Markets welcome Asims roadmap

LAHORE Countrys stock exchanges have welcomed Advisor to the Prime Minister on Petroleum & Natural Resources Dr Asim Hussains recent roadmap for restructuring and revitalizing the public sector energy companies and long term energy plan, says a press release. Led by strong growth and turnover in Oil & Gas companies, in the last two days, the KSE-100 index has risen by almost 320 points or 3pc to end at 11,923 its highest close since April 6. Most notably, OGDCL closed at its upper lock at Rs 138.44. Foreign investors were the most bullish with tens of millions of dollars in new investments coming in. While taking to the media, Dr Asim Hussain expressed his views on meeting energy needs of the country on short-term and medium-term basis and reorganisation of the companies with professionals of high calibre to be identified through an international selection process. He also stated that Boards of these companies would be revamped and they would be fully independent of the Ministry/Government control. He also announced plans to fast track exploration and development work and particularly resolution of the circular debt issue, cross country gas pipelines and import of LNG to meet the energy needs of the country. OGDCL is badly hit by the circular debit amounting to Rs 131 billion and its recovery would help OGDCL in completing its development projects and further exploration plans. Dr Asims determination to resolve this issue has shown positive impact on market.

ePaper - Nawaiwaqt