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3 foreign petroleum companies awarded licenses in last five years: Senate told

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ISLAMABAD: Minister for Petroleum Ghulam Sarwar Khan Wednesday said three licenses were issued to foreign petroleum companies for exploration of oil and gas in the country during last five years.

Replying to a question in the Senate, the application fee for grant of a petroleum exploration license is Rs100,000 while the total amount received from them under the head of license fee is Rs300,000.

The minister in a written reply said the prices of petroleum products are determined in accordance with the Petroleum Products (Petroleum Development Levy) Ordinance, 1961, Rules 1967 thereunder, OGRA’ s Ordinance 2002 and GoP/ECC’s approved parameters as amended from time to time.

He said the oil prices are linked with international Arab Gulf market prices of petroleum products, being imported by the PSO.

Accordingly Oil Marketing Companies (OMCs) and Refineries are allowed to fix and announce the prices at their own on monthly basis in accordance with the actual PSO landed import cost of the previous month.

In case of no imports, ex-refinery price fixed as per Import Parity Price (IPP) formula based on Arab Gulf monthly average prices published in Platts Oilgram on daily basis.

The minister said some gas development schemes were launched or approved since 2018 in the Provinces of Punjab and Khyber Pakhtunkhwa by SNGPL.

He added 62 meters have been installed at subject locality like Prince Road, Phalgran, Bhara Kahu Islamabad etc. while remaining cases or applications upto January 31, 2018 are being entertained on turn or merit basis.

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Economy

12th 5-years plan envisages 5.4% growth 

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ISLAMABAD: Minister for Planning Development and Reform Makhdum Khusro Bakhtyar has said that the 12th Five Year Plan envisaged an average growth of GDP at 5.4 percent and the expected outlay of the Plan would be Rs 11.750 trillion including Rs 1 trillion involving innovative financing through a public-private partnership.
He said the plan extensively covered growth, macro stability, expand agriculture production, galvanize agro-business potential, industry and export competitiveness, human resource development, integrated energy planning, infrastructure development, social safety nets, poverty reduction, achieving SDGs and administrative reforms along-with focus on less developed areas, climate change and environment.
The Minister was chairing a briefing to Economic Advisory Council on draft 12th Five Year Plan here on Friday.
Advisor to PM on Commerce & Industry Abdul Razzak Dawood, members Economic Advisory Council, Secretary Planning Zafar Hasan, Secretary BISP Ali Raza Bhutta, Chief Economist Ejaz Wasti, Members Planning Commission and senior officials of all sections of the ministry were present during the briefing.
Makhdum Khusro said that it has been decided to conduct quarterly reviews of the plan at the Ministry and bi-annual reviews will be made by the Prime Minister for its effective implementation in achieving all the set targets.
He stated that priority will be given to projects related to infrastructure development, transport, housing, communication, energy, and water sector.
The Minister said that development strategy also entails boosting the country’s exports as well as envisages a mechanism to monitor the progress of ongoing projects.
He added that the Plan aims at improving the productivity of all sectors of the economy. He said that the Government was committed to ensuring timely completion of all ongoing projects without any cost escalation.
Makhdum Khusro appreciated the macroeconomic framework prepared by the Planning Commission.
Secretary Planning Zafar Hasan said that Plan document has been prepared through an extensive consultative process involving dialogue with stakeholders, formal consultation with the members of different working groups formulated for different sectors.
So far, more than thirty sessions have been held with stakeholders for preparing the draft of the next Plan. He apprised that after taking the inputs and suggestions from the members of the Economic Advisory Council, the Plan will be placed before the National Economic Council for consideration and approval.

 

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Asia

India divertig attention from Spy’s case?

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ISLAMABAD: Minister for Water Resources Faisal Vawda has termed the Indian threat to stop the flow of water from eastern rivers to Pakistan a “failed attempt”, just like the Pulwama incident, to divert attention from its failure in the Kulbhushan Jadhav case in International Court of Justice (ICJ).
In his reaction over India’s threat to stop Pakistan’s water, he said India could not blame Pakistan for its failure in the International Court of Justice to prove spy Kulbhushan innocent. As per Indus Water Treaty, India could not stop Pakistan’s water, he added, says a press statement here on Friday.
Describing the threat hilarious and void, he said the Indian government was preparing the ground to seek public support in next election by hurling allegation against Pakistan. “India must keep it in mind that it is a New Pakistan,” Vawda said adding that valiant Armed Forces of Pakistan would give a befitting response if India launched any misadventure. He said India would get nothing from its war hysteria except embarrassment among the comity of the nations.

 

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Economy

Senate Standing Committee visits Wafaqi colony

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Govt. increases duties to cut imports

LAHORE: Senate Standing Committee on Housing and Works led by its chairman Mir Kabeer Ahmad Muhammad Shahi on Friday visited 60 newly constructed apartments in Wafaqi Colony.
Talking to media men on the occasion, Senator Mir Kabeer Ahmad said the Senate standing committee on housing and works was thoroughly briefed by the ministry of housing and works regarding its projects in Lahore. He said that out of 60 apartments, 16 had been handed over. The cost of one flat was Rs 68,00,000, he said adding that it was ‘reasonable price’ in view of the project location.
He informed that the Senate standing committee also met Punjab Governor  Chaudhry Muhammad Sarwar on Thursday and discussed matters with him. He said the Governor assured to extend all possible support to retrieve Housing and Works land from Board of Revenue. Later, they also visited Wafaqi colony, federal lodges and reviewed the facilities being provided there. Senate standing committee members including Senator Mirza Muhammad Afridi and others were also present.

 

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