ISLAMABAD: The annual profit earning before tax of State-owned Entities (SOEs) under the administrative control of the Petroleum Division is Rs178 billion and these companies contribute with taxes amounting to Rs864 billion per annum to the exchequer.

Total spending on CSR activities by petroleum companies stands around Rs3.2 billion annually.

The figures were shared, on Thursday, in a meeting chaired by Federal Minister for Energy Hammad Azhar.

Mian Asad Hayaud Din, federal secretary for Petroleum Division and senior officers briefed the minister on petroleum sector of the country.

The secretary also briefed the minister, in detail, about the positive progress on the UfG reduction, construction of cross national/local gas pipelines and exploration and production activities.

The minister was also apprised about the reformation/restructuring of companies' boards and appointments of MDs of the SOEs under the Petroleum Division.

The secretary also highlighted various issues including the issue of rationalisation of gas sale prices, recovery of receivables of companies, security measures at E&P sites and development being in progress to address these issues.

The minister appreciated the team of the Petroleum Division for positive progress on key areas of public delivery and administrative services and aimed that a comprehensive plan of action would be pursued for smooth redressal of various issues of the oil and gas sector.

Copyright Business Recorder, 2021