Govt releases Rs816mn for petroleum development projects

ISLAMABAD: The government has released as many as Rs 816.713 million for various projects of Petroleum and Natural Resources Division under Public Sector Development Programme (PSDP) for the fiscal year 2016-17.

In total, the government has allocated Rs 919.714 million for various ongoing and new projects of the Petroleum and Natural Resource Division in the PSDP of current fiscal year.

According to data released by the Ministry of Planning, Development and Reform, an amount of Rs 332.238 million has been released for the provision of Sui Gas to three localities including Oghi, Parthana and Sher Garh of district Mansehara.

In total Rs 664.5 million have been estimated the total cost of the project out of which Rs332.238 was earmarked for the current fiscal year.

The government also released Rs 415.807 million allocated this year for acquisition of four drilling rigs with accessories of the Geological Survey of Pakistan. The total cost of the project has been estimated at Rs665.8 million.

Out of the total Rs 28.7 million earmarked for the exploration and evaluation of metallic minerals in Bela and Uthan areas of Lasbella Balochistan, the government has released Rs.11.48 million so far.

Similarly, the government released Rs 52.648 million for appraisal of newly discovered coal resources of Badin Coal Field and its adjoining areas of Southern Sindh.

As many as Rs 131.619 million have been earmarked for the project in the PSDP 2016-17.

An amount of Rs4.540 million have been released for exploration of Teriary Coal in Central Salt Range Punjab, for which the government has allocated Rs11.350 million in the Federal PSDP of the current fiscal year.

In total, the government has released Rs 167.942 billion for different social sector developmental projects so far under Public Sector Development Programme (PSDP) 2016 17 as against the total allocation of Rs 800 billion.

The Planning Commission has been following a proper mechanism to release funds. The commission releases 20 percent of funds in first quarter (July September), 20 percent in second quarter (October-December), 30 percent in 3rd quarter (January March)and 30 percent in fourth quarter (April June).