SSGC disconnects 2,200 illegal

gas connections

Karachi (Staff Reporter):  SSGC’s task force conducted a raid in Hassan Ali Panwar Goth, National Highway and disconnected 2,200 gas connections which were using gas illegally. According to an estimate, the illegal users of gas were stealing about 124,168 million cubic feet gas amounting to Rs. 32.22 million. Despite the bad law and order situation prevailing in the area, task force conducted the raid under the supervision of Syed Nawab Ali Shah, Manager (Customers Relation Department) under the cover of company’s security department. Madni Siddiqui, In-charge DSM (East) supervised the raid.

Task force disconnected all illegal gas connections, which were using gas from SSGC’s 6 inch dia main service line. The team removed all the material that being used to steal gas from the pipeline.

IFC’s proposes $67m investment

in Bank Alfalah

Karachi (Staff Reporter): IFC, a member of the World Bank Group, and Bank Alfalah Limited, one of Pakistan’s leading banks, have reached an agreement on IFC’s proposed $67 million investment in Bank Alfalah by subscribing to 15 percent equity investment in the bank to help it to increase access to finance in Pakistan. “We view this potential partnership with IFC as a long-term strategic collaboration which will strengthen our competitive position and allow us to increase our capital for growth both in Pakistan and international markets,” said Atif Bajwa, President and CEO of Bank Alfalah. “It also represents a significant contribution to foreign direct investment in the country.”

LHC takes notice of increase

in LPG prices

LAHORE (INP):  The Lahore High Court (LHC) has issued notices to the Ministry of Petroleum and Natural Resources and Oil and Gas Regulatory Authority (OGRA) over increase in the prices of LPG and sought their response by 22nd September.  Justice Shujaat Ali Khan of the LHC heard the case. The petitioner Naushab Khan submitted that the gas companies increased the LPG price from Rs100 to Rs160 per kg without any notification.  He said OGRA under the rules is responsible to regulate the prices in the market.  In his remarks during the hearing, Justice Shujaat Ali Khan observed that winter season has not yet started and the price of gas has been increased which has affected the poor people.

UBL CEO hands over IDPs donation cheque to Corps Commander

Karachi (Staff Reporter): UBL President and CEO Wajahat Husain recently visited 5 Corps Headquarters in Karachi along with Aameer Karachiwalla, COO-UBL and handed over the donation cheque to Lt. General Sajjad Ghani, Corp Commander Karachi. The Corp Commander Karachi welcomed UBL’s contribution to the fund and appreciated the bank’s efforts towards helping in the rehabilitation of the IDPs. As part of its CSR agenda, UBL endeavors to give back to the society in the form of donations that directly benefit and have an affirmative impact on the lives of local communities. 

To fulfil its responsibility towards Pakistan and the plight of the IDPs, UBL has donated to various causes in this area. Foremost in these causes is the Army Relief Fund for IDPs to which the bank has donated.

PSO participates in LSE corporate briefing

lahore (Staff Reporter): The top echelons of Pakistan State Oil Company Ltd, Mr. Amjad Parvez Janjua – Managing Director and CEO PSOCL and Deputy Managing Director- Finance & IT & CFO, Mr. Sohail Ahmad Butt visited The Lahore Stock Exchange to participate in the Corporate Briefing Program. DMD- Finance & IT & CFO- PSOCL, Mr. Sohail Ahmed Butt addressed the participants explaining and highlighting the financial performance of the company. Mr. Sohail while sharing PSO’s financial performance informed that the company with the highest contribution  to the National exchequer has recorded the best ever key financial indicators; comprising of, turnover, operating profit and after tax earnings.

Mr. Sohail while addressing in high spirits shared that the company has recorded highest ever turnover of Rs 1.4 trillion in the Fiscal year 2014. He added that the all time high performance benchmarks were achieved by PSO without any increase in margins during the year and the company retained leadership in Pakistan oil market despite higher finance cost borne by the company owing to the burgeoning circular debt.