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Provinces paid Rs 36.5 billion of GDS, oil, gas royalties: ministry

The Ministry of Petroleum has reported that net proceeds of Rs 36.5 billion collected on account of Gas Development Surcharge and Royalties on Crude Oil and Natural Gas have been distributed among provinces during the first six months of the current fiscal year.

Sources said that the Finance Ministry informed provinces during the recent bi-annual meeting on NFC Award that this was reported by the Petroleum Ministry. The meeting was also informed that the payment to the provinces included Rs 19.85 billion on account of royalty on crude oil, Rs 19.034 billion of royalty on natural gas and Rs 25.691 billion on account of gas development surcharge.

The Ministry of Petroleum reported that in accordance with the provisions of Article-5, the royalty payment to Punjab on crude oil was Rs 2.536 billion during the first six months of the current fiscal year, followed by Rs 3.266 billion to Sindh and Rs 0.002 billion to Balochistan. Khyber Pakhtunkhwa was transferred Rs 5.047 billion on account payment of net proceeds of royalty on crude oil.

The meeting was informed that the entire net proceeds of royalty and surcharge on gas have been distributed in accordance with the provisions of the NFC Award agreed and signed by the provinces and federation on December 30, 2009. The Finance Ministry also informed that the Petroleum Ministry reported that provinces had been transferred a total of Rs 6.657 billion on account of gas development surcharge during the first six months of the current fiscal year. Punjab was transferred Rs 0.168 billion, Sindh Rs 4.874 billion and Khyber Pakhtunkhwa and Balochistan received Rs 0.843 billion and Rs 0.772 billion, respectively.

Payment of net proceeds to the provinces on account of royalty on natural gas stood at Rs 19.034 billion with Rs 1.559 billion to Punjab, Rs 6.481 billion to Sindh and Khyber Pakhtunkhwa and Balochistan received Rs 2.567 billion and Rs 5.84 billion, respectively.

The meeting was also informed that as per Clause (2) of Article 6, GDS payable to Balochistan between July 1, 2002 and June 30, 2010 based on the new formula was to be worked out and arrears, subject to maximum of Rs 10 billion, were to be paid to Balochistan in five years.

The federal government has accordingly allocated Rs 2 billion for the purpose in the current fiscal year out of which Rs 1 billion has been paid to government of Balochistan during the first half of the current fiscal year. In addition Rs 120 billion is to be paid to government of Balochistan as arrears of GDS prior to 1991 under Aghaz-e-Huqooq-e-Balochistan Package (AMBP) in 12 years starting from fiscal year 2010-11. An amount of Rs 10 billion was allocated and Rs 5 billion has been paid to the government of Balochistan during the period under review.

Copyright Business Recorder, 2013



 





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