Around 70 mmcfd from Manzalai gas field restored – Alfalah Securities Limited

Karachi, July 16, 2012 (PPI-OT): Around 70mmcfd gas has been added into the system of Sui- Northern Gas Pipeline Limited (SNGP) from restoration of gas supply from Manzalai gas field after the completion of the Annual Turn-Around (ATA) of the field.

According to Alfalah Securities Limited, this gas field was closed for maintenance purposes from July 3 to July 14, 2012. The PM Raja Pervaiz has directed to allocate 40 mmcfd of the restored gas to Independent Power Producers (IPPs) to enhance power production. MOL Pakistan is the operator of the Manzalai field located in Tal Block in Karak and Hangu districts in Khyber Pakhtunkhwa (KPK) and its total gas production capacity is 340 mmcfd where, other joint venture partners are OGDC with 30% interest, PPL with 30% interest and Government Holdings Private Limited (GHPL) having 5% working interest in the field.

The restoration of gas supply would provide slight relief to the demand and supply situation of gas in the country however, the fertilizer may still remain deprived of the agreed gas supply which is likely to keep the investors’ sentiment dampened on the fertilizer sector stocks which get gas supply from SNGP network like Engro Enven, Dawood Hercules and Agritech.