No significant development on Shale gas, oil pilot project

ISLAMABAD (APP): The Ministry of Petroleum and Natural Resources last year had assigned the task to state-owned companies - OGDCL and PPL - for launching a pilot project in three to four months to determine cost of extracting Shale gas and oil after identification of their massive reserves but no significant headway has been made to this end. A study, completed in cooperation with USAID, had confirmed presence of 10,159 trillion cubic feet (TCF) Shale gas and 2,323 billion of stock tank barrels (BSTB) Shale oil in place resources. Following which, the ministry directed Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL) to prepare a pilot project to launch in selected areas of Balochistan, Sindh and Khyber Pakhtunkhwa within the given time. The project was scheduled to start in March this year, but it delayed due to technical reasons. "At present, there is no significant development on the project," sources said.

 PCP directed to conduct inquires into financial losses

ISLAMABAD (APP): Sub-Committee of the Public Accounts Committee (PAC) on Thursday directed Printing Corporation of Pakistan (PCP) to conduct inquires into financial losses of the corporation. The committee met here at Parliament House under the chairmanship of convener Shafqat Mehmood Ahmed. The committee proposed PCP to induct more experts for bringing improvement into its functioning and introduce innovative plans. The committee also said that PCP should acquire new machinery and equipments to make the corporation a viable entity. The committee chairman expressed displeasure over the absence of Pakistan Tours (PVT) Limited Managing Director Chaudhry Abdul Ghafoor. The committee expressed reservations over the performance of Telephone Industries of Pakistan and loss of Rs10.475 million due to delay re-investment. The committee chairman gave the time of 20 days to resolve the issues of the company and present a report to the committee in this regard.

Chairman committee directed Pakistan Telecommunication Authority (PTA) management to amend the license conditions showing that the calculations will be made on adjusted gross revenue.

 FPCCI all set to hold elections today

 KARACHI (APP): Federation of Pakistan Chambers of Commerce and Industry (FPCCI) is set to hold its elections for the year 2017 here on Friday. The voting will start at 9:00 AM at the Federation House. The representatives of various trade associations and chambers from all over the country will caste their votes to elect new leadership team for the year. Two panels are in the run. One is of United Business Group (UBG) led by SM Muneer and Iftikhar Ali Malik, another is joint panel of Pakistan Business Group led by Aqeel Karim Dhady and Businessmen Panel led by Tariq Sayeed and Mian Zahid. FPCCI former vice president Zubair F.Tufail is presidential candidate from UBG and FPCCI former senior vice president Abdul Rahim Janoo is the joint candidate of BMP and PBG for this top slot in the apex trade body of the country. The feedback from the business community suggests that it would be difficult for any panel to sweep.

 ICCI lauds CDA for resolving traders’ issues

 ISLAMABAD (INP): Islamabad Chamber of Commerce and Industry (ICCI) President Khalid Iqbal Malik has lauded the efforts of IMC Mayor and CDA Chairman Sheikh Anser Aziz for resolving the longstanding issues of business community. He said lease renewal of many commercial plots in Islamabad was pending for many years, due to some reasons, causing great difficulty for business community. Similarly, traders have been demanding construction of additional storey in Marakaz to meet the current day business requirement, but these two issues remained unaddressed for years. However, the CDA chairman in its recent meeting with ICCI delegation has agreed in principle to resolve these issues after fulfilling necessary legal requirements which was a very positive development. He also congratulated the business community for this great achievement. He said the CDA chairman has constituted a committee to revise and upgrade CDA byelaws that would pave way for renewal of pending leases and construction of additional storey in Marakaz.