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UAE will set up Asia’s biggest visa center at...

July 23, 2019: The United Arab Emirate (UAE) will set up Asia’s biggest visa center at Karachi in September this year.

The UAE ambassador in Pakistan Hammad Ubaid Alzabi made the announcement while addressing a ceremony hosted by Karachi Chamber of Commerce and Industry.

The ambassador said the embassy is closely following up on the progress of projects the UAE is implementing in Sindh, covering vital sectors such as telecommunications, agriculture, water, aviation, banking services, property, port management, oil and gas, renewable energy and infrastructure.

Ambassador Al Zaabi also visited the Karachi Chamber of Commerce and Industry and the main financial market in Karachi and discussed with officials measures to strengthen economic cooperation.

WAPDA hydel generation surges to record level

July 23, 2019: The Pakistan Water and Power Development Authority (WAPDA) hydel electricity generation surged to the record level, as its hydel power stations generated 7591 megawatt (MW) electricity during the peak hours on Monday.

This is the highest-ever hydel power generation in Pakistan, which became possible mainly due to power generation from Tarbela 4th Extension and Neelum Jhelum Hydropower Projects. Earlier, the highest-ever generation by WAPDA was 7585 MW, recorded on September 19 last year.

According to the details of yesterday’s hydel generation during the peak hours, Tarbela Hydel Power Station generated 2907 MW, Tarbela 4th Extension 1372 MW, Ghazi Barotha 1450 MW, Neelum Jhelum 973 MW, Mangla 210 MW and Warsak 175 MW, while other hydel power stations cumulatively contributed 504 MW to the National Grid.

Since installed capacity of WAPDA hydel power stations has risen to 9389 MW with phased completion of its three mega hydropower projects namely the 969 MW-Neelum Jhelum, the 1410 MW-Tarbela 4th Extension, and the 108 MW-Golen Gol, therefore, hydel generation this year is expected to touch new peaks beyond 8000 MW with increased water flows, raised level of water reservoirs and increased water indent by Indus River System Authority (IRSA) in the days to come.

It may be mentioned that WAPDA owns as many as 22 hydel power stations and provides about 31 billion units of hydel electricity on the average annually to the National Grid. The share of hydel generation greatly contributes in lowering the overall electricity tariff for the consumers, as electricity generated through other sources is far costlier than hydel electricity.

Petroleum Division plans to inject additional 400 MMCFD LNG...

July 23, 2019: The Petroleum Division of Energy Ministry is working on a strategy to further add around 400 Million Cubic Feet per Day (MMCFD) Liquefied Natural Gas (LNG) in distribution network of the two state companies, SNGPL and SSGC, by the end of this year.

Currently around 1200 MMCFD LNG is being added in the distribution network to meet the country’s energy needs. The capacity of Floating Storage and Re-gasification Units (FSRUs) is also being increased.

An official from the petroleum division has said that America and Australia are emerging as the largest exporters of LNG in the world.

He highlighted the importance of imported LNG, Liquefied Petroleum Gas (LPG) and trans-country gas pipeline projects with Turkmenistan, Russia and Iran, saying oil and gas exploration and production companies could not find any major find since long, while the country’s existing hydrocarbon reserves were depleting gradually.

Discussing the government strategy to step up oil and gas exploration activities in potential areas, he said a proposal was being considered to hold road shows in different countries for award of oil and gas exploration blocks.

 “We are in the search for suitable destinations. Six to seven events including Abdu Dhabi International Petroleum Exhibition and Conference, Energy moots in Calgary and Moscow are scheduled to be held in coming months and these could be better platforms for the purpose.”

He was of the view that such international events could prove fruitful for Pakistan to hold the road shows as delegations from across the world gathered there and looked into possibilities of future investments. “It will be better instead of visiting country to country.”

He said the Petroleum Division had recently held bidding for 10 exploration blocks, out of which eight had been awarded to qualified bidders. While, bidding for 15 to 20 more blocks had been planned by end of this year with an aim to step up oil and gas exploration activities and achieve self-sufficiency in the energy sector.

Besides, he said the government was preparing a summary for creating new oil and gas exploration zone in potential areas of erstwhile Federally Administered Tribal Areas (FATA) and Balochistan. Accordingly, a summary would be presented before the Council of Common Interests for approval, he added.

Explaining the existing exploration licensing zones, the official said the country had been divided into four zones, consisting of West Balochistan-Pishin-Potowar Basins, Kirthar, East Balochistan-Punjab platform-Suleman Basins, Lower Indus Basins and Indus and Makran Basins.

Currently the country’s total sedimentary area is around 827,268 square kilometers, out of which 320,741 km or 39 percent of the area is under exploration.

APP

Earning review: HCAR’s profits slump by 77%

July 23, 2019 (MLN): The Board of Directors of Honda Atlas Cars (Pakistan) Limited, in their meeting held on Tuesday, July 23, 2019, discussed and presented the financial results of the Company for the quarter ended June 31, 2019.

As per the official earning report issued the PSX, the company has earned a Profit after Tax of Rs. 241 million (EPS: 1.69), as compared to Rs. 1 billion earned in the corresponding period of last year.

The major driving force behind this typical performance was the drop in revenue by 25%, thanks to poor sales volume. Moreover, the gross profits fell by 37% on account of persistent PKR devaluation.

The company’s performance was in line with the market expectations only till the extent that it did not incur losses. Other than that, the overall performance was hardly close to the projections put forth by brokerage houses.

 

Profit and loss account for the quarter ended June 30, 2019 (Rupees'000)

 

June 30, 2019

June 30, 2018

% Change

Sales

17,879,689

23,854,280

-25.05%

Cost of sales

-16,529,560

-21,710,566

-23.86%

Gross Profit

1,350,129

2,143,714

-37.02%

Distribution and marketing costs

-177,891

-190,871

-6.80%

Administrative expenses

-196,787

-166,492

18.20%

Other operating income

174,992

449,168

-61.04%

Other operating expenses

-739,808

-347,099

113.14%

Profit from operations

410,635

1,888,420

-78.26%

Finance cost

-54,441

-4,399

1137.58%

Profit before taxation

356,194

1,884,021

-81.09%

Taxation

-114,478

-833,551

-86.27%

Profit after taxation

241,716

1,050,470

-76.99%

Earnings per share - basic and diluted

1.69

7.36

-77.04%

 

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K-Electric plans to import RLNG in two tranches

July 23, 2019 (MLN): K-Electric Limited is considering the procurement of regasified LNG (RLNG) to be delivered at plant gate of the Bin Qasim Power Station (BOPS) located in Karachi, Pakistan in two tranches.

As per the company’s announcement, this RLNG will be utilized to meet the fuel requirements of its two Combined Cycle Gas Turbine (CCGT) power plants at the Bin Qasim Power Complex, namely; BOPS II and BOPS III. BOPS II is an existing 560 MW CCGT power plant while, BOPS III is a new 900 MW CCGT power plant that is scheduled to begin operations in 2021.

In this regard, the interested companies could submit their expressions of interest by August 9, 2019, to participate in the bidding for RLNG supply for either one or both of the following tranches:

Tranche A: At least 150 MMscf/d of RLNG under a three and a half-year contract, starting from fourth quarter of the 2020 using any of the existing LNG import terminals in Pakistan, with the option of contract renewal based on mutually agreed terms.

Tranche B: At least 250 MMscf/d of RLNG under a fifteen-year contract, starting from the second quarter of the year 2024 using any of the existing and /or prospective new LNG import terminals in Pakistan.

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