Govt creates investment-friendly environment in oil & gas sector
ISLAMABAD (APP): The present govt has taken various measures to create an investment friendly environment in exploration & production (E&P) of oil and gas sector. “Attractive terms and conditions for investors are, therefore, being offered by the Government to accelerate the exploration and development of oil and gas,” said an official of Ministry of Petroleum and Natural Resources. He said that the country has a large sedimentary basin covering over 827,268 Sq. Km and spread over both onshore and offshore. Majority of the area has remained unexplored or under explored. Due to the efforts of the present government 173 wells have been spud, 47 discoveries have been made and 17 Leases have been granted during the tenure of this govt.
He said that the grant of 46 new blocks during the tenure of the current government has increased the area under exploration from 269,152 Sq Kms to 363,639 Sq Kms (35pc increase), which is now about 44 pc of the total sedimentary area.
Moreover, around 32,000 bbl of oil production per day have been added and over 510 MMCFD additional gas has also been injected in the gas network system.
Pakistan domestic oil production touched its highest level 100,698 barrels per day.

Belarus keen to enhance business collaborations with Pakistan
ISLAMABAD (INP): A delegation of Belarusian businessmen led by Mikhail Miatlikov, Chairman, Belarus Chamber of Commerce and Industry visited Islamabad Chamber of Commerce and Industry for B2B meetings with Pakistani counterparts. The delegation was representing textiles, metal industry, oil & chemicals, agri-machinery, food processing, pharmaceutical and other sectors. Ministers of Textile, Oil & Gas and Light Engineering of Belarus were also included in the delegation. Speaking at the occasion, Mikhail Miatlikov Chairman Belarusian Chamber of Commerce and Industry said that both countries have signed 12 MoUs which was a first step for starting sustainable business collaborations.
He invited Pakistani businessmen to visit Belarus to explore opportunities of joint ventures and investment in his country. Minister for Textile, Minister for Oil & Gas and Minister for Light Engineering of Belarus also addressed the meeting and desired for long-term business relations with Pakistan. They said President of Belarus would soon visit Pakistan which showed that Belarus was keen to enhance trade and economic relations with Pakistan.
In his welcome address, Mian Muhammad Adrees, President, Federation of Pakistan Chamber of Commerce and Industry said that Pakistan gave great importance to enhancing trade relations with Belarus. Both countries were gateways for each other to enter huge markets of Asia and Europe. He said current volume of $60 million bilateral trade between Pakistan and Belarus was far below their true potential and both countries should focus on increasing exchange of business delegations and holding single country exhibitions for improving trade relations. 

KATI lauds SBP for lowering
mark up rate
KARACHI (Staff Reporter): Patron-in-Chief Korangi Association of Trade & Industry SM Muneer, President Rashid Ahmed Siddiqui and Senator Abdul Haseeb Khan while appreciating the decision of SBP for lowering the mark-up rate by 1pc said that this would entail banks to lend more money to private sector and would enhance trade and business activities.  SM Muneer said that on one hand the general public will get loans on cheaper rates and on the other the people will get lower interest on the investment schemes and bank deposits. The decision of SBP is prudent one which would result in reduction of deficit on our current account and repose confidence of investors.
He said that deposit of SBP were stood at $9.1 billion in 30th June 2014 which rose to $12.5 billion on 15th May 2015 and further improvement is also expected, this is due to good governance and lowering the price of petrol at international market, he added. He urged that Ministry of Finance should try its level best to clear the refunds on account of sales tax refund, so that export could take benefits of lowering of interest rate.
President KATI Rashid Ahmed Siddiqui said that confidence of traders and businessmen will be increased due to decrease in mark-up rate by SBP. As increase in business activities can only brings economic revolution and creation of job, he added. The lowering of mark-up rate would also result in decrease of consumers goods as it would have direct impact on cost of production.
Senator Abdul Haseeb Khan said that such decision most important for our nation as it would keep in overcoming unemployment and revival of economy.

COTHM establishes research centre

LAHORE (PR): The COTHM has established first of its kind ‘Grow My Own Research Center’ in Pakistan. The 40-canal dedicated facility is located on Burki Road.  It is a Research & Development Centre for Culinary Arts and Hotel Management students which has been set-up to provide them a dedicated physical space for growing rare or expensive local and imported herbs, spices, vegetables, fruits and other ingredients not easily available in the local market. In a climate-controlled environment, students will learn planting and growing herbs, spices, vegetables and fruits. This will give them hands-on opportunity to experience agriculture on a small scale while building their confidence as a gardener and producer of the ingredients to be used in their culinary experimentations.
While students’ sense of accomplishment will increase as they gain appreciation for what it takes to produce food, they will be able to face the challenges of food shortage looming over our heads due to speedy climatic changes in the world.
At ‘Grow My Own Research Centre’ students’ understanding of the use of spices and herbs in cooking will definitely improve, as they will be able to discriminate and compare different spices and herbs to be used in certain recipes.

LSE de-lists Ghani Global Glass

LAHORE (Staff Reporter): Lahore Stock Exchange Ltd has approved the application for formal listing and quotation of shares of Ghani Global Glass Ltd on completion of all formalities required under the Listing Regulations of the Exchange. Ghani Global Glass is being listed on the Exchange as a result of amalgamation/merger of Libaas Textile Ltd (a listed company of the exchange) with and into Ghani Global Glass Ltd. under a sScheme of amalgamation/merger sanctioned by the Lahore High Court, Lahore.  Trading in the shares of the company will start on the Ready Board of the Exchange from Wednesday, May 27, 2015 and all transactions taking place in respect of the above company shall be settled on T+2 settlement basis from the above date.
The first settlement date will be May 29, 2015.