08 - 14, 2002
ZPL SEEKS OPERATORSHIP OF $3.5BN OIL FIELD
A private petroleum company with an investment
share of around $7 million is seeking to acquire the management of a
$3.5 billion oil and gas field from state-run OGDCL.
If formalized, this would be the country's first
ever "hostile take over" of an oil and gas field by a
private firm that would deprive the Oil and Gas Development Company
Limited of its operatorship of the field despite a shareholding of
over 85 per cent.
Background discussions with the government
officials and interview with the president of the private firm, Zaver
Petroleum Limited (ZPL), suggest that the take over bid of Shakardara,
the first ever and only oil and gas field in the NWFP, is in the
The joint venture partners have so far invested a
total of $60 million and the government has approved an investment
work plan of another $60 million to start commercial production of the
field by next year. A total of over $100 million equivalent investment
share is that of the OGDCL.
Shakardara field with estimated oil reserves of
around 100 million barrels and gas reserves of around 15 million cubic
feet is valued at $3.5 to $4.5 billion at the current international
oil price at $25 per barrel.
While the chief executive secretariat is currently
engaged in frantic consultations to avoid an ugly situation the
company believed "it had to secure its rightful return on
investment" what may come.
Acting head of Government Holdings Limited (GHL)
and senior joint secretary of the petroleum ministry Mansoor Zubair
said he had heard about notice sent by the ZPL to replace OGDCL as
operator of the field but could not add anything on that.
OGDCL with 85 per cent shareholding is the operator
of the field, followed by ZPL with 10 per cent and five per cent
shares are owned by Government Holdings Limited (GHL), a holding
company with 100 per cent government holdings.
RE-BIDDING OF UBL SOUGHT
Tessori Trading Company Limited (TTCL) has urged
the Privatization Commission to start the process of re-bidding for
the privatization of United Bank Ltd (UBL).
In a letter to Privatization Commission Chairman
Altaf Saleem on Thursday, TTCL had referred to the media reports on
Tuesday in which the State Bank has cleared all the three bidders to
acquire 51 per cent shares of the UBL. However, the SBP had advised
the Privatization Commission to make efforts for improving the bid
"We understand that while clearing all the
three bidders, the processing was not favourable to the other bidders
as the SBP had to evaluate that the investors would not use
depositors' money to buy the share under the rule, which is
ignored," the TTCL letter to the Privatization Commission said.
US FIRM GIVES NO GUARANTEES FOR SATELLITE PERFORMANCE
No performance guarantees were being given by the
US company Hughes for shifting the defective HGS3 satellite to 38 E
orbital slot of Pakistan as PAKSAT 1, said National Telecommunication
Corporation (NTC) chairman Air Vice Marshal Azhar Maud, on Thursday.
Briefing the media after approval of PAKSAT 1 by
the federal cabinet earlier on Wednesday, he said only advance payment
would be insured against any failure of satellite during relocation
CONSORTIUM'S STAKE IN MSCL OFFERED FOR SALE
A consortium of National Bank of Pakistan, Habib
Bank Limited and United Bank Limited said they intend to sell their
controlling stake in Metropolitan Steel Corporation Ltd (MSCL) through
TAX TARGET ACHIEVABLE, SAYS SHAUKAT
Minister for Finance Shaukat Aziz on Tuesday said
that Rs460 billion revenue collection target, set for 2002-2003, is
now achievable after collection of Rs401 billion revenues during the
last financial year.
"Had the CBR failed to collect Rs400 billion
plus, it would have been difficult to make the revenue projections of
Rs460 billion for the current financial year," he added.
TWO LEADING AUDIT FIRMS IN MERGER TALKS
Two of the top six firms of chartered accountants
have held merger talks, which if the deal goes through would be the
first such institutional merger in Pakistan.
Fordes, Rhodes, Robson, Morrow (FRRM) and Sidat
Hyder Qamar & Co., — both independent firms of chartered
accountants — are understood to be pouring over a 'terms sheet',
which forms the core of scheme of amalgamation of the two partnership
EOIS FOR JAVEDAN CEMENT INVITED
The Privatization Commission (PC) on Tuesday
invited the prospective investors and business houses to submit their
Expressions of Interest (EoIs) for acquiring a minimum of 85 per cent
shares of Javedan Cement Limited (JCL).
According to an official announcement, JCL is a
listed limited company registered under the Companies Ordinance 1913
(now Companies Ordinance 1984). The company is a subsidiary of the
State Cement Corporation of Pakistan (Pvt) Limited.
HK-BASED VENTURE TO FINANCE IT PROJECTS
The Pakistan Software Houses Association (PASHA)
has signed an agreement with the Hong Kong based venture capital fund,
Access Capital. Under the agreement the Access Capital will fund 4.4
billion dollars projects in Pakistan to be identified by PASHA. This
was stated by the President of PASHA, Syed Hamza Matin, at a press
conference on Tuesday.
ADBP'S RESTRUCTURING PLAN
The Agricultural Development Bank of Pakistan (ADBP) has engaged
Tasir Hadi Khalid & Co. to have an in-depth assessment of three
completed fiscal years of loans, equity and liquid assets portfolio.