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Fuel and Energy: Pakistan


The Supreme Court on Monday granted permission to the federal government to sell off 10 percent shares of Oil and Gas Development Company Limited (OGDCL) of its 85 percent holding in the company on a condition that privatisation proceeds would not be spent from Federal Consolidated Fund (FCF) till court''''s final decision on the federation''''s appeal against Peshawar High Court''''s (PHC) verdict through which the high court had issued an interim order to freeze the process.

The government will offer 311 million OGDCL shares (7.5 percent of its holding) to the international and domestic institutional investors most probably by next month with a view to mobilising a minimum of $770 million. "We are going to finalise the book building date with the Financial Advisor for OGDCL shares transaction in the beginning of November 2014," said Privatisation Commission Chairman Muhammad Zubair, acknowledging that the completion of the transaction would pave the way for the release of a tranche by the International Monetary Fund (IMF).
Federal Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi said that Liquefied Natural Gas (LNG) would start arriving Pakistan within three months after completion of terminals. While responding to the questions of the members of the National Assembly during the session, the Minister said that a mechanism is under consideration to ensure uninterrupted Compressed Natural Gas (CNG) supply to consumers.
Complaints about K-Electric's indifferent attitude towards resolving consumers' issues continued to pouring in newspaper offices. Residents of different areas said that their complaints - ranging from prolonged loadshedding to PMT faults and from excessive billing to wire snapping cases - either remained unheeded for days together or resolved after a considerable period.
Minister for Water and Power Khwaja Asif on Monday informed the Senate that no additional burden would be put on the masses with the recent increase in electricity tariff, as it has been rationalised through fuel adjustment. The minister was responding to concerns of the senators during the debate on the situation arising out of the recent floods. The minister also dispelled the notion of "water terrorism" by India, saying that there is no evidence which could prove that India deliberately released water to create floods in Pakistan.
Three members of Sui Southern Gas Company (SSGC) Board, who opposed approval of $47 million Stand By Letter of Credit (SBLC) in favour of ETPL, had reportedly brought with them dissenting notes, well informed sources told Business Recorder. SSGC Board on Saturday approved a $47 million SBLC for Elengy Terminal Pakistan Limited to cover six months'' capacity charges by a majority vote. Nine board members favoured the proposal while three out rightly rejected it.
Pakistan has stressed the need for upholding the principle of equal and undiminished security for all states in global nuclear disarmament efforts. Pakistan's permanent representative to the United Nations' European offices in Geneva, Zamir Akram, speaking in the General Assembly's First Committee that deals with disarmament and international security matters urged the major nuclear weapon states to progress towards the achievement of the goal of global nuclear disarmament.


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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 20, 2014
Reserves $13.436 bln