Argentina offers export of products to South America

ISLAMABAD (INP): Argentina has offered cooperation to Pakistan to harness hydroelectricity potential to overcome its energy crisis. This was stated by the Argentinean Ambassador‚ Rodolfo Martin Saravia. He said Pakistan has the potential to generate over 60‚000 megawatt of hydroelectricity and his country will supplement the efforts to use this God gifted resource. He said Pakistan and Argentina should seize tremendous potential in different fields at government and private sector level to enhance cooperation for the benefit of the two peoples. Argentinean Ambassador Rodolfo Martin Saravia called for promoting interaction between the private sectors of the two countries.

For this purpose‚ he said‚ visits of chambers of commerce and industry and trade delegations are being encouraged to increase imports and exports.

The ambassador said there is also great scope of cooperation between the two countries in other sectors like textile‚ pharmaceuticals‚ agriculture and sports‚ and sky is the limit in bilateral relations.

He said Pakistan needs to focus on enhancing its relations with Argentina and other Latin American countries.

RCCI for improved working relationship with EOBI

RAWALPINDI (APP): President RCCI Dr Shimail Daud Friday stressed the need to develop improved working relationship with the Employees’ Old-Age Benefit Institution. Talking to a delegation of business community, which called on him here, he said RCCI has played a key role in creating awareness among different institutions about importance of the EOBI. He said the Chamber was well aware of importance of EOBI and wanted to remove misunderstandings between the institution and the business community. He said a reconciliatory committee was in place and it should be made more active and vibrant to address grievances of traders and industrialists.

Qaim holds meetings in China

BEIJING (APP): Sindh CM Syed Qaim Ali Shah said Friday that Thar had the largest coal reserves and could greatly help transform the country’s energy deficiency to a surplus. He was talking to the chairman of China Machinery Engineering Corporation(CMEC), Sun Bai at a breakfast meeting and while addressing the Chinese power and mining companies, banks, Chinese and Pakistani Financial institutions at a luncheon here. The CM, who was in Beijing on the second leg of his visit to China, highlighted the abundant investment potential of Thar coal in meeting energy needs of the country. He said that the govt was creating an enabling environment for potential investors in developing infrastructure, coal mining, coal and wind power generation.

He said that Thar coal fields had estimated reserves of 175 billion tons. These reserves could be utilized to produce 100,000 MW of power for many decades. He further said that the current focus of the energy fuel mix was on developing indigenous energy resources, adding that reliance on alternative sources would help save billions of dollars in foreign exchange, currently being spent on import of expensive refined furnace oil (RFO).

Syed Qaim Ali Shah pointed out that public private partnership had been initiated through an international competitive bidding process to ensure fast track development of Thar coal.

He assured on behalf of the government, provision of requisite infrastructure adding that investors would find Thar as an exceptionally peaceful area.

He expressed satisfaction over the participation of key Chinese contractors in the bidding process of Thar coal mining and power project and on financial institutions keen interest in financing, allowing further boost to economic cooperation between our two nations.

He said that the Board of Investment is providing one window solutions to streamline investors’ requirements.

Syed Qaim Ali Shah informed Sun Bai that the government was determined to developing the resources for the benefit of the people and to put the country on road to prosperity.

He said that the government offered guaranteed return on equity investment of 20% in USD terms for all Thar coal based mining and power projects, in order to encourage greater investor participation.

Chairman Sun Bai evinced keen interest in the development of Thar coal, power, wind power and infrastructure projects in Sindh province and said that his company had rich experience of accomplishing such projects.

The CEO, Sindh Engro Coal Mining Company (SECMC) Shamsuddin A Sheikh speaking on the occasion said that the Thar coal mining and power project was on and the company was determined to completing the project in shortest possible time. He said that all the bidders for power and mining projects had visited the site and every one of them gave a positive feedback.

The presence of these top Chinese companies and banks today is a testament to their belief that Thar was indeed a technically and commercially viable project, he added.

He said that the Sindh government was 51% equity holder in SECMC which is the lease holder of Bloc II of Thar.

He pointed out that said that the government of Sindh has taken up the responsibility to provide all infrastructure needed for mining of coal at Thar including raods, airport, fresh water supply and effluent disposal.

Earlier, the Chief Minister of Sindh witnessed the signing ceremony of 249.6 MW Engineering Procurement Construction (EPC) contract signed between NBT Wind Power Pakistan II, a subsidiary of NBT Pakistan Holding Ptv Ltd of Singapore (NBT) and Harbin Electric International to build the largest wind farm in Pakistan using 156 units of 1.6 MW wind turbines made in China.NBT is developing 650 MW of wind farms in the wind corridor of Sindh.

NBT, Harbin Electric International and GE are working jointly with a bank syndicate on project financing for this wind farm. The EPC contract includes 5 years of operation and maintenance services to wind turbines. The wind farm would have a construction time of two years and will bring much needed clean, renewable electricity to help alleviate the power crisis in Pakistan.

It is estimated that the wind farm will produce approximately 700 gigawatts per year upon completion.

A Memorandum of Understanding was inked between China Power International Holding for putting up power plants for 6000 MWs.

Also signatory to this MoU were SECMC and Global Mining Company(GMC)/Sino Sindh Resources (SSR).

Initially China Power International Holding will install power plant of 1200 MW. Coal supply would be by SECMC and GMC/SSR from Bloack II and I from Thar Coal.

Wapda House turns ‘pink’

LAHORE  (Staff Reporter): Wapda House was turned pink with lighting effects by Pink Ribbon Campaign Pakistan with support of Water and Power Development Authority (Wapda) to show solidarity with breast cancer patients and survivors on Friday (International Mammogram Day). As October is marked as Pinktober – the Breast Cancer Awareness Month - Pink Ribbon turned Wapda House pink to highlight the importance of awareness against the deadly disease. This initiative is in accordance with international support for ‘Pinktober’, which has seen famous monuments such as the Pyramids (Egypt), White House (America) and Eifel Tower (France) also turned pink to create awareness of breast cancer.

Pink Ribbon turned National Monument Islamabad pink last year. Wapda House would stay pink until the end of October.

Ceremony of making the building pink with lights held in Wapda House premises where Chief Executive Pink Ribbon Omer Aftab alongside Director Medical Wapda Hospital Dr. Huma Ambreen turned the lights on in the evening.

Omer Aftab mentioned the importance of breast cancer awareness. He appreciated Wapda’s support for the cause of spreading awareness about breast cancer.

During ‘Pinktober’, Pink Ribbon sensitised girls and women by arranging various events and activities for direct interaction.

OGDC books profit of Rs33.6b

LAHORE (Staff Reporter): The OGDCL has announced higher than consensus 1QFY14 profits, where the company booked profit after tax of Rs33.6b (EPS of Rs7.81) in 1QFY14 against earnings of Rs25.7b (EPS of Rs5.97) in 1QFY13, up 31%YoY. On a sequential basis, earnings in 1QFY14 increased by 122%QoQ. Lower than expected (1) exploration costs (down 68%QoQ) and (2) effective tax rate at 27%, surprised the market. Alongside results, the company announced a first interim cash payout of Rs2.0/share.  During the first quarter company has reported PAT of PKR 33.6b (EPS: PKR 7.81) as compared to PKR 25.7bn (EPS: PKR 5.97) in same period last year, showing YoY growth of 31%.

 mainly due to substantial increase in net revenue (+16%), other income (+185%) and lower effective tax rate during the period. Further, company has announced first interim cash dividend of PKR 2.0/share for the quarter.