News Pulse (June 26, 2013) Govt to pay Rs300b to IPPs by 28th (Nation) With a view to ease power crisis, the federal government has decided to clear dues of private power producers by paying off roughly Rs300 billion on the 28th of this month, it was learnt. “While payments to Gencos (public sector credit) will be made by August this year, the dues of IPPs till May 31st of the current year will be cleared through this initiative which will add 1700-2000MW in the national grid,” said a source in the finance division. $17.67b spent on oil, food imports in 11 months (Nation) The cash-starved government spent $17.67 billion on oil and food imports during eleven months (July to May of 2012-13) of the outgoing financial year 2012-2013. The spending is 4.5 per cent lower if compared with spending of $18.522 billion of the corresponding period last year. The break-up of $17.67 billion revealed that country has imported food commodities worth of $3.93 billion and oil worth of $13.74 billion in July-May period of the outgoing fiscal year 2012-2013. In oil import bill, the country has spent $8.72 billion on petroleum products and $5.02 billion on import of petroleum crude during the first eleven months of the ongoing financial year 2012-2013. Handing over of KESC to Aljomaih group ‘illegal’ (Nation) Privatisation Commission and Cabinet Division have informed a Senate panel that the handing over of KESC, Karachi’s beleaguered power supply company, from Dubai-based Abraaj group to Aljomaih group of Saudi Arabia is illegal. A meeting of the sub-committee of Senate Standing Committee on Water & Power held under its Convenor Shahi Syed on Tuesday to probe the KESC agreement, power utility’s handing over, revision made in the agreement, and supply of 650mw of electricity. NPLs up by Rs 1.4 billion in first quarter of calendar year 2013 (BR) Non-Performing Loans (NPLs) of the banking industry rose by Rs 1.4 billion to Rs 630 billion by the end of the first quarter of calendar year 2013 (CY13) because of slow economic activities. Sources in the banking sector told Business Recorder on Tuesday that since June last year, NPLs were on decline after the State Bank cut its key policy rate, easing financial difficulties of the private sector and providing entrepreneurs some cushion to payback their outstanding loans. However, after witnessing a declining trend during the past two quarters of CY12, NPLs again surged in the first quarter of CY13 mainly because of slow economic activities and energy crisis. NPLs of banks and DFIs declined by Rs 28.5 billion to Rs 625.48 billion during the July-December of CY12. NPLs means loans and advances, whose mark-up/interest or principal is overdue by 90 days or more from the due date. Government desperate to woo investors (BR) The PML-N government has taken a bold initiative to settle circular debt and is taking steps to ensure that it does not recur in future, Finance Minister Senator Mohammad Ishaq Dar told participants of Pakistan-US Business Opportunity Conference in Dubai on Tuesday. "This step should help raise the confidence of investors and investment in this critical sector should resume," he said. A message received here quoted Ishaq Dar as saying that this second conference is taking place at a time when a democratic government has assumed office. Bilateral trade can reach $10b (Nation) Pakistan and India have potential to take bilateral trade from current $2.5 billion to $10 billion per annum and both countries should focus on expanding cooperation from “goods” to “services” as well as build capacity of public departments to facilitate growth of trade up to full potential. This was said by Ms. Huma Fakhar, Managing Partner, MAP Services Group while exchanging views with Zafar Bakhtawari, President, and Islamabad Chamber of Commerce & Industry during her visit to ICCI. Fatima Group to set up 118MW plant (TN) Fatima Group has made all the arrangements to set up one 118.8MW co-generation power plant in Muzaffargarh at an estimated cost of $234.72 million. The project is to be built adjacent to a sugar mill owned by the group in District Muzaffargarh. It will utilise bagasse produced by the sugar mill along with other biomass and imported coal. The project is being developed through a public limited company, Fatima Energy Limited. The company expects to close the finances for the project by September 30 2013 and commercial operations are scheduled to close on March 31, 2016, allowing a construction period of 30 months. For further details contact: Hassan Amin [email protected] +9221-111-226-100 – Ext 702 Regards, Research Department Summit Capital (Pvt.) Limited Phone: +9221-111-226-100 Direct: 92-21-32467964 Fax: 92-21-32467959 Email: [email protected]
Posted on: Wed, 26 Jun 2013 04:42:38 +0000
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