Misuse of CSR funds: Body takes serious notice of weak regulatory oversight

ISLAMABAD: The Standing Committee on Energy (Petroleum Division) takes serious notice of the weak regulatory oversight, which has resulted in the misuse of CSR funds and non-realisation of the Production Bonus and Training Fund for capacity building by exploration and production companies.

The Standing Committee on Energy (Petroleum Division) takes serious notice of the ministry’s weak regulatory oversight, which has resulted in the misuse of CSR funds and non-realisation of the Production Bonus and Training Fund for capacity building by exploration and production companies.

The Standing Committee on Energy (Petroleum Division) met here under the chairmanship of Syed Mustafa Mehmood to discuss the CSR fund. Production Bonus and Training Fund for capacity building by exploration and production companies.

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The Secretary, Ministry of Energy (Petroleum Division), briefed the committee on the allocation, utilisation, and transparency of Corporate Social Responsibility (CSR) funds by E&P companies.

He informed that Petroleum Policy 1994, 1997, 2001, 2009, and 2012 mandates E&P companies to spend specific amounts for various local welfare schemes, including but not limited to health, education, drinking water, drug awareness, sports, rehabilitation, scholarships, and road construction.

Exploration and production companies also invest in training and capacity-building initiatives, while Production Bonus contributions are discharged in accordance with governing policies and guidelines.

Copyright Business Recorder, 2024