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190503
Wed, 06/22/2011 - 16:45
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Morning Buzz for June 22, 2011 - MR Securities
Agricultural credit disbursement: banks achieve 84 percent target
According to MR Securities, commercial and specialised banks achieved about 84 percent of agricultural credit disbursement target during eleven months of current fiscal year 2010-11 (FY11) from July 2010 to May 2011. The disbursement during this period is about 5 percent higher than the same period of last fiscal year.
Clearing growers' dues: government urged to purchase sugar from mills
Sugar millers have demanded of the government to purchase at least 300,000 tons of sugar from them so that they could be able to pay off the outstanding dues of sugarcane growers before the upcoming crushing season,
Pakistan imports two million cotton bales from India
Despite claims of being self-sufficient in cotton production, Pakistan imported two million bales of cotton worth Rs 40 billion. Well-placed sources told Business Recorder here on Tuesday that total cotton import from India so far stood at two million bales while deals of 4-5 lac bales were in the pipeline.
IPPs withdraw notices: government pledges to make payment by June 28
The four Independent Power Producers (IPPs) on Tuesday decided to withdraw sovereign guarantee notices served on the Government of Pakistan (GoP) after a brainstorming session with the Minister for Water and Power, Naveed Qamar.
'Government committed to attracting investment in oil, gas sector'
Chief Minister Khyber Pakhtunkhwa Ameer Haider Khan Hoti on Tuesday said that KP had huge oil and gas reserves which needed to be exploited to bring economic prosperity in the province. Presiding over a meeting on oil and gas in Khyber Pakhtunkhwa, the chief minister said that government was committed to attract more and more investment in oil and gas sector.
Government to get Rs 4.182 billion before June 30: PPL announces 50 percent second interim dividend
The government will earn Rs 4.182 billion, to finance its budget deficit before June 30, through dividend announced by Pakistan Petroleum Limited (PPL). The board of directors of PPL approved payment of second interim dividend for the year ending June 30, 2011 at Rs 5 per share i.e 50 percent on the fully paid ordinary shares of Rs 10 each.
BPPL to re-organise loan, capital structure
Byco Petroleum Pakistan Limited (BPPL) intends to re-organise its loan and capital structure. Byco Oil Pakistan Limited (BOPL), which is an unlisted public company incorporated in Pakistan and is a 100 percent wholly owned subsidiary of Byco Industries Inc (BII).
Sindh government plans to initiate six small hydro power projects
With a view to overcome electricity shortage, the Sindh government has planned to initiate small hydel power projects with capacity of 7 mw to 15 mw on Indus River, through public-private partnership (PPP), official sources told Business Recorder. In this connection, Sindh Power Department has decided to commission 'Earnest and Young', a private firm, to prepare feasibility reports of 6 small hydel power plants on run-of-the-river.
Kardar advises new generation about taking risk to make their mark in society
The Governor of the State Bank of Pakistan, Shahid H Kardar, has advised the new generation of Pakistan to take risk, "be an outlier and make your mark in society". Speaking at the Convocation of the Lahore University of Management Sciences (LUMS) on Saturday, he observed that those who have a fire in their belly and the urge and determination to pursue their dreams and take on the world rather than simply play safe would be the great achievers.
Govt questions British Petroleum for squeezing investment
Pakistan’s government is questioning British Petroleum (BP) for squeezing investment and ultimately dropping its share in Pakistan’s oil and gas production. Its deal with United Energy Group (UEG), a Hong Kong-based firm, for selling its oil and gas assets in Pakistan for $775 million, is in hot waters once again. “BP stopped investment in Pakistan after acquiring assets being sold out to UEG, causing loss to the government and its production has gone down. BP needs to explain its position and there should be a definite plan and commitment from the buyer.”
FBR detects Rs3bn tax evasion by oil companies
The Federal Board of Revenue (FBR) has detected tax evasion of Rs3 billion during audit of two leading oil marketing companies, sources said on Tuesday. Sources in the Large Taxpayers Unit (LTU) Karachi, a revenue collecting arm of the FBR, said that the two companies were involved in concealing sales tax, federal excise duty on local supplies. In the preliminary report, it was identified that the oil companies took advantage of zero-rated tax on supply to airlines and declared higher quantity supplied under this scheme, an official said on the condition of anonymity.
Provinces, centre row halts investment in exploration
Pakistan has lost investment of billions of dollars in exploration and production of oil and gas during the last 17 months as the incumbent regime has failed to auction new blocks because of objections raised by provinces in the wake of the 18th Amendment, The News has learnt. Owing to stiff opposition by three federating units, particularly Sindh, the process of auctioning new blocks has failed to progress, officials in Ministry of Petroleum said.
Oil import bill surges by 35.43pc in 11 months
The country’s oil imports surged by 35.43 percent to $4.296 billion during the 11 months of the current fiscal year against $3.172 billion during the corresponding period last year, official data suggests on Tuesday. In May alone, the crude imports stood at $448.562 million, 24.92 percent higher than $359.093 million during the same month last year. Analysts said that the May import volumes are reflective of the demand in the country, one of the few places in the world where fuel oil usage for power generation is still growing. The overall petroleum imports reached $10.463 billion during the 11 months against $9.28 billion last year, according to the data.
According to MR Securities, commercial and specialised banks achieved about 84 percent of agricultural credit disbursement target during eleven months of current fiscal year 2010-11 (FY11) from July 2010 to May 2011. The disbursement during this period is about 5 percent higher than the same period of last fiscal year.
Clearing growers' dues: government urged to purchase sugar from mills
Sugar millers have demanded of the government to purchase at least 300,000 tons of sugar from them so that they could be able to pay off the outstanding dues of sugarcane growers before the upcoming crushing season,
Pakistan imports two million cotton bales from India
Despite claims of being self-sufficient in cotton production, Pakistan imported two million bales of cotton worth Rs 40 billion. Well-placed sources told Business Recorder here on Tuesday that total cotton import from India so far stood at two million bales while deals of 4-5 lac bales were in the pipeline.
IPPs withdraw notices: government pledges to make payment by June 28
The four Independent Power Producers (IPPs) on Tuesday decided to withdraw sovereign guarantee notices served on the Government of Pakistan (GoP) after a brainstorming session with the Minister for Water and Power, Naveed Qamar.
'Government committed to attracting investment in oil, gas sector'
Chief Minister Khyber Pakhtunkhwa Ameer Haider Khan Hoti on Tuesday said that KP had huge oil and gas reserves which needed to be exploited to bring economic prosperity in the province. Presiding over a meeting on oil and gas in Khyber Pakhtunkhwa, the chief minister said that government was committed to attract more and more investment in oil and gas sector.
Government to get Rs 4.182 billion before June 30: PPL announces 50 percent second interim dividend
The government will earn Rs 4.182 billion, to finance its budget deficit before June 30, through dividend announced by Pakistan Petroleum Limited (PPL). The board of directors of PPL approved payment of second interim dividend for the year ending June 30, 2011 at Rs 5 per share i.e 50 percent on the fully paid ordinary shares of Rs 10 each.
BPPL to re-organise loan, capital structure
Byco Petroleum Pakistan Limited (BPPL) intends to re-organise its loan and capital structure. Byco Oil Pakistan Limited (BOPL), which is an unlisted public company incorporated in Pakistan and is a 100 percent wholly owned subsidiary of Byco Industries Inc (BII).
Sindh government plans to initiate six small hydro power projects
With a view to overcome electricity shortage, the Sindh government has planned to initiate small hydel power projects with capacity of 7 mw to 15 mw on Indus River, through public-private partnership (PPP), official sources told Business Recorder. In this connection, Sindh Power Department has decided to commission 'Earnest and Young', a private firm, to prepare feasibility reports of 6 small hydel power plants on run-of-the-river.
Kardar advises new generation about taking risk to make their mark in society
The Governor of the State Bank of Pakistan, Shahid H Kardar, has advised the new generation of Pakistan to take risk, "be an outlier and make your mark in society". Speaking at the Convocation of the Lahore University of Management Sciences (LUMS) on Saturday, he observed that those who have a fire in their belly and the urge and determination to pursue their dreams and take on the world rather than simply play safe would be the great achievers.
Govt questions British Petroleum for squeezing investment
Pakistan’s government is questioning British Petroleum (BP) for squeezing investment and ultimately dropping its share in Pakistan’s oil and gas production. Its deal with United Energy Group (UEG), a Hong Kong-based firm, for selling its oil and gas assets in Pakistan for $775 million, is in hot waters once again. “BP stopped investment in Pakistan after acquiring assets being sold out to UEG, causing loss to the government and its production has gone down. BP needs to explain its position and there should be a definite plan and commitment from the buyer.”
FBR detects Rs3bn tax evasion by oil companies
The Federal Board of Revenue (FBR) has detected tax evasion of Rs3 billion during audit of two leading oil marketing companies, sources said on Tuesday. Sources in the Large Taxpayers Unit (LTU) Karachi, a revenue collecting arm of the FBR, said that the two companies were involved in concealing sales tax, federal excise duty on local supplies. In the preliminary report, it was identified that the oil companies took advantage of zero-rated tax on supply to airlines and declared higher quantity supplied under this scheme, an official said on the condition of anonymity.
Provinces, centre row halts investment in exploration
Pakistan has lost investment of billions of dollars in exploration and production of oil and gas during the last 17 months as the incumbent regime has failed to auction new blocks because of objections raised by provinces in the wake of the 18th Amendment, The News has learnt. Owing to stiff opposition by three federating units, particularly Sindh, the process of auctioning new blocks has failed to progress, officials in Ministry of Petroleum said.
Oil import bill surges by 35.43pc in 11 months
The country’s oil imports surged by 35.43 percent to $4.296 billion during the 11 months of the current fiscal year against $3.172 billion during the corresponding period last year, official data suggests on Tuesday. In May alone, the crude imports stood at $448.562 million, 24.92 percent higher than $359.093 million during the same month last year. Analysts said that the May import volumes are reflective of the demand in the country, one of the few places in the world where fuel oil usage for power generation is still growing. The overall petroleum imports reached $10.463 billion during the 11 months against $9.28 billion last year, according to the data.
