Muhammad Omar
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Infrastructure Development in Pakistan
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Sulman Badshah
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PPL announces sixth discovery in Gambat South
The Pakistan Petroleum Limited (PPL), operator of Gambat South Block with 65 percent working interest (WI) along with its joint venture partners Government Holdings (Private) Limited and Asia Resources Oil Limited with 25 percent and 10 percent WI, respectively, announced another gas and condensate discovery at its exploration well Faiz X-1 located in District Sanghar, Sindh. This is the sixth discovery in the block.
Exploration well Faiz X-1 was spud on October 17, 2014, and reached final depth of 3,564 meters on December 1, 2014. Based on wire line logs, potential hydrocarbon bearing zones were identified in the Basal Sand of Lower Goru Formation, which are under testing. Initial testing flowed 2,100 barrels per day (bbl/d) condensate and 11.05 MMscfd gas at 40/64 inches choke size, thus confirming the presence of condensate and natural gas at Faiz X-1. This discovery will translate into approximately 4,030 bbl/d in oil equivalent and foreign exchange saving of USD 282,000 per day.
The well is being flowed at different choke sizes to measure condensate and gas flow rates, following completion of which actual flow potential of the well will be determined.
Pakistanis invest $1.2b in Dubai real estate this year
The government should also provide information about property laws as majority of the buyers and sellers do not know buying or rental processes, which often results in legal battles. PHOTO: AYESHA MIR/EXPRESS
LAHORE: It seems that investor confidence in the real estate market of Pakistan has started falling once again as capital flight to Dubai’s property market in the first half of 2014 is recorded at $1.23 billion.
“Pakistan ranked third among countries that invested heavily in the Dubai real estate market in 2013 and the trend is continuing this year as well, despite the fact that the market has remained slow for almost the entire year,” said bayut.com Chief Executive Officer Haider Ali Khan in an interview with The Express Tribune.
For Khan, who heads one of the top three property portals of the United Arab Emirates (UAE), Dubai is the most attractive real estate market for many countries, primarily due to the reforms introduced after the financial crisis of 2008. During the turmoil, many property developers had defaulted, shaking the confidence of investors.
Now, after the introduction of new laws, the real estate market is once again strengthening.
According to Khan, Indians lead investments in the Dubai real estate sector by putting $2.27 billion (AED10 billion), the United Kingdom puts $1.36 billion (AED5 billion), whereas Pakistan stands third after investments of $1.23 billion (AED4.5 billion), according to data for the first six months of 2014.
Though no statistics are out for the remaining period of the year, market experts predict more outflow of capital from Pakistan to Dubai as the country’s economy has not performed well from June to date.
The real estate market of Pakistan has remained stagnant for the last six months, however, according to zameen.com, Pakistan’s leading property portal, overall property prices have registered a spike of 8-11% in 2014.
However, the Dubai’s market, which is passing through a correction phase, managed to post a growth of 20-23%, according to bayut.com.
Reasons for capital outflow
Khan stated that due to the absence of any government-owned regulatory authority in Pakistan, many local investors opt to invest in Dubai.
“Dubai has improved very quickly after learning from the 2008 crisis, at the time there were not many laws to protect investors, as a result the developers defaulted and investor confidence dived. Now, there are strict laws to protect the sector. They have created the Dubai land department to take things under control.”
Khan pointed out that most mature real estate markets are protected by law and the Pakistani government should gradually work to introduce some real estate laws, so that investor confidence improves and practices like the Biana system – 20% to 30% advance payment – should be stopped which hurts confidence. This will help the market mature.
The government should also provide information about property laws as majority of the buyers and sellers do not know buying or rental processes, which often results in legal battles, especially in rental cases.
Khan also said in Pakistan local developers announce different real estate projects but hardly any developer completes them on time. There are many projects where investors have been waiting for years but the builders are reluctant to complete them.
“The Dubai government shifted to the Escrow accounts model, in which the government releases certain capital to the developers, deposited by the investors, for a certain project, only to ensure the timely completion of the project.
Toyota Indus plans to bring 2 new models to Pakistan
we posted some photos of what appeared to be the Toyota Vitz/Yaris that Indus Motor Company (IMC) is going to launch soon. After obtaining those photos, we started to dig in and asked some of our internal sources at IMC about the authenticity of these photos.
According to our sources at IMC, the photos are indeed original. The car in the photos was a test car that Toyota Indus imported for test and analysis purposes. The car was showcased to some select vendors and the officials of IMC at an internal gathering at Pearl Continental Hotel earlier this month.
Our source further told us that the car in photos would be launched by the end of 2016 or mid-2017 and would be named Yaris to distinguish it from the imported Vitz that has been in the market for over a decade now. The car would be available in 1.3 liter engine with an option for either automatic or manual transmission. The price of the car would be similar to that of Suzuki Swift.
Not only this, but our source also told us that Toyota Indus would discontinue the Toyota Corolla XLi because the variant lacks basic accessories such as the Power Windows and many customers complain about that fact.
To fill the 1.3 liter sedan gap created by the discontinuation of XLi, Toyota Indus would introduce Toyota Vios 1.3 – the sedan version of Toyota Vitz/Yaris also known as Toyota Belta in some countries including Pakistan. The Vios would be priced close to the price of Corolla XLi and would go head to head with the Honda City in Pakistan.
To add up to our excitement, our source further added that IMC will upgrade the engine of Toyota GLi from 1.3 liter to a new 1.5 liter engine and the GLi would be the basic variant of Toyota Corolla with Power Windows and other accessories as standard. The Toyota Corolla Altis Grande would remain the top of the line variant of Corolla.
We also asked our source about the latest development on IMC’s plans to bring Toyota Etios/Liva to Pakistan aspreviously reported by us. We were told that IMC has totally dropped the plan to bring Etios to Pakistan due to a lack of interest shown by the local vendors and dealers in the car. The Etios that IMC imported for test and analysis purposes is up for sale through an internal auction.
For the first time in several years, I would agree with the strategy of IMC. Currently, XLi is the supreme choice of all the cab and car rental companies; discontinuing XLi would really increase the social status of Corolla in Pakistan.
Dar briefed on K2, K3 nuclear energy projects
Strategic Plans Division (SPD) Director General Lieutenant General Zubair Mahmood Hayat called on Federal Minister for Finance Ishaq Dar on Saturday and briefed him about the financing mechanism of K2 and K3 nuclear energy projects.
Secretary Economic Affairs Division (EAD) Nargis Sethi and DG SPD gave a joint briefing to the minister about the status of the project and what is the future plan to take this project ahead.
The aforementioned energy projects will be a part of Pak-China Energy Corridor and will be jointly financed by China (EXIM Bank) and Pakistan in a ratio 82 and 18 percent respectively.
Gen Hayat told the minister that the project when completed would be the cheapest source of energy. This project will help a long way in overcoming the energy crunch which is experienced now by the country, he added. It was also briefed to the minister that the project would use very secure and highly efficient third generation equipment to make cheapest electricity.
The minister appreciating the efforts of EAD and Pakistan Atomic Energy Commission (PAEC) in making a plan for this project said that the PML-N government would take the country where the rest of the developed world stands now. “When we planned to build the Motorway, it was considered ahead of time but now it has increased its value many-fold and if these energy projects are pursued as per planned we shall be able to meet the future energy requirements of Pakistan,” he added.
The minister directed that another meeting should be held on the same projects next week in which all the relevant stakeholders from EAD, Finance, SPD and PAEC should be invited to make presentations of the project details and what steps are to be taken by the government to help make this project a reality.
Pakistan, Iran reach accord for no penalty on unmet gas deal
Energy-starved Pakistan has convinced Iran to step back from demanding $200m a month from January 1 to compensate for Islamabad’s failure to begin receiving gas from Iran’s South Pars gas field.
Pakistan has in the past said the Iranian gas is the cheapest option available as its own reserves in the country’s south and southwest dry up. However, officials have complained of continuing US pressure on Islamabad to keep the arrangement with Iran on hold until US-led international sanctions on Tehran are lifted.
The “new understanding” between the countries revealed by Minister for Petroleum and Natural Resources Shahid Khaqan Abbassi removes for now a “take or pay” obligation on Pakistan to compensate Iran whether or not it receives anything under a contract linked to the pipeline.
“We have a new understanding with Iran,” Abbassi told the Financial Times. “There will be no penalty applicable from January 1.” Pakistan produces about 4bn cubic feet of gas per day but officials say the country needs at least 8bn cu ft. The country’s worsening energy supply shortfall has been highlighted in recent days with anxious consumers complaining of gas shortages while the winter chill sets in. The problem has forced Pakistan to halt the sale of compressed natural gas at petrol stations so the gas can instead be diverted for household use.
A Pakistan foreign ministry official speaking on condition of anonymity said the agreement revealed by Abbassi was important to keep relations intact between Islamabad and Tehran because the neighbours needed to co-operate in fighting Sunni-Muslim militants who have sought to launch operations against predominantly Shia Iran from Pakistan’s southwestern Balochistan province.
Since last week’s Taliban attack on a school in the northern city of Peshawar, officials have spoken of renewed efforts to improve security ties with Iran.
Energy experts said gas from Iran would form a substantial part of Pakistan’s energy mix. Sakib Sherani, a former adviser to the finance ministry in Islamabad, said gas from Iran was “a very significant source of future gas supplies to Pakistan. We can’t give up this project.”
Abbassi said a planned terminal for converting imported liquefied natural gas to gas near Karachi would be “up and running” by March 2015
Bilateral cooperation: Russia eyes available opportunity in Pakistan
Russian Trade Representation head assured to make all-out efforts to remove bottlenecks to ensure smooth two-way trade between the two countries. CREATIVE COMMONS
KARACHI: Russian Trade Representation head Yury Kozlov has stressed the need to focus on exploring ways and means of promoting investment cooperation between Pakistan and Russia
Speaking at a meeting during his visit to the Karachi Chamber of Commerce and Industry (KCCI), he said that Russia considers Pakistan an important country in the region as it has great economic potential.
“Russian wants to increase bilateral trade and cooperation with Pakistan in diversified areas of the economy. This would surely help strengthen mutually beneficial trade and economic relations between the two countries,” he said.
He also asked the KCCI to give proposals on strengthening economic cooperation and people to people contact between the two countries.
Kozlov assured to make all-out efforts to remove bottlenecks to ensure smooth two-way trade between the two countries.
Referring to the third session of the Russia-Pakistan Inter-governmental Commission of Trade, Economic, Scientific and Technical Cooperation held last month, he said that Russia was looking forward to available opportunities.
He informed that Russian companies have also expressed interest in the construction of North-South gas pipeline in Pakistan and the LNG terminal at Port Qasim in Karachi.
He pointed out that Russia had helped Pakistan promote various industrial sectors like the steel mill in Karachi, Guddu thermal power station, Jamshoro power station and thermal power station at Muzaffargarh.
KCCI President Iftikhar Ahmed Vohra, KCCI Vice President Agha Shahab Ahmed Khan, Chairman of Diplomatic Missions and Embassies’ Liaison Sub-Committee KCCI, Muhammad Naeem Sharif and KCCI Managing Committee members attended the meeting.
Pak-China 25 MoUs to promote ties in IT sector
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ISLAMABAD - Pakistan and China have signed 25 commercial MoUs to promote bilateral cooperation in the IT sector, following IT Forum held in Chinese city of Shenzhen, says a press release received here on Sunday.
Out of 25 MoUs, 15 were by the Pakistani private enterprises and 10 by the COMSATS IT delegation. This was the first-ever Forum of its kind held between the two countries, which was attended by 63 participants from Pakistan and about 200 from the Chinese side.
The Forum was organized by the Consulate General of Pakistan, Guangzhou, China, in collaboration with Shenzhen Science, Technology and Innovation Commission, Shenzhen Software Park, Shenzhen Hi-Tech Park, Shenzhen Science and Technology Business Platform and Shenzhen Software Industry Association.
Participants from Pakistan included Pakistan Software Export Board (PSEB) represented by its Managing Director, Mr. Asim Shahryar Husain, whereas the COMSATS Institute of Information Technology (CIIT) was led by its Pro-Rector Dr. Haroon Rashid. Enterprises from Private Sector Software Industry and members of CIIT’s various Software Houses, Telecommunication Study Center, Information Technology Services also attended the Forum.
In his welcoming remarks, the Consul General Babar Amin thanked all the Chinese Government organizations and private sector Associations which rendered their indispensable support to host the Forum. The purpose of the Forum was to bring Pakistan and Chinese counterparts in Software and IT industry together to create a synergy between them.
He emphasized that Software and IT industry in both the countries can benefit from each other’s complementary strength in this field, to achieve a win-win outcome.
Director General of Shenzhen Science, Technology and Innovation Commission, Mr. Lu Jian in his opening remarks informed that Shenzhen’s IT products output in 2013 was worth RMB 1.2 trillion (US$ 200 billion) and its Software products valued RMB 600 billion (US$ 1 billion). Shenzhen’s Software revenue accounted for 1/10th of the total national output.
Welcoming the Consulate General of Pakistan’s initiative to host the Pakistan-China Software and IT Forum, Mr. Liu Jian expressed confidence that it would lay solid foundation for future cooperation. He said that not only was Pakistan a strategic partner, it also offered cost effective advantage and favourable policy environment.
A key note address was delivered by Chinese Software Industry Veteran leader, former President of China Software Association and its current Advisor, Mr. Chen Chong. He said that Pakistan’s potential in Software field is not very well known in China and this Forum was the first major breakthrough in bringing Software enterprises of the two countries together. Mr. Chen assured full support of Chinese Software Industry, to enhancement business ties with Pakistan in the Software and IT fields.Managing Director PSEB, Mr. Hussain presented salient features of Pakistan’s IT Industry and areas of its Software expertise.
He briefed the participants as to why Pakistan should be a preferred destination for Chinese Software outsourcing and joint collaboration. Pro-Rector CIIT Dr. Rashid highlighted the Institutes Software capabilities and how cooperation can be done with the Chinese enterprises on ‘Academia- Industry Collaboration’ model.
Representatives of Pakistan Software Houses Associations (P@SHA), Sultan Hamdani presented the state of Pakistan’s Software Industry and the opportune business advantages offered by it.
The Pakistani participants also visited Shenzhen based major Software and IT companies such as E-Soft, Kingdom Technology Company, ZTE, Huawei, Tencent and Kingdee, on 15-16 December, 2014.
China being the second biggest global Software and IT market, offers huge potential for Pakistan. Simultaneously China can enormously benefit from Pakistan’s Software expertise, especially for English Language interfacing and cost effective solutions. It is expected that enhanced interaction between the relevant enterprises from the two sides will generate significant business in this non-traditional area of the two countries’ trade.
Metro bus project: Rs181m allocated for environmental protection, SC told
According to the reports submitted in supreme court, the metro bus project was started after getting NOC from Environmental Protection Agency. PHOTO: INP
ISLAMABAD: The Capital Development Authority (CDA) on Tuesday told the Supreme Court that Rs181 millions have been allocated for the beautification, plantation and repairing of footpaths, which would be damage due to the Rawalpindi-Islamabad metro bus project.
The top court was also informed that the project is expected to be completed by mid-February 2015. Earlier, the official deadline regarding the completion of metro bus project was January 31, 2015.
A three-member bench of the apex court, headed by Chief Justice Nasirul Mulk, on Tuesday took up hearings of the suo motu case, nine months after Senator Mushahid Hussain had written a letter to the human rights cell of the apex court on March 10 seeking the chief justice’s intervention over the environmental impact of the Rawalpindi-Islamabad metro bus project.
During the hearing, CDA and Commissioner Rawalpindi submitted their reports regarding the protection of environment.
According to the reports, the metro bus project was started after getting the requisite NOC from Environmental Protection Agency. Similarly, there is no violation of Islamabad Master Plan in this matter.
Additional Advocate General Punjab Razaq A Mirza informed the bench that environmental issues were considered before the initiation of metro bus project.
Clarifying that he, in principle, is not against the project, Senator Hussain told the bench that he just wanted to highlight the violation of environment laws. He added that greenbelt area has been damaged and cost of project has also been increased.
Upon this, the chief justice asked him that what the Supreme Court can do in this matter.
The applicant requested the bench to direct the government for the plantation of trees as well as repairing of footpaths and green belt areas.
SA Rehman counsel for CDA however ensured the bench that after the completing of construction work, plantation as well as repairing of footpaths and green belt areas would be started, adding that Rs181 millions have already been collected from different construction companies for this purpose.
Responding to the bench’s query when the project will be completed, CDA’s counsel said the project will be completed by the mid of February.
Upon this, the court observed that two months are left regarding the completion of metro bus project; therefore, they adjourn the case until mid of March to examine the measure taken by CDA regarding the protection of environment.
Meanwhile, another applicant namely Shakir while opposing the metro bus project said that there is no need of this project in capital. The bench however rejected his plea.
Earlier, former chief justice Tassaduq Hussain Jillani on March 14 sought detailed reports from CDA Chairman Maroof Afzal and Metro Project Director Zahid Saeed as to whether the project was posing any threat to Islamabad’s master plan or its green belts, and whether an environmental impact assessment (EIA) had been carried out.
“These reports, together with technical reports, if any, by the Pakistan Environmental Protection Agency (Pak-EPA), Punjab Environmental Protection Agency and Climate Change Division [should be] submitted by March 18, 2014,” the court had directed.
The Pakistan Petroleum Limited (PPL), operator of Gambat South Block with 65 percent working interest (WI) along with its joint venture partners Government Holdings (Private) Limited and Asia Resources Oil Limited with 25 percent and 10 percent WI, respectively, announced another gas and condensate discovery at its exploration well Faiz X-1 located in District Sanghar, Sindh. This is the sixth discovery in the block.
Exploration well Faiz X-1 was spud on October 17, 2014, and reached final depth of 3,564 meters on December 1, 2014. Based on wire line logs, potential hydrocarbon bearing zones were identified in the Basal Sand of Lower Goru Formation, which are under testing. Initial testing flowed 2,100 barrels per day (bbl/d) condensate and 11.05 MMscfd gas at 40/64 inches choke size, thus confirming the presence of condensate and natural gas at Faiz X-1. This discovery will translate into approximately 4,030 bbl/d in oil equivalent and foreign exchange saving of USD 282,000 per day.
The well is being flowed at different choke sizes to measure condensate and gas flow rates, following completion of which actual flow potential of the well will be determined.
Pakistanis invest $1.2b in Dubai real estate this year
The government should also provide information about property laws as majority of the buyers and sellers do not know buying or rental processes, which often results in legal battles. PHOTO: AYESHA MIR/EXPRESS
LAHORE: It seems that investor confidence in the real estate market of Pakistan has started falling once again as capital flight to Dubai’s property market in the first half of 2014 is recorded at $1.23 billion.
“Pakistan ranked third among countries that invested heavily in the Dubai real estate market in 2013 and the trend is continuing this year as well, despite the fact that the market has remained slow for almost the entire year,” said bayut.com Chief Executive Officer Haider Ali Khan in an interview with The Express Tribune.
For Khan, who heads one of the top three property portals of the United Arab Emirates (UAE), Dubai is the most attractive real estate market for many countries, primarily due to the reforms introduced after the financial crisis of 2008. During the turmoil, many property developers had defaulted, shaking the confidence of investors.
Now, after the introduction of new laws, the real estate market is once again strengthening.
According to Khan, Indians lead investments in the Dubai real estate sector by putting $2.27 billion (AED10 billion), the United Kingdom puts $1.36 billion (AED5 billion), whereas Pakistan stands third after investments of $1.23 billion (AED4.5 billion), according to data for the first six months of 2014.
Though no statistics are out for the remaining period of the year, market experts predict more outflow of capital from Pakistan to Dubai as the country’s economy has not performed well from June to date.
The real estate market of Pakistan has remained stagnant for the last six months, however, according to zameen.com, Pakistan’s leading property portal, overall property prices have registered a spike of 8-11% in 2014.
However, the Dubai’s market, which is passing through a correction phase, managed to post a growth of 20-23%, according to bayut.com.
Reasons for capital outflow
Khan stated that due to the absence of any government-owned regulatory authority in Pakistan, many local investors opt to invest in Dubai.
“Dubai has improved very quickly after learning from the 2008 crisis, at the time there were not many laws to protect investors, as a result the developers defaulted and investor confidence dived. Now, there are strict laws to protect the sector. They have created the Dubai land department to take things under control.”
Khan pointed out that most mature real estate markets are protected by law and the Pakistani government should gradually work to introduce some real estate laws, so that investor confidence improves and practices like the Biana system – 20% to 30% advance payment – should be stopped which hurts confidence. This will help the market mature.
The government should also provide information about property laws as majority of the buyers and sellers do not know buying or rental processes, which often results in legal battles, especially in rental cases.
Khan also said in Pakistan local developers announce different real estate projects but hardly any developer completes them on time. There are many projects where investors have been waiting for years but the builders are reluctant to complete them.
“The Dubai government shifted to the Escrow accounts model, in which the government releases certain capital to the developers, deposited by the investors, for a certain project, only to ensure the timely completion of the project.
Toyota Indus plans to bring 2 new models to Pakistan
we posted some photos of what appeared to be the Toyota Vitz/Yaris that Indus Motor Company (IMC) is going to launch soon. After obtaining those photos, we started to dig in and asked some of our internal sources at IMC about the authenticity of these photos.
According to our sources at IMC, the photos are indeed original. The car in the photos was a test car that Toyota Indus imported for test and analysis purposes. The car was showcased to some select vendors and the officials of IMC at an internal gathering at Pearl Continental Hotel earlier this month.
Our source further told us that the car in photos would be launched by the end of 2016 or mid-2017 and would be named Yaris to distinguish it from the imported Vitz that has been in the market for over a decade now. The car would be available in 1.3 liter engine with an option for either automatic or manual transmission. The price of the car would be similar to that of Suzuki Swift.
Not only this, but our source also told us that Toyota Indus would discontinue the Toyota Corolla XLi because the variant lacks basic accessories such as the Power Windows and many customers complain about that fact.
To fill the 1.3 liter sedan gap created by the discontinuation of XLi, Toyota Indus would introduce Toyota Vios 1.3 – the sedan version of Toyota Vitz/Yaris also known as Toyota Belta in some countries including Pakistan. The Vios would be priced close to the price of Corolla XLi and would go head to head with the Honda City in Pakistan.
To add up to our excitement, our source further added that IMC will upgrade the engine of Toyota GLi from 1.3 liter to a new 1.5 liter engine and the GLi would be the basic variant of Toyota Corolla with Power Windows and other accessories as standard. The Toyota Corolla Altis Grande would remain the top of the line variant of Corolla.
We also asked our source about the latest development on IMC’s plans to bring Toyota Etios/Liva to Pakistan aspreviously reported by us. We were told that IMC has totally dropped the plan to bring Etios to Pakistan due to a lack of interest shown by the local vendors and dealers in the car. The Etios that IMC imported for test and analysis purposes is up for sale through an internal auction.
For the first time in several years, I would agree with the strategy of IMC. Currently, XLi is the supreme choice of all the cab and car rental companies; discontinuing XLi would really increase the social status of Corolla in Pakistan.
Dar briefed on K2, K3 nuclear energy projects
Strategic Plans Division (SPD) Director General Lieutenant General Zubair Mahmood Hayat called on Federal Minister for Finance Ishaq Dar on Saturday and briefed him about the financing mechanism of K2 and K3 nuclear energy projects.
Secretary Economic Affairs Division (EAD) Nargis Sethi and DG SPD gave a joint briefing to the minister about the status of the project and what is the future plan to take this project ahead.
The aforementioned energy projects will be a part of Pak-China Energy Corridor and will be jointly financed by China (EXIM Bank) and Pakistan in a ratio 82 and 18 percent respectively.
Gen Hayat told the minister that the project when completed would be the cheapest source of energy. This project will help a long way in overcoming the energy crunch which is experienced now by the country, he added. It was also briefed to the minister that the project would use very secure and highly efficient third generation equipment to make cheapest electricity.
The minister appreciating the efforts of EAD and Pakistan Atomic Energy Commission (PAEC) in making a plan for this project said that the PML-N government would take the country where the rest of the developed world stands now. “When we planned to build the Motorway, it was considered ahead of time but now it has increased its value many-fold and if these energy projects are pursued as per planned we shall be able to meet the future energy requirements of Pakistan,” he added.
The minister directed that another meeting should be held on the same projects next week in which all the relevant stakeholders from EAD, Finance, SPD and PAEC should be invited to make presentations of the project details and what steps are to be taken by the government to help make this project a reality.
Pakistan, Iran reach accord for no penalty on unmet gas deal
Energy-starved Pakistan has convinced Iran to step back from demanding $200m a month from January 1 to compensate for Islamabad’s failure to begin receiving gas from Iran’s South Pars gas field.
Pakistan has in the past said the Iranian gas is the cheapest option available as its own reserves in the country’s south and southwest dry up. However, officials have complained of continuing US pressure on Islamabad to keep the arrangement with Iran on hold until US-led international sanctions on Tehran are lifted.
The “new understanding” between the countries revealed by Minister for Petroleum and Natural Resources Shahid Khaqan Abbassi removes for now a “take or pay” obligation on Pakistan to compensate Iran whether or not it receives anything under a contract linked to the pipeline.
“We have a new understanding with Iran,” Abbassi told the Financial Times. “There will be no penalty applicable from January 1.” Pakistan produces about 4bn cubic feet of gas per day but officials say the country needs at least 8bn cu ft. The country’s worsening energy supply shortfall has been highlighted in recent days with anxious consumers complaining of gas shortages while the winter chill sets in. The problem has forced Pakistan to halt the sale of compressed natural gas at petrol stations so the gas can instead be diverted for household use.
A Pakistan foreign ministry official speaking on condition of anonymity said the agreement revealed by Abbassi was important to keep relations intact between Islamabad and Tehran because the neighbours needed to co-operate in fighting Sunni-Muslim militants who have sought to launch operations against predominantly Shia Iran from Pakistan’s southwestern Balochistan province.
Since last week’s Taliban attack on a school in the northern city of Peshawar, officials have spoken of renewed efforts to improve security ties with Iran.
Energy experts said gas from Iran would form a substantial part of Pakistan’s energy mix. Sakib Sherani, a former adviser to the finance ministry in Islamabad, said gas from Iran was “a very significant source of future gas supplies to Pakistan. We can’t give up this project.”
Abbassi said a planned terminal for converting imported liquefied natural gas to gas near Karachi would be “up and running” by March 2015
Bilateral cooperation: Russia eyes available opportunity in Pakistan
Russian Trade Representation head assured to make all-out efforts to remove bottlenecks to ensure smooth two-way trade between the two countries. CREATIVE COMMONS
KARACHI: Russian Trade Representation head Yury Kozlov has stressed the need to focus on exploring ways and means of promoting investment cooperation between Pakistan and Russia
Speaking at a meeting during his visit to the Karachi Chamber of Commerce and Industry (KCCI), he said that Russia considers Pakistan an important country in the region as it has great economic potential.
“Russian wants to increase bilateral trade and cooperation with Pakistan in diversified areas of the economy. This would surely help strengthen mutually beneficial trade and economic relations between the two countries,” he said.
He also asked the KCCI to give proposals on strengthening economic cooperation and people to people contact between the two countries.
Kozlov assured to make all-out efforts to remove bottlenecks to ensure smooth two-way trade between the two countries.
Referring to the third session of the Russia-Pakistan Inter-governmental Commission of Trade, Economic, Scientific and Technical Cooperation held last month, he said that Russia was looking forward to available opportunities.
He informed that Russian companies have also expressed interest in the construction of North-South gas pipeline in Pakistan and the LNG terminal at Port Qasim in Karachi.
He pointed out that Russia had helped Pakistan promote various industrial sectors like the steel mill in Karachi, Guddu thermal power station, Jamshoro power station and thermal power station at Muzaffargarh.
KCCI President Iftikhar Ahmed Vohra, KCCI Vice President Agha Shahab Ahmed Khan, Chairman of Diplomatic Missions and Embassies’ Liaison Sub-Committee KCCI, Muhammad Naeem Sharif and KCCI Managing Committee members attended the meeting.
Pak-China 25 MoUs to promote ties in IT sector
INP
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ISLAMABAD - Pakistan and China have signed 25 commercial MoUs to promote bilateral cooperation in the IT sector, following IT Forum held in Chinese city of Shenzhen, says a press release received here on Sunday.
Out of 25 MoUs, 15 were by the Pakistani private enterprises and 10 by the COMSATS IT delegation. This was the first-ever Forum of its kind held between the two countries, which was attended by 63 participants from Pakistan and about 200 from the Chinese side.
The Forum was organized by the Consulate General of Pakistan, Guangzhou, China, in collaboration with Shenzhen Science, Technology and Innovation Commission, Shenzhen Software Park, Shenzhen Hi-Tech Park, Shenzhen Science and Technology Business Platform and Shenzhen Software Industry Association.
Participants from Pakistan included Pakistan Software Export Board (PSEB) represented by its Managing Director, Mr. Asim Shahryar Husain, whereas the COMSATS Institute of Information Technology (CIIT) was led by its Pro-Rector Dr. Haroon Rashid. Enterprises from Private Sector Software Industry and members of CIIT’s various Software Houses, Telecommunication Study Center, Information Technology Services also attended the Forum.
In his welcoming remarks, the Consul General Babar Amin thanked all the Chinese Government organizations and private sector Associations which rendered their indispensable support to host the Forum. The purpose of the Forum was to bring Pakistan and Chinese counterparts in Software and IT industry together to create a synergy between them.
He emphasized that Software and IT industry in both the countries can benefit from each other’s complementary strength in this field, to achieve a win-win outcome.
Director General of Shenzhen Science, Technology and Innovation Commission, Mr. Lu Jian in his opening remarks informed that Shenzhen’s IT products output in 2013 was worth RMB 1.2 trillion (US$ 200 billion) and its Software products valued RMB 600 billion (US$ 1 billion). Shenzhen’s Software revenue accounted for 1/10th of the total national output.
Welcoming the Consulate General of Pakistan’s initiative to host the Pakistan-China Software and IT Forum, Mr. Liu Jian expressed confidence that it would lay solid foundation for future cooperation. He said that not only was Pakistan a strategic partner, it also offered cost effective advantage and favourable policy environment.
A key note address was delivered by Chinese Software Industry Veteran leader, former President of China Software Association and its current Advisor, Mr. Chen Chong. He said that Pakistan’s potential in Software field is not very well known in China and this Forum was the first major breakthrough in bringing Software enterprises of the two countries together. Mr. Chen assured full support of Chinese Software Industry, to enhancement business ties with Pakistan in the Software and IT fields.Managing Director PSEB, Mr. Hussain presented salient features of Pakistan’s IT Industry and areas of its Software expertise.
He briefed the participants as to why Pakistan should be a preferred destination for Chinese Software outsourcing and joint collaboration. Pro-Rector CIIT Dr. Rashid highlighted the Institutes Software capabilities and how cooperation can be done with the Chinese enterprises on ‘Academia- Industry Collaboration’ model.
Representatives of Pakistan Software Houses Associations (P@SHA), Sultan Hamdani presented the state of Pakistan’s Software Industry and the opportune business advantages offered by it.
The Pakistani participants also visited Shenzhen based major Software and IT companies such as E-Soft, Kingdom Technology Company, ZTE, Huawei, Tencent and Kingdee, on 15-16 December, 2014.
China being the second biggest global Software and IT market, offers huge potential for Pakistan. Simultaneously China can enormously benefit from Pakistan’s Software expertise, especially for English Language interfacing and cost effective solutions. It is expected that enhanced interaction between the relevant enterprises from the two sides will generate significant business in this non-traditional area of the two countries’ trade.
Metro bus project: Rs181m allocated for environmental protection, SC told
According to the reports submitted in supreme court, the metro bus project was started after getting NOC from Environmental Protection Agency. PHOTO: INP
ISLAMABAD: The Capital Development Authority (CDA) on Tuesday told the Supreme Court that Rs181 millions have been allocated for the beautification, plantation and repairing of footpaths, which would be damage due to the Rawalpindi-Islamabad metro bus project.
The top court was also informed that the project is expected to be completed by mid-February 2015. Earlier, the official deadline regarding the completion of metro bus project was January 31, 2015.
A three-member bench of the apex court, headed by Chief Justice Nasirul Mulk, on Tuesday took up hearings of the suo motu case, nine months after Senator Mushahid Hussain had written a letter to the human rights cell of the apex court on March 10 seeking the chief justice’s intervention over the environmental impact of the Rawalpindi-Islamabad metro bus project.
During the hearing, CDA and Commissioner Rawalpindi submitted their reports regarding the protection of environment.
According to the reports, the metro bus project was started after getting the requisite NOC from Environmental Protection Agency. Similarly, there is no violation of Islamabad Master Plan in this matter.
Additional Advocate General Punjab Razaq A Mirza informed the bench that environmental issues were considered before the initiation of metro bus project.
Clarifying that he, in principle, is not against the project, Senator Hussain told the bench that he just wanted to highlight the violation of environment laws. He added that greenbelt area has been damaged and cost of project has also been increased.
Upon this, the chief justice asked him that what the Supreme Court can do in this matter.
The applicant requested the bench to direct the government for the plantation of trees as well as repairing of footpaths and green belt areas.
SA Rehman counsel for CDA however ensured the bench that after the completing of construction work, plantation as well as repairing of footpaths and green belt areas would be started, adding that Rs181 millions have already been collected from different construction companies for this purpose.
Responding to the bench’s query when the project will be completed, CDA’s counsel said the project will be completed by the mid of February.
Upon this, the court observed that two months are left regarding the completion of metro bus project; therefore, they adjourn the case until mid of March to examine the measure taken by CDA regarding the protection of environment.
Meanwhile, another applicant namely Shakir while opposing the metro bus project said that there is no need of this project in capital. The bench however rejected his plea.
Earlier, former chief justice Tassaduq Hussain Jillani on March 14 sought detailed reports from CDA Chairman Maroof Afzal and Metro Project Director Zahid Saeed as to whether the project was posing any threat to Islamabad’s master plan or its green belts, and whether an environmental impact assessment (EIA) had been carried out.
“These reports, together with technical reports, if any, by the Pakistan Environmental Protection Agency (Pak-EPA), Punjab Environmental Protection Agency and Climate Change Division [should be] submitted by March 18, 2014,” the court had directed.
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Work on Lahore-Karachi motorway to begin soon: PM
Prime Minister Nawaz Sharif. PHOTO: AFP
ISLAMABAD: Prime Minister Nawaz Sharif on Tuesday said construction work for Karachi-Lahore motorway will begin soon , Express News reported.
Addressing the annual awards ceremony of National Highways and Motorways Police in Islamabad, Nawaz said more Motorways projects will be initiated in the country.
“The region will become the centre of economic activities due to Pak-China Economic Corridor project,” said Nawaz, adding that it is a matter of great pride that the performance of Motorways and Highways police is being appreciated on the international level.
He said many programmes are being implemented from the school level to make the highways safe and to make the public aware in this regard. The PM also said he wants motorway police be more people friendly.
The premier directed for enhancing the efficiency of the organisation and recruitment of staff on need basis in a transparent manner. The prime minister also announced a 20 percent increase in salaries of Motorway police.
Nawaz Sharif also lauded the performance of Inspector General Motorways Police Zulfiqar Cheema.
Inspector General Motorway police Zulfiqar Cheema while highlighting the performance of Motorway Police said the organisation is a role model for other public sector institutions as it has the highest traditions of public service.
Electricity supply: PESCO to switch from manual to automated system
Installation of smart meters is not part of the project, however, many officials believe that reforms at the front-end are more important to tackle electricity shortages and overall line losses. STOCK IMAGE
LAHORE: Peshawar Electric Supply Company (Pesco) will adopt the Enterprise Resource Planning (ERP) programme in order to revamp the company’s back-end operation from the one being based on manual work to modern technology and practices.
The project is funded by the US Agency for International Development (USAID) under its power distribution improvement programme, which initially will bring structural reforms with the application of latest technologies in all distribution companies for improved governance.
Automation and upgrading the billing process is also part of the programme, though not for all five circles of Pesco, which have a combined 2.8 million consumers. In the beginning, the billing automation will be completed in the Peshawar circle with 0.5 million consumers.
“Back-end systems will be automated by using the Oracle technology, especially in billing, which will benefit the end-consumers,” said Haris Naseer, Director of Infotech, which is integrating the automation process. The ERP roll-out will help improve human resource, financial records and asset management. The back-end developments would eventually help the company to easily roll out front-end automation in the future, Naseer added.
Installation of smart meters is not part of the project, however, many officials believe that reforms at the front-end are more important to tackle electricity shortages and overall line losses.
“There are some feeders in the Pesco region where line losses are almost 80%; there is a dire need to undertake front-end reforms and improve the overall power distribution system,” said a former official of the Pakistan Electric Power Company.
“I am sure if our meter reading system improves, 60% of issues will be resolved automatically. Meter is our moneybox, we should protect it for generating revenues,” he added.
The officials, who believe that front-end reforms are more important, point to some pilot projects, especially of the smart metering system, that have been undertaken by the Karachi and Lahore electric supply companies, the results of which have been obvious.
LESCO management had recorded a 6-7% improvement in billings, the official added.
USAID underlines the importance of bringing reforms that will improve financial health of the company. It will undertake data cleansing as an input and then provide overall commercial governance through a reliable database management system, said a USAID spokesman.
Fruits and vegetables: Time to top Russia’s lucrative market
Domestic prices of potatoes have come back to their normal range of Rs35-40 per kg from as high as Rs90 a few months ago. PHOTO: EXPRESS
KARACHI: The government has done very little to improve trade relations with Russia, which is adversely affecting the export of fresh food, according to Pakistani fruit and vegetable exporters.
They claimed Russia can become one of the most important markets after its ban on various European Union’s (EU) food products and, despite the recent economic slowdown in Russia, a huge quantity of oranges and potatoes can be exported.
The recent warmth in bilateral relations of the two countries has done little to improve the trade volume.
“We want the government of Pakistan to engage Russian authorities on different platforms so that the country can increase its fruit and vegetable exports,” said Aslam Pakhali, a Karachi-based leading exporter of potatoes.
Few days ago, the Economic Coordination Committee (ECC) of the cabinet abolished 25% regulatory duty on export of potatoes on higher domestic production. The government allowed imports and placed regulatory duty on the exports of potatoes in May after its prices jumped significantly.
The ECC took the decision on the recommendation of the Ministry of National Food Security and Research. The meeting was informed that farmers had planted the crop on 10% larger area and the country will have surplus potato output this year.
In absence of any scientific mechanism, one can doubt the estimates of the concerned ministry. However, the domestic prices of potatoes right now have come back to their normal range of Rs35-40 per kg from as high as Rs90 per kg a few months ago.
The exporters of potatoes are gearing up for exports but they are extra cautious about the Russian markets, Pakhali informed. “Exporters are extra cautious this season because a lot of transactions of the recent orange exports to Russia are yet to materialise. The business in Russia is slow and uncertain in recent months owing to international sanctions and sharp ruble fluctuation against the dollar,” he added.
Exporters say that recently Russia has lifted the import duty from Indian potatoes mainly because of better trade relations between the two countries and this may create further problems for them in the ongoing season. Pakistan lacks proper banking channels and sufficient trade lobbying in Russia.
The exporters of potatoes are first making deals with Sri Lanka while Middle East and Far Eastern markets will come in the next phase, he informed.
The expected crop this year is 3 million tons out of which only about 0.1 million tons of potatoes may be exported. The expected proceeds from potatoes export may reach $30 million, according to estimates.
India has a better per-acre yield while Bangladeshi exporters get rebate on their exports.
Due to the imposition of regulatory duty, Pakistani exporters say many of their markets were taken over by Indian and Bangladeshi exporters. Therefore, they may have to face additional challenges this season.
Prime Minister Nawaz Sharif. PHOTO: AFP
ISLAMABAD: Prime Minister Nawaz Sharif on Tuesday said construction work for Karachi-Lahore motorway will begin soon , Express News reported.
Addressing the annual awards ceremony of National Highways and Motorways Police in Islamabad, Nawaz said more Motorways projects will be initiated in the country.
“The region will become the centre of economic activities due to Pak-China Economic Corridor project,” said Nawaz, adding that it is a matter of great pride that the performance of Motorways and Highways police is being appreciated on the international level.
He said many programmes are being implemented from the school level to make the highways safe and to make the public aware in this regard. The PM also said he wants motorway police be more people friendly.
The premier directed for enhancing the efficiency of the organisation and recruitment of staff on need basis in a transparent manner. The prime minister also announced a 20 percent increase in salaries of Motorway police.
Nawaz Sharif also lauded the performance of Inspector General Motorways Police Zulfiqar Cheema.
Inspector General Motorway police Zulfiqar Cheema while highlighting the performance of Motorway Police said the organisation is a role model for other public sector institutions as it has the highest traditions of public service.
Electricity supply: PESCO to switch from manual to automated system
Installation of smart meters is not part of the project, however, many officials believe that reforms at the front-end are more important to tackle electricity shortages and overall line losses. STOCK IMAGE
LAHORE: Peshawar Electric Supply Company (Pesco) will adopt the Enterprise Resource Planning (ERP) programme in order to revamp the company’s back-end operation from the one being based on manual work to modern technology and practices.
The project is funded by the US Agency for International Development (USAID) under its power distribution improvement programme, which initially will bring structural reforms with the application of latest technologies in all distribution companies for improved governance.
Automation and upgrading the billing process is also part of the programme, though not for all five circles of Pesco, which have a combined 2.8 million consumers. In the beginning, the billing automation will be completed in the Peshawar circle with 0.5 million consumers.
“Back-end systems will be automated by using the Oracle technology, especially in billing, which will benefit the end-consumers,” said Haris Naseer, Director of Infotech, which is integrating the automation process. The ERP roll-out will help improve human resource, financial records and asset management. The back-end developments would eventually help the company to easily roll out front-end automation in the future, Naseer added.
Installation of smart meters is not part of the project, however, many officials believe that reforms at the front-end are more important to tackle electricity shortages and overall line losses.
“There are some feeders in the Pesco region where line losses are almost 80%; there is a dire need to undertake front-end reforms and improve the overall power distribution system,” said a former official of the Pakistan Electric Power Company.
“I am sure if our meter reading system improves, 60% of issues will be resolved automatically. Meter is our moneybox, we should protect it for generating revenues,” he added.
The officials, who believe that front-end reforms are more important, point to some pilot projects, especially of the smart metering system, that have been undertaken by the Karachi and Lahore electric supply companies, the results of which have been obvious.
LESCO management had recorded a 6-7% improvement in billings, the official added.
USAID underlines the importance of bringing reforms that will improve financial health of the company. It will undertake data cleansing as an input and then provide overall commercial governance through a reliable database management system, said a USAID spokesman.
Fruits and vegetables: Time to top Russia’s lucrative market
Domestic prices of potatoes have come back to their normal range of Rs35-40 per kg from as high as Rs90 a few months ago. PHOTO: EXPRESS
KARACHI: The government has done very little to improve trade relations with Russia, which is adversely affecting the export of fresh food, according to Pakistani fruit and vegetable exporters.
They claimed Russia can become one of the most important markets after its ban on various European Union’s (EU) food products and, despite the recent economic slowdown in Russia, a huge quantity of oranges and potatoes can be exported.
The recent warmth in bilateral relations of the two countries has done little to improve the trade volume.
“We want the government of Pakistan to engage Russian authorities on different platforms so that the country can increase its fruit and vegetable exports,” said Aslam Pakhali, a Karachi-based leading exporter of potatoes.
Few days ago, the Economic Coordination Committee (ECC) of the cabinet abolished 25% regulatory duty on export of potatoes on higher domestic production. The government allowed imports and placed regulatory duty on the exports of potatoes in May after its prices jumped significantly.
The ECC took the decision on the recommendation of the Ministry of National Food Security and Research. The meeting was informed that farmers had planted the crop on 10% larger area and the country will have surplus potato output this year.
In absence of any scientific mechanism, one can doubt the estimates of the concerned ministry. However, the domestic prices of potatoes right now have come back to their normal range of Rs35-40 per kg from as high as Rs90 per kg a few months ago.
The exporters of potatoes are gearing up for exports but they are extra cautious about the Russian markets, Pakhali informed. “Exporters are extra cautious this season because a lot of transactions of the recent orange exports to Russia are yet to materialise. The business in Russia is slow and uncertain in recent months owing to international sanctions and sharp ruble fluctuation against the dollar,” he added.
Exporters say that recently Russia has lifted the import duty from Indian potatoes mainly because of better trade relations between the two countries and this may create further problems for them in the ongoing season. Pakistan lacks proper banking channels and sufficient trade lobbying in Russia.
The exporters of potatoes are first making deals with Sri Lanka while Middle East and Far Eastern markets will come in the next phase, he informed.
The expected crop this year is 3 million tons out of which only about 0.1 million tons of potatoes may be exported. The expected proceeds from potatoes export may reach $30 million, according to estimates.
India has a better per-acre yield while Bangladeshi exporters get rebate on their exports.
Due to the imposition of regulatory duty, Pakistani exporters say many of their markets were taken over by Indian and Bangladeshi exporters. Therefore, they may have to face additional challenges this season.
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Rawalpindi-Islamabad Metro Bus
At the End of Peshawar Mor to Faizabad Section
At the End of Peshawar Mor to Faizabad Section
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KARACHI 2 Underpasses Flyover by Bahria
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PALISADES APARTMENTS, ISLAMABAD
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Construction Update Tower A Centaurus Islamabad
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The whole worth of all PDF is in this thread!
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BALOCHISTAN: Newly-completed 404 MW UCH II Gas Power Plant in Dera Murad Jamali, District Nasirabad. 150 mmcfd gas production expected to start in two days.
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LAHORE: The Punjab government has decided to launch Khadim-i-Punjab Green Roads Programme in rural areas.
The decision was taken at a meeting held here on Thursday and chaired by Chief Minister Shahbaz Sharif.
The meeting approved to allocate Rs15 billion for the programme in the current fiscal year.
The roads included in the programme would be carpeted with a width of at least 12 feet.
The chief minister directed that an effective mechanism should be devised for the maintenance of roads and committees headed by divisional commissioners should be set up for the purpose.
He said besides repair and construction of roads, drainage system should also be constructed and tree plantation carried out on both sides of the roads. He said he would personally monitor the programme of repair and construction of the roads and review the pace of progress on a fortnightly basis.
The policy of third-party audit will be adopted for evaluating the standard of the roads.
Seeking databank of all small and big roads in the province, Mr Sharif directed that the Punjab Information Technology Board should prepare a digital record of all roads.
The communication and works secretary earlier gave a detailed briefing on the programme.
KARACH Dolmen City Twin Towers
The Arkadians
The decision was taken at a meeting held here on Thursday and chaired by Chief Minister Shahbaz Sharif.
The meeting approved to allocate Rs15 billion for the programme in the current fiscal year.
The roads included in the programme would be carpeted with a width of at least 12 feet.
The chief minister directed that an effective mechanism should be devised for the maintenance of roads and committees headed by divisional commissioners should be set up for the purpose.
He said besides repair and construction of roads, drainage system should also be constructed and tree plantation carried out on both sides of the roads. He said he would personally monitor the programme of repair and construction of the roads and review the pace of progress on a fortnightly basis.
The policy of third-party audit will be adopted for evaluating the standard of the roads.
Seeking databank of all small and big roads in the province, Mr Sharif directed that the Punjab Information Technology Board should prepare a digital record of all roads.
The communication and works secretary earlier gave a detailed briefing on the programme.
KARACH Dolmen City Twin Towers
The Arkadians
Muhammad Omar
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Crescent Bay by Emaar
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These don't look like luxury apartments from inside but location is great.
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