03 - 09, 2002
SINDH MEGA PROJECTS NOT TO BE IGNORED
The federal government is giving a fresh look to the Rs144
billion Public Sector Development Programme (PSDP) for the next fiscal year to
find room for inclusion of quite a few important mega projects of Sindh
including the reactivation of Karachi Circular Railway.
Well placed sources in Karachi expressed confidence that the
National Economic Council meeting, to be chaired by President General Musharraf
next month in Islamabad, will approve a revised PSDP for 02-03 that would
include many more Sindh based projects.
The PSDP for 2002-03 indicate Rs11.56 billion for 74 projects
in Sindh which however do not include or are given less than demanded funds.
Water resources development projects in Sindh have received highest allocation
of Rs4.53 billion but sources in Sindh say that priorities are not correct.
There is a demand to include projects which are more important.
Transport and Communication project has been given Rs2.82
billion, physical planning and housing Rs2.43 billion, science and technology
Rs824 million, education and training Rs243.44 million, culture, tourism and
youth Rs40.37 million, agriculture Rs71 million and industry that include
rehabilitation of Peoples Steel Mill Rs285 million.
The sources say that the federal planners ignored all those
Sindh-based projects of vital economic and social importance proposed by
Karachi. All these projects are missing in the PSDP presented before the Annual
Plan Coordination Committee headed by the federal finance minister which met
last Friday (May 24) in Islamabad.
The sources are confident that the Left Outfall Drainage (LBOD)
will continue to receive funds even beyond 2002-03. Budget document shows total
indicated cost of LBOD at Rs3.34 billion out of which Rs2.31 billion were spent
till end of current fiscal year and a sum of Rs850 million has been provided in
next fiscal year.
FALETTI'S, PECO LAND SELL-OFF
The Privatization Commission has asked the potential
investors interested in Faletti's Hotel, Lahore; PECO Badami Bagh land, Lahore;
and Al-Haroon Chambers, Karachi, a property of Republic Motors, to deposit
earnest money for these transactions on May 29 — last date to deposit earnest
According to an official announcement, the Privatization
Commission had invited the interested parties for participation in the bidding
for the sale of Faletti's Hotel, Lahore, on 'As is where is' basis.
The Privatization Commission had also offered a plot of land
measuring four kanals 10 marla and 34 square feet, situated in the commercial
area of Badami Bagh, Lahore, accessible by roads and railway siding.
CHINA OFFERS JOINT VENTURES TO PAKISTAN
China has offered new trade opportunities to Pakistani
businessmen to undertake joint ventures in its western region, Xinjiang.
Xingjiang, a Muslim majority province may emerge as hub of Sino-Pak economic
cooperation, with new opening establishing joint ventures in the fields of
agriculture, light industry, foodstuff, textile, medicines and petrochemical
A province, with a population of 18.46 million, close to
Pakistan's border, envisages rich lucrative business opportunities for Pakistani
entrepreneurs, said the Provincial Governor Abdul Ahad Abdul Rashid.
Unfolding an investment package for foreign investors,
including those from Pakistan at a briefing, he said, "We offer to
undertake joint ventures in the fields of common interest for improving
socio-economic life of their people."
CLOSED UNITS MAY HAVE INCENTIVES
The government is considering to announce a package of
incentives for the closed industrial units in the budget of 2002-03. Well-placed
sources told on Thursday that proposals to this effect have already been made to
make these industrial units operative.
The call of the day was to make these units operative to
generate employment opportunities, save foreign exchange by producing import
substitutes and to create exportable surplus, said a report made on the revival
of closed units.
GOVT AWARDS ZAMZAMA LEASE
The government on Wednesday awarded the lease of Zamzama
Gasfield for its development and production to a joint venture of BHP of
Australia (38.5%), Lasmo, a subsidiary of ENI Group of Italy (17.5%), Premier-KUFPEC
Pakistan, a joint venture company of Premier Oil of UK and KUFPEC of Kuwait
(18.75%) and Government Holding (pvt) Ltd (25%) for a period of 20 years.
The lease was signed by Petroleum Secretary M. Abdullah Yusuf,
Director General Petroleum Concessions G.A. Sabri, Managing Director of Lasmo
Mike Buck, General Manager of BHP Francis Egan, Chief Executive Officer of PKP
Patrick Bird, and CEO of GHPL Mansoor Zubair. The lease covers an area of 536 sq
kms in Dadu district and the BHP is the operator of the field.
WAPDA TOLD TO UTILIZE FUNDS BY JUNE
The WAPDA authorities have been directed by the Chief
Executive Secretariat to utilize Rs16.5 billion allocated for Ghazi Barotha
Hydropower Project, Chashma Hydropower Project and Bahsha Dam by June this year
in order to qualify for adequate funding in 2002-2003.
UNIDO OFFERS FUNDS TO SMALL ENTERPRISES
The United Nations Industrial Development Organization (UNIDO)
will give more participation to the Pakistani private sector in its future
programmes mainly on transfer of technology in the areas of environment ,
quality standards and limited industrial sectors such as textiles, leather,
fisheries, fruits and vegetable and jewellry.
This was stated by Director General of UNIDO Carlos Alfredo
Magarinos during a meeting with FPCCI President Iftikhar Ali Malik and members
of the business community, at Federation House, on Monday.