03 - 09, 2002
TRILATERAL GAS PIPELINE AGREEMENT SIGNED
Pakistan, Turkmenistan and Afghanistan signed a
trilateral agreement on Thursday for a multi-billion dollar gas
pipeline which would run from Daulatabad gas-fields in Turkmenistan to
The agreement was inked by President Gen Pervez
Musharraf, Turkmen President Saparmurat Niyazov and Interim Afghan
Administration Chairman Hamid Karzai following a summit of the three
Besides signing the agreement for laying down the
1500-km pipeline, the three leaders decided to take concrete measures
for developing road and rail links and improving trade among the three
countries. They set up three working groups: one would supervise the
implementation of gas project, and the other two would push for the
development of rail and road links, and increasing the volume of
"This mega-project has been on the anvil for
the past many years but it could not be implemented because of
instability in Afghanistan," President Musharraf told a press
Flanked by Mr Karzai and Mr Niyazov, Gen Musharraf
hoped that with the return of normalcy in Afghanistan this project
would be realized soon.
A plant of liquefied natural gas would be installed
at Gwadar for export of hydrocarbon to the markets of Far East and
Japan, he added.
He pointed out that a feasibility study had been
conducted a few years ago which would be reviewed and updated before
inviting international tenders and seeking finances from international
Trade and economic cooperation also came under
discussion and three leaders were unanimous that the existing level of
trade among their countries was far less than the optimum potential,
Gen Musharraf said.
FFC TO TAKE OVER PAK SAUDI
Fauji Fertilizer Company on Thursday made a payment
of Rs5 billion to the Privatization Commission out of Rs7.3 billion
that it has to pay for the state-run Pak Saudi Fertilizer Company.
The company would pay the remaining Rs2.3 billion
on Friday and take over Pak Saudi Fertilizer Company.
Senior bankers said a banking syndicate led by ABN
Amro has lent to FFC more than Rs7.3 billion to buy Pak Saudi
Fertilizer Company. They said that the syndicate disbursed Rs5 billion
on Thursday adding that the remaining amount would be paid on Friday.
Sources in fertilizer industry said FFC has
credited the Rs5 billion it received from the banking syndicate into
the account of Privatization Commission. The company would credit
another Rs2.3 billion into the PC account on Friday when they would
formally announce the takeover of Pak Saudi Fertilizer Company.
SERIES OF MISSILE TESTS COMPLETED
Pakistan on Tuesday completed a series of tests of
its missile systems with the successful test-fire of a short-range
Hatf-II (Abdali) missile.
"We have achieved all our objectives with a
series of missile tests," President's Spokesman Rashid Qureshi
When asked whether all the missile systems have
been tested or some are still in the development stage, Mr Qureshi
responded: "All the missile systems, where were necessary, have
The president's spokesman, who is also
director-general of Inter-Service Public Relations, did not reply to a
question whether these missiles have also been inducted into the
"Through induction, different people infer
different meanings," he said. When the similar question was
rephrased by reporter, he said he was not sure whether these missiles
had been handed over to the Pakistan army. "I will have to check
on it," he added.
PPL SELL-OFF DELAYED
The government has decided to put on hold the
privatization of Pakistan Petroleum Limited (PPL) for one to two years
to accentuate its financial strength as a result of 140 per cent
increase in gas price.
Official sources told that the proposal was put
before the privatization board by the ministry of petroleum. It stated
that the company should be allowed to reap the benefits of dismantling
of its gas purchase agreement (GPA) and three-year tariff
PAKISTAN WANTS TO CURB TERRORISM
British Foreign Secretary Jack Straw assured India
on Wednesday that Pakistan was serious about ending the cross-border
terrorism in Kashmir, as he held talks to defuse tensions between the
As heavy shelling pounded the disputed border in
Kashmir, Straw said Pakistan President Pervez Musharraf genuinely
wanted to stop what India calls "cross-border terrorism" in
the Himalayan region.
M.A. KIDWAI NEW SUZUKI CHIEF
Midhat A. Kidwai, director operations of Suzuki
Motorcycles Pakistan Limited would be successor to managing director
and chairman Danishmand, who will relinquish his charge on May 31,
2002. Danishmand has joined the IBA as director (Head) from June 1,
POLLS TO BE HELD FROM OCT 7-11
President Gen Pervez Musharraf announced on Monday
that elections to the National and Provincial Assemblies would be held
from Oct 7 to 11 for restoring "genuine democracy" in the
WB PLEDGES $100M FOR SINDH REFORMS
The World Bank has agreed to provide $100 million
interest-free assistance for Sindh reforms programme from the next
Sindh Finance Secretary Fazlur Rehman on Friday
briefed a high-level meeting regarding progress of structural
adjustment credit with the World Bank for supporting reforms programme.
He said that only 0.7 per cent service charges
would be payable to the World Bank and the federal government agreed
to provide foreign currency cover in this regard. He said 35 per cent
of this assistance will be diverted on retiring loans.