Largest trade exhibition for women entrepreneurs opens

Lahore (Staff Reporter): The country’s largest trade exhibition for women entrepreneurs (WE’s) Wexnet 2014 opens here Friday at the Expo Center, Lahore. The exhibition aimed at displaying multi-products by the women entrepreneurs, who came from all across Pakistan and from SAARC countries including Bangladesh, Nepal and India, are showcasing their products. Chief Executive Trade Development Authority of Pakistan (TDAP) S M Munir inaugurated the exhibition by performing the ribbon cutting ceremony. Later, Chief Executive TDAP along with Secretary TDAP Rabia Javeri Agha visited stalls and had view of the products on display there.

On the first day of the exhibition, thousands of families were seen visiting stalls who shown their keen interest in the quality products put on display by the business women. Large number of women support their curiosity for the cosmetics and jewellery, garments, gift items and handicrafts. Expo center has been beautifully decorated and depicted an illustrious look. Women entrepreneurs seen interacting with the visitors about their products related business matters. The visitors highly appreciated the quality and economical prices of the products.

ICCI for reducing POL prices to promote business activities

ISLAMABAD (Online): Islamabad Chamber of Commerce & Industry has called upon the government to pass on the benefit of appreciation of Pak rupee against the dollar by making at least 10 percent reduction in the POL prices. Khalid Chaudhry, Acting President, Islamabad Chamber of Commerce & Industry appreciated the prudent policies of the government due to which the rupee has appreciated from Rs.108 about two months back to below Rs.99 in the interbank market. He said the rising strength of the rupee against the dollar has created good room for the government to bring down POL prices by up to 10 percent in order to provide relief to business & industry as well as to the general public.

He said whenever the price of oil went up in the international market, government tended to immediately pass on the whole impact to the domestic consumers. Now there is a declining trend in the price of crude oil in the global market and government should pass on its benefit to the consumers by reducing POL prices in the domestic market. He said government has already saved billions of rupees since the appreciation of rupee by not passing on its benefit and stressed that government should not waste further time to deprive people of this direly needed relief.

Khalid Chaudhry said high oil price is the major factor for very high power tariff in Pakistan which has enhanced cost of production and badly impacted the manufacturing activities. He said tariff costs in China, India, Bangladesh and Sri Lanka are 8.5 cents, 11.3 cents, 7.3 cents and 9.2 cents respectively while in Pakistan tariff costs are more than 14 cents making our tariffs one of the costliest in the region.

LSE introduces spot commodity trading

Lahore (Staff Reporter): LSE has launched the ‘Spot Commodity Trading and Warehousing Management Company Ltd.’ It was a historic moment when after years of dedicated efforts and continuous follow up by Lahore Stock Exchange, the SECP finally granted an NOC on the incorporation of this wholly owned subsidiary company of LSE and the Additional Registrar of Companies SECP issued the certificate of incorporation to this much needed company. Aftab Ahmad Ch., MD LSE, highlighted that the existing infrastructure for spot trading of agricultural and industrial commodities in Pakistan is fraught with numerous issues that inhibit price discovery and results in inefficient trading practices.

These issues coupled with recent trends like unexpected commodity hikes and an increased trend among investors to hold commodities as an asset class makes a very compelling business case to develop a country-wide, electronically integrated, transparent structure for spot trading of commodities.

Zaki to represent KCCI in FBR’s tax advisory council

KARACHI (APP): President KCCI Aamir Abdullah Zaki will represent Karachi Chamber in the tax advisory council formed by FBR. The tax advisory council has been formed to seek proposals on new taxation measures, provide necessary input on different tax policy matters, suggest ways and means to expand the tax base and propose legislation for making tax compliance law more effective, said a KCCI press release here on Friday. According to FBR, the tax advisory council includes all stakeholders, chartered accountants, academia, senior tax consultants, retired senior officers of customs and industrialists, presidents of various chambers of all four provinces including Karachi Chamber.

President KCCI Abdullah Zaki, while expressing gratitude to the government for setting up FBR’s tax advisory council, said that the government’s decision to take all stakeholders on board in the policy-making process will go a long way and help in resolving a number of tax-related issues being faced by the business community.

He said that for making FBR’s tax collection system more effective, it must be completely reformed in consultation with various stakeholders who have been included in the Tax Advisory Council.The reforms in tax collection system will help in bringing more tax-payers in the tax net.

He hoped that the government will continue to take every stakeholder on board and such advisory councils must also be introduced in other departments as well.It would not only help in restoring the confidence of business community but will improve performances of various public sector departments along with ensuring economic prosperity for the country.

Govt giving priority to develop hydrocarbon resources

ISLAMABAD (APP): The govt is giving high priority to develop indigenous hydrocarbon resources to minimize the demand and supply gap of oil and gas. However, due to depleting trend of major gas fields and rapid increase in demand for natural gas, wide gap between demand and supply has emerged which is bearing negative impact on the economy, said a news release. Due to the untiring efforts of Ministry of Petroleum and Natural Resources and especially by the DGPC and his team and keen interest generated by the investment friendly and attractive policies, since taking over by the current govt 78 numbers of wells have been spudded and 20 discoveries have been made so far.

On March, 2014 the oil production in the country crossed 93,600 bbl per day, which is the highest oil production level achieved so far.

The ministry after taking all provinces on board in finalizing Model Petroleum Concession Agreement (MPCA) and Model Exploration Licence (MPCA), awarded 50 blocks on provisional basis to nine E & P companies in January 2014.

Out of which 21 blocks are falling in Balochistan, 15 in Punjab, six in Sindh and eight blocks in Khyber Pakhtunkhwa. The Ministry has already signed (28) ELs and PCAs in February 2014.

Oil and gas has been major global commercial energy source for decades and expected to play a leading role in future as well.

Historically, Pakistan has been an oil importing country but has been fortunate that till recently most of the energy needs of the country were being met through indigenous gas production.

The government today executed 15 more Petroleum Concession Agreements (PCAs) and 15 Exploration Licences (ELs) over Blocks No. 2564- 2 (Parkini Block-A), 2763-5 (South Kharan), 2764-3 (Palantak), 2564-5 (Rasmalan West), 2865-3 (Kharan-3), 2561-1 (Gwadar), 3169-2 (Zhob), 2566-5 (Bela North), 2764-2 (Rakhshan), 3066-5 (Bostan), 2866-3 (Khuzdar North), 3370-14 (Tirah), 3171-3 (Khiu), 3273-4, 3070-17 (Layyah), and (Warnali) 3273-4 with Oil and Gas Development Company Limited (OGDCL).

Parkini Block-A block is located in Awaran and Kech districts of Balochistan, South Kharan block in Kharan district of Balochistan, Palantak block in Kharan and Panjgur districts of Balochistan, Rasmalan West block in Awaran and Pasni districts of Balochistan, Kharan-3 in Kharan and Nushki districts of Balochistan, Gwadar Gawadar, Pasni & Kech districts of Balochistan, Zhob block in Zhob,Musakhel districts of Balochistan and in Fata, Bela North clock in Khuzdar, Awaran and Lasbela disctricts of Balochistan, Rakhshan block in Kharan district of Balochistan, Bostan block in Ziarat, Pishin, Killa Abdulla and Quetta districts of Balochistan, Khuzdar North block in Khuzdar district of Balochistan, Tirah block in Khyber, Kurram and Orakzai Agencies of Fata, Khiu block in Bhakkar and Khushab districts of Punjab, Layyah block in DG Khan and Muzaffargarh districts of Punjab, Warnali block in Chakwal,Jhelum and Rawalpindi districts of Punjab.

The total area of aforesaid blocks is 32357 sq km and minimum firm work commitment is US $ 39.19 million.

Apart from minimum work commitment, companies are obligated to spend a minimum of US $ 30,000/year in each block on social welfare schemes.

OGDCL is a Public Limited Company engaged in Exploration & Production activities in the country for the last four decades. OGDCL holds the largest share of oil (58pc) and gas (42pc) of the total reserves in the country.

Its percentage share of total oil and gas production in Pakistan is 52pc and 27pc, respectively.

In addition, OGDCL is the operator in 48 exploration licences and working interest owner in 6 other exploration blocks operated by various E & P companies. OGDCL is currently producing 43,896 barrels of Oil, 1163 MMCFD of gas, 84 metric tons of LPG and 96 metric tons of Sulphur per day.

The execution ceremony was graced by Shahid Khaqan Abbasi , Minister for Petroleum and Natural Resources, Jam Kamal Khan and Zahid Muzaffar, Advisor to Ministry of Petroleum and Natural Resources with their presence.

The respective ELs and PCAs were signed by Abid Saeed, Secretary Petroleum and Natural Resources, Saeedullah Shah, Director General Petroleum Concessions, Riaz Khan, Managing Director, OGDCL and Directors from the provinces of Balochistan and Punjab.