Tag: Prime Minister
July 14, 2020 (MLN): K-Electric has submitted Power Acquisition Request (PAR) to NEPRA for the power purchase from Lucky Cement Limited (LCL). The power supply to be received from LCL shall be distributed to the DHA City Karachi (DHCK).
DHCK is a new residential cum commercial project in the suburbs of Karachi. This project falls within the KE licensed territory. However, the DHCK did not timely complete KE's new connection requirement in the past and hence the required power infrastructure is not there.
Consequently, KE, DHCK, and LCL have reached an understanding for purchase by KE of surplus power of up to 6 MW from LCL and delivery of such power to DHCK by connecting through an 11kV network.
LCL has 29.7304 MW thermal power plant fired on gas which has a generation license from NEPRA.
In this regard, NEPRA approved LCL's licensee proposed modification request dated February 21, 2020 thereby allowing LCL to supply electric power to KEL for onward supply to DHCK on individual connection/metering basis.
It is pertinent to mention that LCL got a No Objection Certificate ("NOC") from Sui Southern Gas Company (SSGC) in relation to the supply of surplus power to KE.
LCL has provided Power Sale Proposal (PSP), containing details about the LCL and its proposed tariff for the review and approval by NEPRA.
KE understands that for any pass-through of power purchase costs to the consumer end tariff of KE, the same shall be determined by NEPRA. Therefore, KE requests NEPRA to admit the PAR and review the PSP of LCL to determine a generation tariff for the purchase of power from LCL in accordance with the Interim Power Procurement (Procedures and Standards) Regulations, 2005.
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July 14, 2020: MOL, as the operator of TAL Block in Pakistan, has made a new gas and condensate discovery. This marks the company’s 13th discovery in Pakistan and 10th discovery in the TAL Block.
The Mamikhel South-1 exploratory well successfully reached a total depth of 4,939m on 23 May 2020. Upon testing the well flowed gas and condensate from Lockhart and Hangu formation at a flow rate of 6,516 boepd (16.12 MMscf/d and 3,240 bpd, respectively), with flowing well-head pressure of 4,476 PSI at 32/64” choke. Further testing of the well is ongoing.
Dr. Berislav Gašo, MOL Group’s E&P EVP commented: “I am delighted to announce that we have made another discovery in Pakistan. This new discovery has de-risked an exploration play in a deeper reservoir in the TAL Block, leading to new upside opportunities. The Mamikhel South-1 discovery will also help to improve the energy security of the country from indigenous resources. We are thankful to our Joint Venture partners as well as the Government of Pakistan for their continued support.”
As the operating shareholder MOL is responsible for 89 mboepd gross production (as of Q1 2020) in the TAL block (MOL’s share is 8.4%). Our partners in the Joint Venture consortium are OGDCL, PPL, POL and GHPL. MOL has a proven track record of successfully operating in Pakistan’s upstream sector for 21 years and holds equity stakes in four blocks in the country.
July 14, 2020 (MLN): The State Bank of Pakistan (SBP) conducted an Open Market Operation on Tuesday in which it injected Rs.70.00 Billion into the market for 3 Days.
|Tenor||Type||Offered||Accepted||High - Low||Accepted||Offered||Accepted|
|3D||Reverse Repo (Injection)||70.000||70.000||7.11 - 7.01||7.01||5||5|
|OMO Settlement: same day July 14, 2020|
|*Amount in Billions|
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July 14, 2020 (MLN): The State Bank of Pakistan has decided to extend the validity of the measures to mitigate COVID-19 Pandemic from 30th June 2020 to December 31, 2020, keeping in view the ongoing impact of COVID-19 pandemic in the country.
Accordingly, Microfinance Banks (MFBs) shall resume biometric verification, with revised timelines of January 31, 2021, and March 31, 2021, for customers assigned medium and normal priorities, respectively.
In addition, SBP has observed that customers including (overseas Pakistani /walk-in/ occasional) are experiencing problems with regard to operation in their bank accounts, ensuring execution of financial transactions by them, and getting financial services from MFBs. The following revisions are being made in the existing AML/CFT requirements to facilitate such customers:
- MFBs may use the NADRA Verisys in place of obtaining certified photocopies of required NADRA identity documents and biometric verifications wherever required as per SBP AML/CFT Regulations including for request of activation of the dormant account by customers. They should retain the NADRA Verisys for record-keeping requirements (digitally or hard copy).
- MFBs to update records of their customers with regard to their postal address or email address or register mobile number or landline number. They may use either of these medium for ensuring efficient and reliable communications with their customers including whereever customer request/instruction is desired as per the requirement of AML/CFT regulation including for activation of dormant bank accounts.
Further, the requirement of originator's and beneficiary's address in wire transfer have been amended, wherein MFB shall include the following information in the message or payment instruction, which should accompany or remain with the wire transfer throughout the payment chain:
- the originator's CNIC/ passport number
- the beneficiary's CNIC/ passport number
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