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Fuel and Energy: Pakistan


Prime Minister Nawaz Sharif Friday directed Ministries of Petroleum & Natural Resources, Water & Power and Finance Division to ensure that an additional electricity of 2,400-2,500 MW comes to the system by February 2015, both in the case of LNG and new on-site generation.

Sindh Engro Coal Mining Company''s (SECMC) 660 MW local coal-fired project being established in Thar is in doubt with Chinese banks unwilling to extend a loan for the power plant on a Pakistani sovereign guarantee. SECMC, however, believes that the flagship project will be out of the troubled waters with the help of government.
The 63rd Annual General Meeting (AGM) of Pakistan Petroleum Limited (PPL) was held on Friday. Shareholders of the company approved financial statements together with the auditor''''s report for the fiscal year ended June 30, 2014 besides payment of final cash dividend of 75 percent on ordinary share capital. This is in addition to an interim cash dividend of 50 percent already paid to shareholders, bringing total distribution for the financial year 2013-14 to 125 percent cash dividend.
The management of Pakistan State Oil (PSO) has asked the authorities of Pakistan International Airlines (PIA) to clear outstanding dues worth Rs 11.4 billion or the PSO would suspend fuel supply to the national flag carrier. In a letter to the Secretary, Ministry of Petroleum, PSO has said that under the prevailing circumstances the company was unable to continue fuel supply to PIA.
The 17th Annual General Meeting (AGM) of OGDCL to review the performance of financial year 2013-2014 and election of new board members held here at a hotel on Friday. It was presided over by Zahid Muzaffar, Chairman of the Board of Director and attended by Iskander Mohammad Khan, Prince Ahmed Omar Ahmedzai, Rehmat Salam Khattak, Hamid Farooq alongwith Muhammad Rafi MD/CEO OGDCL.
A spokesman for Provincial Energy Department has said that Punjab government is taking a number of solid and effective steps for overcoming energy crisis and increasing the production of electricity. He said that Quaid-i-Azam Solar Park is being set up at Bahawalpur for the promotion of investment in renewable solar energy projects. LOI has been issued to the Chinese company for the feasibility study of 900MW solar energy project in Bahawalpur.
The State Bank of Pakistan has issued rules for Payment System Operators (PSOs) and Payment Service Providers (PSPs) in order to promote competitive environment and transparency within the payments market and with the objective of standardisation and setting benchmark guidelines.


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln