PBIT participates in inauguration ceremony of CIICA

LAHORE (Handout): Punjab Board of Investment & Trade (PBIT) participated in the inauguration ceremony of Centre for International Investment and Commercial Arbitration held in Lahore. The ceremony was attended by lawyers, government representatives and businessmen. The purpose of the centre is to educate and train stakeholders to acquaint them with the international arbitration and provide institutional arbitration. Ms Lubna Pathan, Director General, Projects & Policy Research and Hammad Altaf Khan, Company Secretary & Additional Director Legal, represented PBIT at the ceremony. Speaking at the occasion, Ms Pathan stressed the importance of alternative dispute resolution in Pakistan which lags behind in the ease of enforcing contracts.

She mentioned that currently Pakistan stands at 161th position in the World Bank’s Doing Business Report 2105.

NTDCL replaces shunt reactors

at Dadu grid station

LAHORE (Staff Reporter): Engineers of National Transmission and Dispatch Company Limited (NTDCL) have replaced and energised (3x37MVAR) single phase Shunt Reactors at 500 kV grid station Dadu. The replacement will be helpful to control the high voltage and prevents system from breakdowns, tripping and total failure. Due to Ferranti effect voltage increases at the receiving end on 500 kV Grid Station Dadu up to 590 kV and causes tripping and system failure. One already damaged shunt reactor was also repaired and installed at 500 kV Grid Station Dadu. The shunt reactor was shifted from 500 kV Nokhar grid station District Gujranwala through heavy transport.

NTDC teams of Grid System Operations (GSO), System Protection and Technical Services Group (TSG) participated in operational, repair and maintenance work.

The company spokesman said that during last week, two tower Nos 340 and 341 of 500 kV Guddu-Dadu Circuit-I transmission line collapsed due to hail/ thunderstorm and heavy rains in Shikarpur area. The damaged towers were of old and were installed in 1986. The replacement of such type of towers at the site in Shikarpur was not available. Which were later shifted from Multan warehouse and erected after modifications made on ground.

Managing Director NTDCL Engr Muhammad Arshad Chaudhry lauded the efforts of NTDCL engineers who managed to complete lengthy process of repair and maintenance of shunt reactors and erection of damaged towers within 15 days of their hard work.

Oil market edges upwards

LONDON (AFP): World oil prices rose on Monday, extending last week’s gains, but the persistent global supply glut will likely cap advances, analysts said. US benchmark West Texas Intermediate for delivery in May won 68 cents to $52.32 a barrel. Brent North Sea crude for May gained 79 cents to $58.66 around midday in London. “There has been a continuation in the rise of oil prices from Friday’s session, but the market has started this week cautiously due to the ongoing oversupply situation,” said chief market strategist with CMC Markets. Both contracts closed last week up more than five percent thanks to a drop in the number of US oil rigs in operation, better economic data from Germany and easing expectations that Iranian oil would return to the market soon after a deal with Western powers over its nuclear programme.

But Sanjeev Gupta, who heads the Asia-Pacific oil and gas practice at professional services firm EY, said: “Increases in crude oil inventory in the US and the announcement of record output of crude by Saudi Arabia in March helped to limit gains in benchmark prices.”

US inventories in the week to April 3 surged nearly 11 million barrels to a fresh record high of 482.4 million, the US Department of Energy said.

Meanwhile in Saudi Arabia, Oil Minister Ali al-Naimi announced output hit a record 10.3 million barrels a day in March.

The global oil market lost about 60 percent of its value to about $40 per barrel between June and late January, owing largely to an oversupply in world markets and the OPEC oil cartel’s refusal to cut production.

Chambers’ capacity building urged

LAHORE (Staff Reporter): Two-day 7th All Pakistan Secretary Generals’ Conference started here at a local hotel on Monday. Secretaries General of the Chambers and Trade Associations met here under the auspices of CIPE and discussed various capacity and networking related issues. The opening remarks were given by the Deputy Country Director CIPE Hammad Siddique who spoke at length on the role of trade bodies for the economic well-being. He stressed the need for capacity building of the Chambers and trade associations to achieve the goal of progress and prosperity. He said that this was the seventh conference wherein the participants were given awareness about their role in their respective institutions.

He expressed the optimism that after the conclusion of the conference, the participants would be well equipped to face the upcoming challenges. Huzaifa Shabbir Hussain threw light on his experience of working with small chambers of commerce and industry and brought to the limelight the weaknesses in their working and gave quite a few very valuable suggestions.

NBP signs MoU with GIL

LAHORE (Staff Reporter): National Bank of Pakistan’s endeavor to uplift the economic condition of the common man and create more jobs for the unemployed youth of the country has come to fruition with their leading role in the Prime Minister Youth Business Loans Scheme. Another one of NBP’s persistent efforts was materialized on April 13, 2015 where National Bank of Pakistan signed a memorandum of understanding (MoU) with Ghandhara Industries Limited (GIL) during a ceremony held at NBP head office in Karachi. Under this arrangement, GIL and NBP have agreed to enter into this MoU with a focus on development of small businesses for the educated and unemployed youth of Pakistan.

The applicant will procure commercial vehicles offered by GIL to facilitate his/her business activities and NBP will assist in financing the asset under the PMYBL scheme. This MOU between both organizations will assist applicants to develop their existing or new business set up.