Aptma team visits Islamabad to deliberate on textile-package

LAHORE (Staff Reporter): A delegation of the All Pakistan Textile Mills Association (APTMA) Punjab will hold meetings with government policy makers in respect of the much-awaited textile package by the Prime Minister Nawaz Sharif on Friday. Central Chairman APTMA Punjab Tariq Saud will lead the delegation. Chairman APTMA Punjab Aamir Fayyaz and Patron-in-Chief APTMA Gohar Ejaz, besides other office bearers of the Association, will also accompany him . The APTMA spokesman said the APTMA leadership has decided to call on the government policy makers before holding the Extra Ordinary General Meeting (EOGM) of the Association on Saturday.

He said the objective of the visit to Islamabad is to deliberate the way forward of the textile industry in light of the Prime Minister package on Textile Industry to be announced soon.

He said the APTMA members mills are in a state of confusion because of the delay in the announcement of the textile package.

“The export-oriented textile industry immediately needs a cost cutting plan from the government,” he added.

According to him, the Association has put forward eight point revival plan for the consideration of the government.

Spain invited to take part in next spectrum auction

ISLAMABAD (Staff Reporter): Spanish Ambassador Carlos Morales called on the Minister of State for IT and Telecom Anusha Rahman on Thursday. The Minister highlighted the key initiatives being taken by the Ministry of IT for the development of IT and Telecom sector in Pakistan. Rahman informed the Spanish Ambassador that after successful auction of 3G/4G last year, a phenomenon increase in the numbers of subscribers has been witnessed and now her ministry intends to hold a next round of Spectrum auction of left over spectrum of 20 MHz’s in near future. She said that it is her desire that Spanish Cellular companies should also participate in the next bidding.

The Spanish Ambassador, while appreciating the forward looking steps being taken by the government of Pakistan and Ministry of IT for the development of IT & Telecom sector, assured their cooperation for enhancing bilateral engagement in IT & Telecom spheres, between both the countries.

Office-bearers of Customs Agent Group KP elected

PESHAWAR (Staff Reporter): Director Pak-Afghan Joint Chamber of Commerce and Industry and Vice Chairman All Pakistan Customs Agent Association Zia-ul Haq Sarhadi elected president of Customs Agent Group Khyber Pakhtunkhwa while Saqib Benori elected chairman of the same group. The meeting was held under the chair of Zia-ul-Haq Sarhadi. The participants on the occasion unanimously elected Zia-ul-Haq Sarhadi chairman for the Customs Agent Groups for two years while other newly elected office bearers include Khalid Shehzad Senior Vice President, Haji Azeem, Khial Hussain Shinwari, Imtiaz Ahmad Ali, Farooq Ahmad Asif Jamal elected vice president and the executive member include Syed Zakir Ali Shah.

, Asif Belal, Khwar Saddiq, Samar Abbas Sherazi, Usman Ansari, Mansoor Ahmad, Rasool Khan, Noman-ul-Haq, Ismail Marwat Amil Raza, Mohammad Javed, Mohammad Rehan, Mian Fezan Shah and Nasir Shinwari.

Addressing on the occasion newly-elected President Zia-ul-Haq Sarhadi thanked the members and assured them to resolve their basic problems. He said that he will serve the agents community at every forum and soon will hold dialogue with FBR and custom house to remove their grievances.

He hoped that like the previous term he will fulfill his responsibilities with the support of the members and no stone will left unturned to resolve their issues.

It is pertinent to mention that Custom Agents Group was established in 1976 and it serving the community from that time. Earlier to this Zia-ul-Haq Sarhadi remained General Secretary for 12 years and remained chairman for 15 years.

56 oil, gas discoveries made in two years

ISLAMABAD (APP): The Ministry of Petroleum and Natural Resources is following an innovative and radical strategy to achieve self-sufficiency in oil and gas sector by stepping up local exploration and production activities. “During the tenure of present govt, 56 discoveries have been made since June 5, 2013 and 1,010 bcf (billion cubic feet) reserves of gas and 16 million US barrels reserves of oil have been discovered, while 16 findings are under evaluation,” official sources in the ministry told APP. The country, they said, was moving on a fast track towards achieving autarky in the energy sector as all-out efforts were being made to achieve the target by utilizing conventional as well as non- conventional reserves like tight gas.

, shale gas, marginal fields and BTU (british thermal unit) gas.

Under these steps, additional volume of around 31,000bopd of oil and around 500mmcfd of gas had been added in the system, they added. Elaborating the Petroleum Policy that provided incentives to oil and gas exploration companies, the sources said 46 new exploration licences covering an area of 94,608 kilometers had been granted to different exploration and production (E&P) companies.

During the period, as many as 202 wells had been spudded with enhanced monitoring of E&P activities, they said adding that around 11,284 Lkm of 2D and 8,828 Sq. Km of 3D had been acquired for seismic survey.

Commenting on the steps to overcome the shortage of natural gas, they said the ministry was importing Liquefied Natural Gas (LN), starting Turkmenistan, Afghanistan, Pakistan (TAPI),Iran and Pakistan (IP) gas pipeline projects.

They said import of LNG had already been materialized and it resulted in meeting the requirement of power and Compressed Natural Gas (CNG) sectors in Punjab to a certain extent.

Suleman Gas Field (Sindh), Jhal Magsi Field (Balouchistan) and Tay/Dars Gas Field (Sindh) were in the implementation process to hook them with Sui Southern Gas Company (SSGC) network, they said adding that the Pakistan Petroleum Limited would increase gas supply in the SSGC’s system, the sources added.

World oil prices bounce back in Asian trade

SINGAPORE (AFP): Oil prices bounced back in Asia Thursday as investors weighed a rise in US crude inventories and production against a forecast by OPEC’s chief of rising demand. US benchmark West Texas Intermediate for November delivery climbed 23 cents to $48.04 and Brent crude for November gained 21 cents to $51.54 in late-morning Asian trade. Prices tumbled Wednesday after a US Department of Energy report showed commercial crude stockpiles rose more than expected in the week ending October 2, indicating softer demand in the world’s top oil consuming nation. Stockpiles rose by 3.1 million barrels, more than the market estimate of 2.25 million barrels.

That brought inventories to 461.0 million barrels, more than 27 percent higher than a year ago.

US production, which had fallen by 40,000 barrels per day in the previous week, unexpectedly surged by 76,000 barrels per day, dousing hopes of an easing in the global crude oversupply.

Traders, however, were also weighing remarks by Abdalla Salem El-Badri, secretary-general of the Organization of the Petroleum Exporting Countries,that demand will rise more than projected this year.

“World oil demand is estimated to increase by 1.5 million barrels per day in 2015, higher than the initial projection,” El-Badri said in a statement to the International Monetary Fund (IMF).