NTDCL signs agreements with three wind power producers

LAHORE (Staff Reporter): National Transmission and Despatch Company Limited (NTDCL) signed energy purchase agreements with three wind power producers and their lenders having total capacity of 129.5 MW power during a ceremony held here at WAPDA House. Managing Director NTDCL, who is also holding the portfolio of General Manager CPPA, signed agreements with Tapal Wind Energy Private Limited, Master Wind Energy Limited and Gul Ahmed Wind Power Limited with the approval of the Board of Directors (BoD) NTDCL. The spokesman of NTDCL said that these wind power plants will be installed at Jhimpir, district Thatta and commencement of power generation is likely by the end 2016.

 All three wind power producers heading towards completion of their milestone i.e financial closing till 31 March 2015.

Chief Engineer CPPA Mansoor Nasir, Adnan Tapal CEO Tapal Energy, Brig Tariq Izaz project Director Master Energy, Danish Iqbal CEO Gull Ahmad Wind Energy and others were also present on this occasion.

SSGC assures normal gas pressure to CNG stations

KARACHI (APP): A delegation of All Pakistan CNG Association (Sindh Zone) led by its chairman Shabbir Sulemanjee met Managing Director, Sui Southern Gas Company (SSGC) to voice their grievances. The SSGC chief heard them and assured of resolution of the genuine problems facing CNG stations, said a press release here on Thursday. The MD-SSGC explained in detail the gas supply position in winter, resulting in low pressures in the system. However, he said, that SSGC will provide gas to the CNG sector so that the shutdown of CNG stations should be not more than two days in a week from the coming week unless SSGC faces any emergency/crisis situation. SSGC would try its best to provide the desired level of gas pressure to all CNG stations in Sindh.

Oil prices slide on high supplies

LONDON (AFP): Another surge in US stockpiles pushed oil prices lower on Thursday, giving up gains won after the US Federal Reserve cooled the chances of an early hike to interest rates. US benchmark West Texas Intermediate (WTI) for delivery in April shed $1.52 to $43.14 a barrel. Brent North Sea crude for May delivery lost 85 cents to stand at $55.06 in London midday deals. WTI had gained $1.20 Wednesday and Brent jumped $2.40 after the US central bank signalled it was in no hurry to raise rates, which sent the dollar tumbling. A weaker US currency makes dollar-priced oil cheaper for holders of rival currencies, fuelling demand. But the rally was shortlived as the fundamentals of an oversupplied market and weaker demand took hold of sentiment following the US crude inventory report, analysts said.

The US Department of Energy on Wednesday said stocks jumped 9.6 million barrels for the week ending March 13.

“The report indicates a build up in the global supply glut that has been pushing prices down thus far,” said Shailaja Nair, associate editorial director at energy information provider Platts.

Daniel Ang, an investment analyst with Phillip Futures in Singapore, said prices would remain under pressure for as long as supply was outpacing demand.

“Fundamentals have not changed and just a short-term jolt in prices from the weakening US dollar will not change that fact,” he said in a market commentary.

“Prices are still going to stay low if demand and supply does not improve.”

World oil prices have collapsed by about 60 percent since June, with strong US production exacerbating elevated output by the OPEC cartel.

OPEC members meanwhile have no choice but to maintain current production levels despite falling oil prices in order to preserve their market share, Kuwait’s oil minister said on Thursday.

“Within OPEC, we don’t have any other choice than keeping the ceiling of production as it is because we don’t want to lose our share in the market,” Ali al-Omair told reporters.

But the minister welcomed any arrangements with non-OPEC crude producers to stabilise the market.

“If there is any type of arrangements with countries outside OPEC, we will be very happy,” Omair said after signing a cooperation agreement on oil and investment with Russia.

The 12-member Organization of Petroleum Exporting Countries, which pumps about one-third of the world’s oil, decided in November to maintain production unchanged, sending oil prices crashing.

PARC, CDA ink MoU to produce high quality honey from Margalla hills

ISLAMABAD (INP): Pakistan Agricultural Research Council (PARC) and Capital Development Authority (CDA) Thursday signed a Memorandum of Understanding (MoU) aiming at producing high quality honey from Margalla hills. The MoU was signed by Secretary PARC, Muhammad Tariq and Member Administration CDA, Amer Ali Ahmed at CDA headquarters here. The signing ceremony was witnessed by Member Coordination PARC, Dr. Muhammad Munir, PARC directors, Sardar Ghulam Mustafa, Dr. Rashid Mahmood, Falak Naz and Deputy Director General (Environment) CDA, Iftikhar Awan, Director Staff to Chairman CDA, Ejaz Ahmed Bajwa, Director (PR) Ramzan Sajjid and other senior officers of both the organizations.

The MoU will facilitate production of branded honey from Margalla hills and queens from apis mellifera colonies besides building capacity of Margalla community in beekeeping and developing network of hone producers. The branded honey of Margalla will be sold through PARC Agro Tech Company and would be provided to CDA on the same rates as given to PARC and National Agriculture Research Council (NARC) employees.

Both the organization agreed to arrange demonstration apiary at Margalla hills for community to raise the awareness of beekeeping for quality honey production and free pollination services of bees to enhance quality and quantity of fruits, vegetables and biodiversity conservation.

According to MoU, CDA will provide the space for placement of honeybee colonies of Acacia (phauli) Granda, Bhaikar etc at Margalla hills and will also ensure that no other beekeeper is given permission to operate in radius of five kilometer.

The MoU will remain operative for five years while both the parties will appoint focal person to manage periodic meetings to work out the details of the programme and its implementation.

FBR nominates officers for sharing tax-related info with FIA

ISLAMABAD (Staff Reporter): The Federal Board of Revenue (FBR) on Thursday nominated two officers for sharing tax-related information with the Federal Investigation Agency (FIA). The FBR has nominated Chief Management FBR for the Inland Revenue Services (IRS) related matters and Chief Management Customs for the Customs related matters. The filed formation shall not provide any information to the FIA. The FIA shall approach the Board for providing specific information. The Board shall examine the request under mutually agreed SOP and issue necessary directions for the field formations, stated the notification issued here.