"This is a major achievement," NWFP
Governor Syed Iftikhar Hussain said soon after the signing ceremony at
the Governor's House. The agreement was signed by director general,
Sarhad Hydel Development Organization (SHYDO), Muhammad Yunis Marwat,
and a representative of the China International & Electric
Corporation and Associated Technologies Ltd. Cabinet ministers and
senior government officials were also present at the ceremony.
The construction of Malakand-III Hydropower Project
would cost Rs6.379 billion, including Rs2.264 billion to be spent on
civil work. The project would be completed in three years.
"We have sufficient funds. I don't think we need
any loan," Mr Iftikhar told newsmen.
The project would generate 553 giga watt per hour (GWh)
annually and also facilitate the irrigation of barren land of about
20,000 acres in Bazai area.
The NWFP governor said that this was the first medium
level power generation project undertaken by the province. He said the
electricity generated from the project would be utilized in power
industrial estates to be established close to the area to boost
industrialization and generate job opportunities.
He said the government knowing the shortage of water
reservoirs in NWFP had embarked upon a plan to build small dams for
which Rs1.5 billion had already been allocated.
He said the government also intended to utilize at
least 50 per cent of the Rs6 billion Barani Area Development Project for
the construction of small dams and water reservoirs to cope with water
shortages and generate cheap electricity.
PHUTTI ARRIVALS UP BY 7.33 PER CENT
Higher arrival of phutti by 7.33 per cent during the
last fortnight (Nov 1 to 15) has brightened the prospects for larger
cotton crop this season (2002-03).
The phutti arrival figures show that around 0.354
million more bales have been produced up to Nov 15, over the
corresponding period last year. In total 5.174 million bales have
arrived so far as against 4.820 million bales in the same period last
It is encouraging that the two major cotton producing
provinces — Sindh and Punjab — have shown positive growth in phutti
arrival by 3.10 per cent and 8.93 per cent, respectively.
During the period under review arrival of phutti in
Punjab stood at 3.817 million bales compared to 3.504 million bales in
the corresponding period last year. Similarly, Sindh recorded better
arrival at 1.356 million bales as against 1.316 million bales in the
same period last year.
ENERGY SECTOR REFORMS TO PAY DIVIDEND
Petroleum and Natural Resources Minister Usman
Aminuddin said continuity of far-reaching and investors friendly
policies in the energy sector would pay high dividend for the stability
of national economy in days ahead.
He expressed these views while speaking to officials
of the ministry and its attached departments at a farewell meeting.
The minister said the measures taken during the last
three years in the energy sector had laid down solid foundation for the
revival of economy.
He said record development in oil, gas and mineral
sector had introduced the country as having the vast hydro-carbon
resources in world. This has attracted foreign investors and they have
invested more than $1.5 billion during a short span of time, he added.
IRAN TO REVIEW REFINERY PROJECT
A delegation of National Iranian Oil Company (NIOC)
will arrive in the last week of this month to review the current status
of the Iran-Pak Refinery Project particularly with reference to review
/familiarize with oil sector deregulation in general and tariff
protection in particular.
This was agreed between the members of NIOC and the
delegation of the Government of Pakistan, led by Director General Oil,
Petroleum Ministry, Sabir Hussain, in a meeting held in Tehran last
month to discuss the refinery project and its economic evaluation. NIOC
side included S.M. Murtaza, general manager oil and gas industries, Dr
Mehrdad Naraghi, engineer management consultant, J. Sohrabian, Head of
Technical Affairs and N. Ahmadi, senior expert engineer.
WB SUPPORT FOR POWER SECTOR TO CONTINUE
The World Bank has told Pakistan that it would
continue its deep engagement and support for the completion of power
sector reforms in the country, a senior government official told.
"The power sector reforms will continue to be
supported through policy dialogue and adjustment lending which by
strengthening macroeconomic stability and reducing exposure risk is
expected to improve the climate for private investment, particularly for
the privatization of distribution companies", the official quoted a
bank letter recently written to the secretary economic affairs division.
Pakistan has signed a memorandum of understanding (MoU)
with the Asian Development Bank for agribusiness development and
agriculture export from the country, a senior official told. The MoU was
signed following the detail meetings of a fact finding mission of ADB
with the government agencies and private sector, said the official.
RICE BOARD SET UP
The government constituted Pakistan Rice Board (PRB)
to take care of quality control, research and development, marketing and
export of rice, a senior official told.
The PRB, which would be an autonomous body comprising
18 members with its chairman from the public sector, is attached with
ministry of commerce representing stakeholders in the value chain of
rice-millers, exporters, growers, federal and provincial government,
said the official.