300 MMBTU additional gas to be provided by year end

Karachi: Federal Minister for Petroleum and Natural Resources (MPNR) while addressing to All Pakistan CNG Association has given an indication that an additional 300 MMBTU gas would be available at year end.

According to Alfalah Securities, the government intends to bring 300 MMBTU gas to the system out of which 100 MMBTU gas is expected to be extracted from the Karachi Port Trust (KPT) field, Kirthar Gas Field and tight gas reservoirs by the end of year. Moreover, the government is also seeking to abolish all sorts of subsidies provided to different sectors of the economy and has also taken steps towards development of gas fields for increased gas supply. The addition of gas would bridge the gap of demand and supply particularly the fertilizer companies.

ZCZC

Current Account Deficit witnessed in July-August – Alfalah Securities Limited

Karachi, September 20, 2011 (PPI): The Current Account of the country for first two months of FY12 remained negative and stood at USD 189mn, despite of healthy exports and higher remittances witnessed in July and August.

According to Alfalah Securities, the Current Account deficit was lower by 81.4% YoY in Jul-Aug FY12 as compared to USD 1.02 bn in the same period last year.

The current account deficits would put pressure on foreign exchange reserves and would be further aggravated as the government is being reported to abolish further borrowing from the International Monetary Fund (IMF) Program where the forex reserves have declined from USD 18.7bn to below USD 18bn recently. The total exports of the country stood at USD 4.252 bn in July-August FY12 against USD 3.465 bn in the corresponding period last year, showing a significant growth of 22.7% on YoY basis. The worker’s remittances also registered a massive growth of 39.62% in July-August FY12 against the previous year.

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