This was the first gas discovery in the NWFP and it
had increased the prospects for more discoveries in the region,
Petroleum Concessions Director-General G.A. Sabri said.
He said Tal block was the last exploration block in
the southwest but some more blocks might have to be created due to the
discovery at the Manzalai-1 well.
Oil reserves of around 2,200 barrels per day
production were discovered last year in Shakardara, near Kohat. Before
that the province was never considered to be prospective by the foreign
Total production at Manzalai well No.1 is estimated
at 35 million cubic feet daily (MCFD) of gas and 230 barrels per day of
condensate. This would result in foreign exchange saving of around $45
million every year, said the operations manager of Hungarian oil company
MOL, Gabor Vakarcs.
A geologist said the prospective area spread from
Potohar region, where a number of oil and gas discoveries had been made,
through the Kurram Agency to Afghanistan.
A $14 million investment has so far been made on the
discovery. The MOL, an oil exploration company from Budapest, is the
operator of the petroleum concession block with 10 per cent shares.
Government Holdings Limited (GHL) has five per cent shares.
Pakistan Petroleum Limited (PPL) and Oil and Gas
Development Company (OGDC) hold 30 per cent shares each, followed by 25
per cent of Pakistan Oilfields.
INFLATION GOES UP
Inflation as measured by Consumer Price Index (CPI)
spiralled further by 3.59 per cent during the period July-November,
2002, as compared to the same period of previous year , according to the
monthly review of price indices released by the Federal Bureau of
Reflecting a recessionary situation characterized by
a vertical decline in purchasing power of the people, the CPI had
increased by 3.38 per cent in July-November, 2001 over the comparable
period of preceding year.
The Sensitive Price Indicator (SPI), which monitors
prices of only 51 items, surged by 4.55 per cent. This is almost double
the increase (2.41pc) in SPI recorded for the same period of 2001.
Wholesale Price Index (WPI) soared by 4.22 per cent
during the 5-month period under review.
SUGAR MILLS TO START CRUSHING
Sugar mills will start crushing in Sindh soon while
the issue of subsidy on sugar export and sugarcane prices will be
resolved by December 19 or 20.
This was agreed at a meeting between Industries and
Production Minister Liaquat Ali Khan Jatoi and members of Pakistan Sugar
Mills Association, Sindh zone, at PIDC House here the other day.
Sugar mills owners briefed the minister about the
current crisis facing sugar industry due to unnecessary import of sugar
last year despite the presence of surplus stock in the country.
They said traders exported sugar worth $154 million
last year when there was no need.
The minister promised sugar mills owners that the
issue of subsidy on sugar export and sugarcane pricing will be decided
in a meeting to be called on Dec 19 or 20. He asked PSMA to send two to
three members for the meeting in Islamabad on Dec 19.
JAPAN TO UNDERTAKE $300M PROJECTS
Japan will undertake marine research and training
vessel and food processing projects in Pakistan under $300 million PJBF
projects for human resource development.
This was stated by director general, Japan External
Trade Organisation (Jetro), Osamu Mizui, during a meeting with Minister
for Industries and Production Liaquat Ali Jatoi.
Mr Mizui was leading a delegation of Pakistan-Japan
Business Forum (PJBF). He pointed out that Japanese government had
pledged this grant in March this year for poverty reduction on the
request of President Pervez Musharraf.
JATOI WANTS INDUSTRIAL UNITS SKILL UPDATED
Federal Minister for Industries and Production Liaqat
Ali Jatoi has asked the state-owned industrial units to quickly comply
with the requirement of international buyers and manufacture products
that could attract more buyers.
He urged industrial units to expedite their research
work and try to update their technological skills in order to meet the
challenges of globalization as well as changing demand pattern in world
During a visit to the Pakistan Machine Tool Factory (PMTF),
at Landhi, Jatoi said that buyers would stop procuring locally made
products if the industrial units continue to rely on old tools and
FRANCE OFFERS TECHNICAL ASSISTANCE FOR SMES
France the other day offered technical assistance to
Sialkot business community for promoting small and medium enterprises (SMEs),
besides offering some direct trade relations to the local exporters for
easy access to France and EU trade and export markets.
This was stated by French Ambassador Yannick Gerard
while addressing a seminar on small and medium industries held at SCCI,
organized by SCCI and Pakistan France Business Alliance.
MICROFINANCE TAKING ROOCOUNTRY'S ECONOMY
Long acclaimed in other parts of the developing world
for improving poverty through targeted lending to the poor, microfinance
is finally taking root in Pakistan.
But when Ghalid Nishtar gave up his career in private
banking two years ago to take the helm of what is now the leading
microfinance retailer in the country, it had barely made inroads.