gas and mineral resources, the
petroleum minister, Usman Aminuddin, said on Wednesday.
The minister was talking to a six-member delegation
of parliamentarians of the Russian State Duma led by Chairman, Foreign
Relations Committee, Dmitri Rogozin, that called on him on Wednesday.
European Union security and foreign policy chief
Javier Solana is set to visit Islamabad end-May in a first-ever EU
effort to try and ease Pakistan-India tensions over Kashmir, EU
foreign ministers agreed on Monday.
NEW PRODUCT FOR SMALL INVESTORS
Jahangir Siddiqui Investment Bank Limited (JSIBL)
told the stock exchange that it was offering a plan according to which
the bank would "provide funds for investment in listed shares so
that the small investors could invest first and save from their
regular monthly income to repay subsequently."
The bank stated that the new product had been
designed to provide opportunities to small & medium investors to
avail the opportunities presented by the positive surge in the stock
market, which had seen the KSE-100 index rise from 1273 on October 31
last year, to 1868 at end-March, 2002.
ENCASHMENT OF DOLLAR BONDS ON THE RISE
People encashed around $233 million special US
dollar bonds between October 2001-February 2002 as they got a chance
to earn 5 per cent premium on redemption of three-year bonds into
Bankers say net outstanding amount of the bonds
fell to $1.153 billion at end-February 2002 from $1.386 billion at
end-September 2001. They say $233 million is the sum total of the
encashment of all the three types of bonds i.e. of three-year,
five-year and seven-year maturity but cannot give the breakup.
THAR COAL FEASIBILITY STUDY BY JUNE 2003
The federal government has asked the Task Force,
set up for the feasibility study of Thar coal, to complete the study
by June next year.
The main objective of the study is to prepare a
comprehensive feasibility report of the Thar coal for extraction of
around five million tons per annum production of coal or as suggested
by the consultants to meet the fuel requirements of a 1,000 MW mine
mouth power station.