INDUSTRY

 

Nov 25 -Dec 01 , 2002

 

1.INTERNATIONAL

2. INDUSTRY

3. FINANCE

4. POLICY

5. TRADE

6. GULF

 

CHINESE FIRM TO BUILD POWER PLANT IN NWFP

The NWFP government and a Chinese construction firm signed an agreement to build an 81-megawatt hydropower generation project that officials said would save one billion rupees per annum.

 

"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 year.

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.

MOU SIGNED

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.