TCP awards tender for import of ureaKARACHI (Staff Reporter):  Trading Corporation of Pakistan (TCP), in response to its tender opened on 06-08-2013, has awarded contract for import of 150,000 metric tons (MTs) of Urea to the lowest bidder M/s. Trammo AG, Switzerland @ US$ 311.71 Per Metric Ton (PMT) C&F. The tender was floated on 30-07-2013. In all 15 bids were received out of which 14 were found responsive in terms of prescribed evaluation criteria. The prices quoted in the tender ranged from US$ 311.71 to US$ 320.90 PMT (C&F).M/s. Trammo AG, Switzerland offered the lowest price of US$ 311.71 C&F for 150,000 MT, conforming to technical specifications and terms & conditions of the tender.Keeping in view the competitiveness and consonance of the price viz-a-viz the international prices of Urea, the offer was accepted and the contract was awarded to the lowest bidder accordingly.With the award of this tender TCP has completed the import of total targeted quantity of 300,000 MT assigned to it by the ECC of the Cabinet.

OGDC FY13 profit declines by 6 per centLAHORE (Staff Reporter): Oil and Gas Development Company Limited (OGDC) reported PAT of PKR90.8bn (EPS: PKR21.11) compared to PKR96.9bn (EPS: PKR22.53) last year, depicting a decrease of 6% YoY. In 4QFY13 alone, the company posted a marked decline of 45% YoY in earnings to PKR3.52/sh as against EPS: PKR6.43/sh in 4QFY12. The result announcement is also accompanied a final dividend of PKR2.75 per share cumulating the FY13 payout to PKR8.25 per share.The result was below expectations and consensus estimate on account of 1) higher exploration charges (up by 3.7x YoY) on increased dry wells write-off and 2) higher effective tax rateThe aforementioned variables coupled with 3% YoY lower oil prices seem to have more than offset 7% YoY higher oil production and better other income (up by 62% YoY) thus resulting in lackluster trend in earningsThe notable uptick of 13% YoY in net sales to PKR223.4bn can be attributed to 1) robust oil production (estimated to increase by ~7% YoY), 2) higher wellhead prices of major fields (estimated to be up by 7%-9% YoY on average)  and 3) 9% YoY depreciation in average PKR value

Subsidy on drip irrigation system in PotoharLAHORE (APP): Punjab Minister for Agriculture Dr Farrukh Javed has said the government is providing 60 percent subsidy on drip irrigation system to farmers in Potohar for high quality grapes and olives in the province. Presiding over a meeting here on Tuesday, he said that till now PARB had given Rs 1 billion under competitive grant system for 53 demand driven research projects. The minister said that universities should make recommendation to the PARB for the promotion of agriculture research. so that funds could be given to universities on priority basis for research.

Industry pins high hopes on new OGDCL managementISLAMABAD (NNI): The heavy construction industry has welcomed appointment of Mr Riaz Khan as acting chairman OGDCL, hoping that the OGDCL would resume work on oil and gas exploration projects without further delay. The industry circles have also expressed the hope that the new management would check white-collar corruption within the OGDCL and not let the indicted and unscrupulous elements like to poke his nose into the projects of strategic national importance.They said the OGDCL has already suffered heavily due to corrupt practices of criminal mind elements, causing colossal losses to the OGDLC by annulling the bidding processes of UCH-II & Kunar Pasakhi Deep (KPD) and Tando Allah Yar (TAY) time and again.It may be noted that the Supreme Court had passed an order on a criminal appeal No. 345 of 2006 against one Zahid Bakhtiar who is currently on bail and his passport is impounded. Zahid was accused by the National Accountability Bureau of a major fraud, the industry sources said. The industry circles have pointed out that he is planning again to form a team for the white-collar corruption in the OGDCL and trying to get important position in the OGDCL.The industry circles have pinpointed the projects where malpractice of high magnitude has incurred heavy losses to the OGDCL due to the unchecked activities of the officer concerned. These projects included the procurement of separators during 1998-2000, Qadirpur Supreme Interim Compression Project during 2009-10, hiring the services of EPC contractor for agreement with M/S UPL in January 20th to supply 160MM super gas for their power Generation plant to produce 400MW Electricity during 2010-12, Kunar Pasakhi Deep (KPD) and Tando Allah Yar (TAY) Development Project and Uch-II Development Project besides a few others.

Arif Suleman chairman of Pak-Thai Business CouncilKARACHI (Online): The FPCCI has appointed Arif Suleman as chairman of Pakistan-Thailand Business Council of FPCCI. Arif Suleman is the Honorary Trade Advisor for Govt of Thailand in Pakistan. He has over three decades of association with Thailand and is the only Pakistani to have received Royal Decoration from the King of Thailand along with the Friend of Thailand Award from Prime Minister of Thailand. His appointment will further strengthen and boost the trade and economic relations. between Pakistan and Thailand.

Oil prices  reboundLONDON (AFP): Oil prices rebounded on Tuesday as a weaker dollar pushed up demand for crude and owing to tensions over the Middle East which offset improved supplies in Libya, analysts said. Brent North Sea crude for delivery in September climbed 20 cents to stand at $108.90 a barrel in London afternoon trade. New York's main contract, West Texas Intermediate for September, rose 38 cents to $106.94.  "Crude oil prices rebounded on Tuesday, supported by a weaker US dollar and on-going tensions in the Middle East," said Myrto Sokou, senior research analyst at Sucden brokers.A US drone strike killed four Al-Qaeda suspects in Yemen on Tuesday, a tribal source said, amid heightened security across the oil-rich Middle East against a possible major attack by the jihadists.About two dozen US diplomatic posts have been shuttered across the Middle East since Sunday after Washington said electronic intercepts of high-ranking Al-Qaeda operatives signalled a major attack was imminent.Oil prices had fallen on Monday after Libyan petroleum minister Abdelbari al-Aroussi said production in the country's western oilfields had resumed after making progress in ending protests at its main shipping terminals.Libyan oil exports had plunged by more than 70 percent after protesters, including policemen and border guards, forced the terminals to shut over demands for back pay.The Libyan protests had exacerbated investors' concerns about a disruption to global oil supply, amid fears that Egypt's ongoing political crisis could force a closure of the Suez Canal and Sumed Pipeline. "The expectation of a renewed inventory reduction in the US and the latest terror warning issued by the US for north Africa and the Middle East are likely to preclude any sharper fall in prices," Commerzbank analysts said in a note to clients on Tuesday.