SNGPL inks Rs17.70 billion loan agreement

LAHORE (PR): Sui Northern Gas Pipelines Limited has entered into loan agreement worth Rs 17.70 billion with a consortium of banks led by Bank Alfalah Limited. Other banks in the consortium are UBL, HBL, ABL, Askari Commercial Bank, Dubai Islamic Bank, Meezan Bank and Faysal Bank. Loan will be repaid in a time span of seven years.

MD SNGPL signed the agreements on behalf of the company. Ms Uzma Adil Khan CFO, Faisal Iqbal  General Manager Billing and Asif Iqbal Quershi General Manager Treasury were also present. Bank Alfalah was represented by Fakhar Ahmad, Corporate Head Lahore and Ms Mehwish Waliany, Head Structured Finance. The other banks were also represented by their senior level executives to sign the agreements on behalf of respective banks.  

Subject loan has been arranged for financing of infrastructure development for smooth transmission of RLNG and indigenous supply to its intended consumers. In the first phase, pipeline of 42” dia x 110 KM will be laid from SAWAN to Qadirpur. After this augmentation, SNGPL’s network downstream Sawan would be able to pick up additional 400 MMCFD LNG supply and 160 MMCFD anticipated / existing indigenous gas supplies.

The project is expected to complete by the end of this year.

EFU Life and JS Bank sign agreement

KARACHI (PR): EFU Life Assurance Ltd and JS Bank have entered into a distribution alliance for EFU Life’s Window Family Takaful Products under a dedicated brand “Hemayah”.

The signing ceremony was held at JS Bank’s head office in Karachi and the agreement was signed by Taher G. Sachak, CEO & MD EFU Life and Khalid Imran, President & CEO, JS Bank. The ceremony was attended by senior officials of both organizations.

CEO and MD EFU Life said, “JS Bank is already our successful Bancassurance partner and we value our longstanding relationship. The introduction of Bancatakaful solutions offers us an added opportunity to expand our product range and provides more opportunities to JS Bank’s customers for their long term financial planning needs.

There is a huge potential in Shariah Compliant takaful solutions for Pakistan and I am delighted to have JS Bank as our partner for Bancatakaful.”

President JS Bank said, “JS Bank is proud to partner with EFU Life with the launch of Hemayah Family Takaful. As one of Pakistan’s fastest growing banks, JS Bank offers personalized banking, distribution strength, an innovative range of banking services and complete financial solutions for our customers. Together, our two entities are well-poised to serve the growing Takaful market in Pakistan and we look forward to a strong and sustainable partnership with EFU Life.”

1st ‘Shell Technology Leadership Event’

KARACHI (PR): The first Shell Technology Leadership Event (STLE) concluded in the UAE, marking the brand’s first technology event in the Middle East, Central Asia and Pakistan (MECASTAN) region. The two-day event was held on the 7th and 8th of May at Dubai’s Mina A’Salam Hotel, bringing together leading industry experts to discuss the “Future of Energy Supply” in the region and showcase energy efficient models as well as innovative ways of implementing alternative and renewable power solutions.

Hosted under the theme of “Future of Energy Supply,” the event focused on how emerging technologies can be brought together to achieve efficient energy consumption.

Attended by more than 120 delegates representing key oil, fleet, construction, power, technology and industry sectors from across the region including top business leaders from Pakistan such as Naeem Ahmed Malik, COO Agility, Farjad Ahmed, Technical Manager Daewoo and ShehzadNabi, GM Engro Power, the conference seeks to address the interconnected challenges of economic development, energy and climate change that affect the widespread acceleration and adoption of sustainable development and clean energy.

Inaugurating the event, Amr Adel, General Manager for Shell MECASTAN said, “I am proud that the first Shell Technology Leadership Event is being hosted in the UAE and in this region. As the world’s leading producer of oil and gas, it is critical that this region takes the lead in developing solutions for the future of energy supply as demand rises. Around the world, people are increasingly relocating to urban areas which has resulted in a growing need for energy supply. At the Shell Technology Leadership Event, we want to work with industry leaders and innovative minds to develop solutions that will help manage the world’s future energy needs.”

Reflecting on the significance of this conference for Pakistan’s corporate sector, Omar Sheikh, General Manager Lubricant business and Managing Director of Shell Pakistan Ltd said, “Shell Pakistan has earned the respect and credibility of corporate sector in Pakistan because we work closely with them to help them run their businesses smoothly with our world class lubricant products so they can continue to grow. Businesses are not geographically limited today; most Pakistani businesses have a strong presence in the region especially Middle East. Shell’s Technology Leadership initiative is a step towards a collaborative approach to find better solutions to the changing energy needs of these high-growth Pakistani businesses.”

In addition to Shell executives, the Shell Technology Leadership Event also hosted leading industry experts and government leaders from the region, who delivered insightful workshops covering three main sectors – Power, Cement and Industry (Fleet, Construction, Mining, and Quarry).

Mounir Bouaziz, Shell Vice-President for Commercial/New Business Development - Middle East and North Africa (MENA) region, said: “At Shell, innovation and research& development are core to how we create energy solutions for the future and weadopt innovative approaches to help deliver more, cleaner energy and find ways to use energy more efficiently. We want to take forward the region’s vision for the energy industry to a new level, shaping the future through innovation which positively impacts our society, the environment and the energy industry at large.”

Companies routinely monitor the factors that influence their business prospects and try to predict what may lie ahead. Presenting the company’s Technology Leadership credentials, Luca Borgarello,Global Original Equipment Manufacturer(OEM)& Technical Service Manager at Shell Global Commercial, stressed on the importance of sharing knowledge and working with industry organizations in order to address some of the challenges of energy efficiency, emissions legislation and the operating costs control.

Shell’s cutting-edge technology – Gas-to-Liquid (GTL) –is a revolutionary process developed to convert natural gas into products used for transport fuel, lubricants and the raw materials for chemicals and detergents. Shell’s experience includes building Pearl GTL in Qatar which is the world’s largest gas-to-liquids facility.

Speaking about this path-breaking technology, Louis van Eijk,Vice President Pearl GTL Marketing, Shell Qatarsaid: “Natural gas offers an affordable, available and environmentally acceptable option to power people’s lives today. We have spent over 40 years researching technology to convert natural gas-to-liquid into products used for transport fuel, lubricants and the raw materials for chemicals and detergents. Now with world’s rising demand for more, cleaner energy into the future, we are confident that our innovative GTL technology presented through our product portfolio will help reduce local emissions,thereby contributing to cleaner air and environment.”

Innovating for the future of energy, Shell continues to support initiatives toward new energy production, through the development of cleaner energy sources, such as natural gas and biofuels, while using new technologies and an innovative approach to limit the impact of industrial pursuits on the environment.

BankIslami takes control of operations of KASB Bank

KARACHI (PR): BankIslami has announced that it has taken full operational control of former KASB Bank Limited which stands amalgamated with BankIslami Pakistan Limited.

All 104 branches of former KASB Bank opened and transacted all types of normal business. All the cheques that were presented were cleared including same day clearing.

The change of signage and branch branding was also completed in almost all the branches across the network The Bank further said that it has setup a dedicated call center to assist customers who may face any problems in operating their accounts; though not a single complaint was received.

Mobilink now offers 3G connectivity in 43 cities

ISLAMABAD (PR): Mobilink has expanded its 3G network to 43 cities of Pakistan by adding seven new cities to the existing 36 that already were experiencing the telco’s superior internet connectivity. This is Mobilink’s fourth stage of commercial 3G rollout and covers the following cities: Bhalwal, Chakwal, Daska, Dipalpur, Mandi, Bahauddin, Pattoki, and Wazirabad.  As an added incentive to its subscribers and for testing purposes, Mobilink is also offering free 3G trials in these seven cities till 25th May, 2015.

Since the commercial roll out of 3G services in Pakistan, Mobilink has seen its number of 3G users grow at an exponential rate thanks to its affordable data plans, superior service and innovative 3G VAS offerings.

The subscribers will be notified about the end of free 3G trial via SMS and Mobilink’s digital assets. Under the free 3G trial offer, customers can enjoy unlimited data every day. Data services on 2G will be charged as usual.

Sale at all Ideas outlets

LAHORE (PR): Gul Ahmed, the leading textile giant, is offering sale of up to 70% on all products (conditions apply) at all IDEAS outlets. Gul Ahmed trademark products include fabric, apparel, footwear, accessories and home textiles. The sale will run till stocks last.