PSO earns Rs 24.3 billion profit during last two years

Tuesday, 07 February 2012 20:26

ISLAMABAD: Federal Minister for Water and Power Syed Naveed Qammar on Tuesday told the Senate that Pakistan State Oil (PSO) earned Rs24.3 billion during the year 2009-10 and 2010-11.

In a written reply to a question during Question Hour, he said that PSO earned Rs. 9.5 billion during the year 2009-10 and Rs 14.8 billion earned during the year 2010-11.

Answering another question, Syed Naveed Qammar said that governments of four participants countries in TAPI Project i.e. Turkmenistan, Afghanistan, Pakistan and India have already signed the Inter-Governmental Agreement (IGA) and the Heads of Agreement and Gas Pipeline Framework Agreement (GPFA) for implementation of the project.

The minister said that the Gas Sale and Purchase Agreement (GSPA) are already negotiated and the steering committee of ECC has given the approval and will now be placed before the ECC for approval GSPA is expected to be signed by February 2012.

He said that Asian Development Bank (ADB) funded prefeasibility study the estimated project cost is US $ 7.6 billion, which, however, shall be firmed up after detailed feasibility.

He said that the project would be completed 4 to 5 years after signing of GSPA by all parties and first flow of gas planned in 2016.

He said that ADB is acting as lead coordinator of the project and ADB has funded the initial and updated project pre-feasibility. For project financing, construction and implementation, TAPI parties have agreed in the GPFA to form a consortium.