Morning Buzz for June 14, 2012 – MR Securities

Karachi, June 14, 2012 (PPI-OT): Pakistan, Iran sign deal for import of 1,000MW

Pakistan has signed an agreement with the Iran for importing 1,000 megawatt at 10 cents per unit, according to an official.

According to MR Securities, the project is expected to materialize in the next four years.

SBP Governor calls on Prime Minister
Yaseen Anwer, Governor State Bank of Pakistan called on Prime Minister Syed Yousuf Raza Gilani and briefed him on the current economic situation in the country.

SCB awarded Best Global Retail Bank
Standard Chartered Bank has won awards of “Best Global Retail Bank” and “Best Online Banking Strategy” at The Retail Banker International’s Awards.

‘EU market access will strengthen economy’
President Asif Ali Zardari has said that greater trade access in the European Union (EU) markets will facilitate and support the Pakistani economy.

Winding-up budget debate: Finance minister’s speech drowns in din
Finance Minister Dr Abdul Hafeez Shaikh was compelled by the protest of the opposition party Pakistan Muslim League-N (PML-N) to cut short his speech on budget 2012-13 in National Assembly.

Rs8.6trn charged expenditure presented in NA
The government on Wednesday presented in the National Assembly Rs 8.6 trillion charged expenditure included in demands for grants and appropriations for the financial year ending June 30, 2013.

Up to Rs 7.5 per kg cut in CNG price likely
The government is likely to reduce the price of Compressed Natural Gas (CNG) by up to Rs 7.50 per kg, effective from June 16.

Philips to provide 20m energy savers to PEPCO
Pepco has signed a supply contract for 20 million Compact Fluorescent Lamps (CFLs) on a cost, insurance and place of destination (CIP) basis with Philips Electrical Industries of Pakistan.

Vertical integration: PSO to set up refinery in Khyber-Pakhtunkhwa
Pakistan State Oil’s (PSO) two-year old plan to enter the refining business has finally made some headway as Khyber-Pakhtunkhwa (K-P) has agreed to allot 400 acres of land to set up a refinery.

Short circuit: NAB investigates factors that sparked energy crisis
The National Accountability Bureau (NAB), in an attempt to determine the factors that have led to the energy crisis, has launched an investigation into kickbacks allegedly taken by government high-ups in allocating gas supply to powerful lobbies of different sectors, which eventually caused gas shortage for power companies, resulting in widespread load-shedding.

Prime Minister for urgently halting unscheduled load shedding
Prime Minister Syed Yousuf Raza Gilani has directed the energy committee of the Cabinet to present its recommendations next week for implementation to minimize the prevailing load shedding in the country.

IPPs facing severe liquidity constraints
With low funds outlay by National Transmission and Dispatch Company Limited (NTDCL), local Independent Power Producers (IPPs) are facing substantial shortage of working capital requirements.

Import of solar PV panels: REAP welcomes government decision
Renewable and Alternative Energy Association of Pakistan appreciated government for allowing import of solar PV panels and components on zero duty basis separately or altogether as one consignment.

First consignment of CFLs within 12 weeks: Pepco
Pakistan Electric Power Company (Pepco) carried out supply contract of 20 million Compact Fluorescent Lamps (CFL) on cost insurance and place of destination (CIP) under the “National CFL Project – Prime Minister Energy Saver Program with M/s Philips Electrical Industries of Pakistan.

No limitations: Byco builds Pakistan’s first offshore port
Byco Terminals Pakistan Limited has achieved mechanical completion of the country’s first Single Point Mooring (SPM) buoy facility that will allow transport of crude oil and other petroleum products from ships through an open sea anchorage with pipelines connecting it to the on-shore facilities.

World Bank to restructure trade corridor program
As efforts to integrate the South Asian region gain momentum, the World Bank is reviving and restructuring the ‘dead’ National Trade Corridor program aimed at reducing cost of trade and improving logistics infrastructure between Pakistan and regional peers.

Withdrawal of cess on gas sought
Value-added textile industry leaders have urged the government to withdraw cess of Rs100 per mmbtu on industrial gas usage, including power plants

Textile exports down by 9.8 percent in 4 months
Pakistan’s textile sector is suffering tremendously due to imposition of new taxes, old taxes and higher mark-up rate as compared with its regional peers.

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