Thursday, 29 August 2013

Karachi Stock Exchange: Today's Morning News

Latif Gas Field to add 40mmcfd gas by September 10
There  will  be  an  addition  of  about  40  Million  Cubic  Feet  per  Day  (mmcfd) gas by  September 10 from Latif  Gas  Field in District Khairpur Sindh. Development  and  Production  Lease  Deed  Agreement  (DPLDA)  of  Latif  Field  was signed between OMV and other joint venture partners in October 2012 and in the first phase OMV would  add 40 mmcfd gas out of maximum capacity of the field of 100 mmcfd. Austrian Exploration and Production (E&P) Company OMV is the main operator of the Latif Gas Field at Sawan Plant in District Khairpur and holds a 33.34 percent interest in the Field. The other partners in the joint venture are Eni (33.33 percent interest) and PPL (33.33 percent interest). Development  will comprise  of drilling of  new wells and construction of a 50 kms pipeline to transport Latif gas to OMV operated Sawan gas  plant  where Latif  gas  is  processed and  thereafter  delivered to  customers.  OMV is targeting net production of 5,700 BOE per day from Latif Field in 2014.

Turkish bank to provide $300 million credit facility
Export Credit Bank of Turkey (Exim Bank) is to give $300 million credit facility to Pakistan for 2013-14 for which a formal pact will be signed during the 3-day (September 16-18) official visit of Prime Minister Nawaz Sharif to Turkey. Prime ministers of both countries will co-chair the third meeting of the High Level Co-operation Council (HLCC) to be held in Ankara on September 17,  2013. The  HLCC  mechanism  between  Pakistan  and  Turkey  was established  during  the  visit  of  Prime  Minister  Erdogan  to  Pakistan  in October 2009.  The  joint  political  declaration  signed  on  the  occasion provides  HLCC "to  oversee  and  steer  the  unique  partnership  and intensified  co-operation between  the  two  countries."  The  HLCC  has thus far met  twice - December 2010  in  Ankara  and  May  2012  in  Islamabad. During  these  meetings,  25 MoUs/agreements were signed between the two countries. The Prime Minister  would  accord  an  opportunity  to  promote Pakistan  as  an  investment destination despite a dispute between GoP and M/s Karkey Rental Power. A business  forum  with  participation  of  leading Turkish  companies  is  being planned  on  the  sidelines  of  the  visit.  An energy  forum  is  separately  being planned to be held in Istanbul on September 6 where experts from the relevant  Ministries  would  provide  a detailed  overview on  the  technical  and  financial  aspects  of  feasible  energy  projects  including  measures  concerning protection  of  investments,  security  and  special  incentive  packages  by  the GoP.

Ecnec approves Rs132bn power projects

The  Executive  Committee  of  the  National  Economic  Council  (Ecnec) approved on Wednesday 16 projects with a total estimated cost of Rs132 billion,  most of  them for  transmission of  electricity from power plants to the distribution  system.  An  Ecnec  meeting  presided  over  by  Finance  Minister Ishaq  Dar  and  attended  by  ministers  and  senior  representatives  from provincial  governments  constituted  a  committee  to ascertain  the  reasons behind  an  inordinate  delay  in  the  construction  of  the  Kachhi  Canal  that was  scheduled  to  be  completed in March this year at an estimated cost of Rs28bn. The cost has now increased to Rs60bn and the project is likely to take another  two  years.  Of  the  approved  projects, 12  relate  to  the  energy sector,  amounting  to  Rs96.48bn,  including  the Rs7.51bn 31.17MW Koto hydropower project. Three projects of Rs41.39bn were approved for Sindh, two costing Rs9.81bn for Khyber Pakhtunkhwa, seven of Rs43.6bn for Punjab along with a Rs11.8bn project for the province’s southern region and a Rs8.73bn scheme for Balochistan. A Rs22.58bn project was approved for Azad Jammu and Kashmir and one of Rs2.63bn for Islamabad.

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