According to Parco sources, this 30-km-long pipeline
is called Zamzama joint venture, comprising BHP Petroleum, LASMO,
Premier Exploration and government holdings.
The Zamzama Joint Venture had approached Parco due to
its experience of owning and operating a 1300 km cross country pipeline
network. This condensate will be further transported to Parco's mid-
country refinery for refining purposes.
Although this project is small keeping in view the
industry norms and Parco's previously designed and implemented projects,
it will strengthen the indigenous oil industry as well as serve as a
step towards self-sufficiency. Sources said that this pipeline will be a
significant infrastructure development project for Parco.
Parco will design, construct, install and commission
all facilities required for the condensate pipeline transfer system
including laying of a 30-km pipeline, condensate storage tanks and
metering system. The six inch diameter pipeline will have an ultimate
capacity of carrying 3,000 barrels per day.
The Zamzama pipeline project is expected to be
completed and commissioned before the middle of next year.
Parco will also operate and maintain the condensate
pipeline under an agreement with Zamzama Joint Venture.
OGDCL GRANTED 2 EXPLORATION LICENCES
The government granted two petroleum exploration
licences to Oil and Gas Development Company Limited (OGDCL).
Abdullah Yusuf, secretary petroleum; G.A. Sabri,
director general, Petroleum Concessions; and Maj Gen Parvez Akmal,
managing director, OGDCL, signed the agreements on behalf of President
of Pakistan, Petroleum Concessions and OGDCL, respectively.
Two separate concession agreements were executed
between the President of Pakistan and OGDCL for grant of petroleum
rights over Block No 3170-1 (Al-Rehman) covering an area of 2063.92
square kilometres in South Waziristan Agency, D.I. Khan district, NWFP,
and Musakhel Bazar and Zhob district, Balochistan, and Block No 3372-14
(Fatehjang) covering an area of 2136.46 sq km in Islamabad, Rawalpindi
and Attock districts of Punjab province.
PHUTTI ARRIVALS UP BY 2.33PC
As phutti (seed cotton) arrival in Punjab has picked
up during last fortnight (Oct 15-31), the over all raw cotton production
in the country also increased by 2.33 per cent over the corresponding
period last year.
The arrival figures of phutti released by the
Pakistan Cotton Ginners Association (PCGA) show that up to November 1,
2002, 3.352m bales have reached the ginneries as against 3.275m in the
same period last year.
In Punjab, higher arrival of phutti from the field
into the ginneries improved the production by 7.26 per cent over the
last year's production in the same period. In total 2.372m are reported
to have been processed by the ginneries as against 2.212m bales in the
corresponding period last year.
SUGAR INDUSTRY RECOVERING
The performance of the sugar industry which remained
bleak during the last couple of years, has picked up now and is showing
signs of recovery.
According to a study conducted by LCCI, sugar
production is likely to exceed over 3m tons this year. The production in
the Punjab province will rise by 40 per cent due to increase in the area
under crop, yield and sucrose recovery rate, owing to better
availability of water this time.
With the total estimated production of 3.2m tons,
after local consumption of 3.1m tons, about 100,000 tons will be left
surplus, bringing the total surplus sugar in the country to around
500,000 tons. The study suggested that Pakistan should be a regular
sugar exporting country that would offload its surplus stock and
stabilize the prices of this commodity in the domestic market.
WORLD BANK'S PRIORITIES
The World Bank would accord top priority, under the
new political setup in Pakistan, to the development of mining and
natural resources sector through private investment as part of its fresh
country assistance strategy (CAS).
Sources in the economic affairs division told that
the sector has been identified as a major growth area because of its
potential importance in improving macroeconomic stability through
external and fiscal accounts and broadening access to growth and
employment opportunities both geographically and socially.
3 STATES SUMMIT IN A MONTH: GAS PIPELINE
Managing director, Sui Southern Gas Company Limited (SSGC),
Munnawar Baseer Ahmed, said a summit meeting between presidents of
Pakistan, Turkmenistan and Afghanistan was expected to be held in a
month to discuss the Pakistan-Turkmenistan gas pipeline project.
Addressing a press conference at the SSGC head
office, he said an inter-ministerial meeting was held in this regard to
review the progress of the project.
PS DEFERS CAPACITY EXPANSION PROGRAMME
Pakistan Steel is deferring the production capacity
expansion programme indefinitely and is instead taking up a short term
product diversification plan , focusing mainly on the value-added
products to increase its share in the domestic steel market.
"Expansion in production capacity remains a
long-term programme," chief executive and chairman, Pakistan Steel,
Lt Col (retd) Mohammad Afzal Khan, replied when asked if the capacity
expansion programme is being given up.