July 19, 2020 (MLN): The highlight of the departed week was a new gas and condensate discovery by MOL, as the operator of TAL Block in Pakistan. This marks the company’s 13th discovery in Pakistan and 10th discovery in the TAL Block.
Dr. Berislav Gašo, MOL Group’s E&P EVP commented that this new discovery has de-risked an exploration play in a deeper reservoir in the TAL Block, leading to new upside opportunities.
Apart from this, the other important economic and business events that took place during the last week are in order so as to become acquainted with the recent developments in Pakistan’s economic and public policy.
Events of Importance through the Week:
On Monday, the government unveiled package for the builders and developers to promote the construction industry.
Subsequently, SBP set mandatory targets to banks to increase housing & construction financing to at least 5% of private sector credit by December 2021.
On banking front, Habib Bank Limited (HBL) won Asia's best bank transformation accolade in this year's Euromoney Awards for Excellence.
On exploration front, Pakistan Petroleum Limited announced the discovery of hydrocarbon in the exploratory well, Mamikhel South 1, in the TAL Block, which is situated in KPK.
Moreover, K-Electric 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).
On Wednesday, Prime Minister Imran Khan kicked off construction work at Diamer-Bhasha Dam mega project which will generate 4500 megawatts of cheaper and greener hydel power.
On equity front, Attock Refinery Limited availed the scheme offered by the Government through State Bank of Pakistan, for deferment in repayment of principal amount of its long-term borrowing for a period of one year.
Meanwhile, Ministry of Petroleum informed that the government has planned to start import of high-grade petrol and diesel during the current fiscal year aimed at tackling the environmental issues and meeting requirements of high-tech vehicles in the country.
Furthermore, National Clearing Company of Pakistan Limited (NCCPL) via notification to Exchange notified all market participants that the Finance Act 2020 has introduced a new subsection 3B in Section 37A of the Income Tax Ordinance, 2001, as per which “shares of a public company” shall be considered as security if such company is a public company at the time of disposal of such shares.
The Oil and Gas Regulatory Authority (OGRA) on Wednesday notified the prices of Re-gasified Liquefied Natural Gas (RLNG) for the Sui Southern Gas Company (SSGC) and Sui Northern Gas Pipelines (SNGP) for the month of July.
The Turkish Airline on Tuesday, assured for reduction in freight charges & provision of excellent facilities to promote export of fruits & vegetables to Frankfurt, London and other Western International markets.
Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh directed the FBR to make payment of all Income Tax refunds of up to Rs 50 million in the next couple of weeks while a clear roadmap and strategy may be adopted for the payment of remaining refunds.
Abu Dhabi Fund for Development suspended debt service repayments for Pakistan and some other countries and companies for the year, the state-financed fund said on Sunday.
The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs.268.59 billion for 3, 6 and 12 months.
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