Morning Buzz for July 04, 2012 – MR Securities

Karachi, July 04, 2012 (PPI-OT): Pakistan finally gets much-belated apology from US

According to MR Securities,

Pakistan on Tuesday conveyed to United States that it was reopening the ground lines of communications (GLOCs) free of charge into Afghanistan, after the US belatedly issued an apology for the November killing of 24 innocent Pakistani troops in a NATO air-strike

United States to release $1.1 billion to Pakistan
The United States will release about $1.1 billion to Pakistan’s military as part of a deal that will see Islamabad lift a blockade on NATO supply convoys into Afghanistan, a US official said Tuesday.

Power sector gets priority: gas allocation, management policy amended
With the power crisis getting worse in the country, the Economic Co-ordination Committee (ECC) of the Cabinet on Tuesday amended the 2005 Natural Gas Allocation and Management Policy to make available maximum gas supply to the power sector for enhancing generation to minimise power cuts.

SBP amends rules governing Primary Dealer System
The State Bank of Pakistan (SBP) on Tuesday has amended certain rules governing the Primary Dealer System in order to streamline and further strengthen this system.

PPCBL to go online from July 5
Punjab Provincial Co-operative Bank Limited (PPCBL) is being automated from 5th July to ensure modern and online banking facilities to its account holders.

Government departments in Fata owe Rs 826 million to Tesco
Tribal Electricity Supply Company (Tesco) Chief Executive Pervez Khankhel Swati has said that an amount of Rs 826 million arrears outstanding against the different government departments in Federally Administrative Tribal Areas from the month of May, 2012.

Property tax record to be computerized
Excise and Taxation Department has decided to computerize its property tax record aimed at facilitating the tax-payers and streamlining the entire tax collection process.

SSGC plans to extract additional LPG from Bobi field
The Sui Southern Gas Company Limited (SSGCL) has planned to extract residual liquefied petroleum gas (LPG) and natural gas liquids (NGL) from Bobi gas field, which is currently producing 10-15 million cubic feet per day (mmcfd) gas and contains heavy hydrocarbons.

Qadirpur Gas Field’s closure: SNGPL to face 70mmcfd gas shortage
Sui-Northern Gas Pipelines Limited (SNGPL) will face a gas shortage of 70 million cubic feet per day (mmcfd) due to closure of Qadirpur Gas Field for annual maintenance from July 13 to July 23.

Gas supply to Bahawalnagar: OGDCL told to justify year-long delay
The National Assembly’s Standing Committee on Inter Provincial Co-ordination (IPC) on Tuesday directed the Oil and Gas Development Company Limited (OGDCL) to give reasons for year-long delay in starting work on supplying gas to Bahawalnagar.

Industrialists invited to invest in power-generating units, tourism: AJK President
President Azad Jammu and Kashmir, Sardar Muhammad Yaqoob Khan has invited business community to invest and establish industrial and power generating units in Azad Kashmir.

Price hike despite cut in POL products’ prices
The considerable reduction in prices of petroleum products has not led to any decline in fares by local transporters of the twin cities.

Kerry says restoration of Pakistani supply routes is important development
Influential US Senator John Kerry on Tuesday welcomed the reopening of Pakistani supply routes into Afghanistan, calling it a good example of US-Pakistan cooperative relations.

Swedish ambassador to help lure foreign companies
Swedish Ambassador to Pakistan Lars-Hjalmar Wide said on Tuesday that Pakistan suffered from an “image problem,” which made foreign companies hesitant in entering the domestic market.

Power ministry seeks release of Rs10b for oil supply
The Ministry of Water and Power and Pakistan State Oil (PSO) are scrambling to get funds released to streamline power and oil supplies in a bid to tackle the electricity crisis that has paralysed life and sparked protests across the country.

Prime minister meets with top officials of economic team
Prime Minister Raja Parvez Ashraf has expressed satisfaction with Pakistan’s financial stability, and claimed that the economy has sustained crises in Europe and around the world. He made these remarks while talking to State Bank of Pakistan (SBP) Governor Yaseen Anwar here on Tuesday.

ECC defers decision on weekly oil price review
The Economic Coordination Committee (ECC) of the cabinet on Tuesday deferred a plan to review oil prices on a weekly basis after the Oil and Gas Regulatory Authority (Ogra) highlighted the likely consequences of such a decision including oil shortage and overcharging for petroleum products.