PRO 22-12-2012_Layout 1 12/22/2012 2:20 AM Page 1
‘We’ve carved out a beauty!’
Oil prices dip on profit-taking, fiscal cliff deal concerns SINGAPORE AGENCIES
New petroleum policy touted to substantially facilitate investors ISLAMABAD
IL and Gas Development Company Limited (OGDCL) in joint venture with Government holding Pvt Ltd (GHPL) has discovered gas reservoirs bearing zone from its well Zin SML-1 located in District Dera Bugti. MD OGDCL Masood Siddique informed this to Dr. Asim Hussain Advisor to the Prime Minister on Petroleum and Natural Resources during a meeting here on
Friday. Dr. Asim Hussain while congratulating the OGDCL and GHPL said that the Government is providing substantial incentives to the oil and gas exploration companies. He further said that successful road shows were held in USA and UK to attract foreign oil and gas exploration companies. Dr. Asim Hussain emphasized on balancing the current energy mix of Pakistan, which is heavily dependent on Natural Gas. It is worth mentioning that the Zin SML-I well was drilled down to depth of 1050 meters targeting to test the potential of Sui Main Limestone formation. The target
zone age has tested 8.05 MMSCFD gas through 128”/ 64” choke. Advisor on Petroleum expressed confidence that this discovery will add to the hydrocarbon reserves base of the Joint Venture Partners, brining significant earnings for the country. MD OGDCL briefed Dr. Asim Hussain that preliminary assessment shows an estimated reserves in place of about 1.06 TCF, which would be confirmed by further appraisal wells. It is of low calorific value gas but with the right technology, can be enhanced to better quality gas.
PSO-PNSC partnership to help save $25 million annually ISLAMABAD AGENCIES
Pakistan State Oil (PSO) has recently signed a Contract of Affreightment (CoA) with the Pakistan National Corporation (PNSC) to transport furnace oil from foreign ports to Pakistan’s shores. “Already this CoA is bearing fruit and expected savings in one year are estimated to be approximately USD 25 million, which shall translate into savings of USD 125 million in five years time span,” said a PSO spokesperson in a statement. She said that the PSO, being the nation’s largest energy company, had already implemented the deci-
sions of the government in letter and spirit. “The PSO is proud to be the first national company to start bringing in imported POL products through the Pakistan National Shipping Corporation (PNSC).” This has been done in light of the directives of the Economic Coordination Committee (ECC), which clearly state that all government organizations should designate the national shipping line i.e. PNSC as their shipping partner of choice, she added. The spokesperson said that from March 2013, the company would start importing Motor Gasoline through PNSC on FOB basis, saving another USD 10 million annually and in next five years estimated sav-
ings due to this arrangement were expected to be USD 50 million. The PSO’s partnership with the PNSC shall result in total savings of approximately USD 175 million over a time period of five years, she said. She said this partnership between two national companies would not only save precious foreign exchange as outlined above, but would also help in creating employment opportunities in the oil shipping business. “Committed to providing quality products and customer services, the PSO, the national energy giant, remains committed to providing the best for the public at large,” she observed.
Oil prices fell in Asia on Friday, with traders taking profits after a recent rally and as US politicians continue to wrangle over a deal to avert the fiscal cliff, analysts said. New York’s main contract, light sweet crude for delivery in February fell 70 cents to $89.43 a barrel and Brent North Sea crude for February dropped 45 cents to $109.75. “After a big rally in price over the last few days people are happy to exit and reap a form of profit while taking risk off the table,” Jason Hughes, the head of premium client management at IG Markets Singapore told AFP. “We are also seeing a more cautious approach in Asia just in case US politicians don’t come to a resolution to avoid the fiscal cliff.” Crude prices rose earlier in the week on a sharper-thanexpected fall in US crude inventories as lawmakers appeared to make headway on a deal to avert the huge tax hikes and spending cuts due to take effect at the start of January. But talks appeared to hit an impasse when top Republican John Boehner pressed ahead with a controversial “Plan B” that extends tax breaks for everyone earning less than $1 million per year. US President Barack Obama, however, has said he is willing to go no higher than $400,000. Boehner, who is Speaker of the Republican-controlled House of Representatives, on Thursday scrapped a vote on the plan as he acknowledged that he did not have sufficient support even from within his own party.
Indo-Pak entrepreneurs banking on each other Businessmen on either side of the Indo-Pak border want opening of banks, firms to enhance trade KARACHI STAFF REPORT
The traders and businessmen living across the border want the governments of India and Pakistan to accelerate the opening process of the banks and trade related companies on each other’s territory to give a sense of confidence to traders of the two countries. “We would require presence of local banks on both the sides to give requisite confidence to importers and exporters,” Rafeeque Ahmed Meccam, president Federation of Indian Export Organizations (FIEO), told opening ceremony of the India Expo 2012 Friday. Held here at Expo Centre by the FIEO in collaboration with Karachi Chamber of Commerce and Industry (KCCI), the exhibition was attended among other by Siraj Kassam Teli, chairman Businessmen Group and former president KCCI, as a chief guest. “I would take this opportunity to request the concerned agencies to expedite the process of opening of branches of Pakistan banks in India and Indian banks in Pakistan,” he said. He said it was quite ironical that all South East Asian economies were striking FTAs with nations across Pacific and Atlantic but not amongst themselves. Improved bilateral ties between India and Pakistan would give the necessary oxygen to South Asia Free Trade Zone which would open vistas of opportunities for countries of the region, he said. The FIEO president said to enhance Indo-Pak bilateral trade, India Expo 2012 was only beginning of a long journey between FIEO and KCCI. He said he would like to reciprocate to nice gesture of Pakistani side by extending similar privilege to them in India. He apprised that FIEO was an apex trade
promotion body set up by the Ministry of Commerce to promote international trade having more than 14 offices in India and organizes more than 50 international exhibitions across the globe. FIEO board comprises Export Promotion Councils and Commodity Boards and represents in various committees of the Government in their decision making. The FIEO president said India–Pakistan bilateral trade for the year 2011-12 was estimated at $ 2 billion. The balance of trade is favourable for the Indian side with $ 1.54 billion exports and imports at $ 400 million. The recent official figure between AprilOctober, 2012 places exports at $ 834 million, exhibiting a growth of about 1pc while imports during the same period increased to $ 333 million, showing a jump of 42pc from the corresponding period in 2011. “We are looking forward for narrowing trade deficit with Pakistan,” he said adding “We are equally eager to increase our imports for that healthy balance of trade result in winwin situation for both the countries.” The President FIEO stressed upon the need to diversify the trade from both the sides. India’s exports to Pakistan comprise 8-9 major products which contribute approximately 90% of the total export. The main products exported from India to Pakistan are polymers, industrial chemicals, machinery, polyester fabric and yarn. Capital goods are the strength of India, and Pakistan is importing it from other countries, India should exploit this opportunity. Most of the items in India are expensive in comparison to Pakistan so cheaper items can be sourced from Pakistan to avoid expensive imports from other countries. Both countries should try and explore to create synergies and not get overly competitive.
He highlighted that the infrastructure issues are hindering the growth of the trade between the two countries. The land route is most competitive as carrying a container through Wagah costs $ 391 while the same through Mumbai-Dubai-Karachi cost over $ 1000. “We need to provide better infrastructure to facilitate trade through the closest route,” he said. He opined that multiple city and multiple entry visa regime would be introduced from January, 2013 which would be a big boost for
bilateral trade. Ajay Sahai, Director General and CEO of FIEO, proposed that India and Pakistan should give preference to companies in each other’s countries for exports and imports if products can be supplied at competitive prices. For example sugar can be exported from Pakistan to India which would help in softening sugar prices in the country while petroleum exporters from India could reduce the price of petroleum products in Pakistan by $ 14 per barrel giving a saving close to $ 2 billion
for its economy. On the occasion, Siraj Kassam Teli, chairman Businessmen Group and former president KCCI, stressed the need for creating new Indo-Pak trade synergies for regional economic integration. Teli said once Indo-Pak business executed in a real sense, both the countries would be not dependent on other countries for economic cooperation. Indo-Pak trade nexus would also activate intra-SAARC trade.
Saturday, 22 December, 2012
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Fresh raid at Deutsche Bank offices in Germany FRANKFURT AGENCIES
Deutsche Bank offices have been searched for the second time in a week, the German bank said on Thursday, adding the latest were linked to a legal battle with the heirs of late media mogul Leo Kirch. A spokesman for Germany’s biggest bank said the raid at its headquarters in the western city of Frankfurt were part of a probe into alleged false statements under oath by former members of the board of directors. “The bank continues to be convinced that these accusations are going to prove unfounded,” the spokesman said. A spokesman for the public prosecutor’s office in the southern city of Munich confirmed the search had been carried out on Wednesday. In a separate case, prosecutors and tax police last week raided the offices of Deutsche Bank in a probe dating back to 2010 over allegations of suspected tax fraud in connection with trading in carbon emissions certificates. Deutsche Bank said on December 12 that one of its cochief executives Juergen Fitschen was under investigation, as well as Stefan Krause, who is the bank’s finance chief. Fitschen has said in newspaper interviews that he sees no reason to resign over the allegations and insisted he is innocent.
Asian markets retreat as US fiscal cliff fears grow HONG KONG
SIAN markets mostly fell on Friday after Republicans scrapped a vote on putting in place a back-up plan if talks on averting the US fiscal cliff end in failure. The news out of Washington late Thursday cancelled out a rally on Wall Street and upbeat data on the US economy, while it also hit currency traders, who have sent the safe-haven yen higher despite more Bank of Japan monetary easing. Tokyo fell 0.16 percent, Hong Kong lost 0.52 percent and Seoul shed 0.84 percent and Sydney was 0.12 percent lower, but Shanghai added 0.50 percent. With just under two weeks to go before huge tax hikes and spending cuts are due to kick in — and likely tip the economy into recession — US lawmakers are still unable to reach a compromise that will avert the fiscal cliff. Late Thursday in Washington Republican House Speaker John Boehner scrapped a vote on a bill that would have extended tax cuts for all Americans earning less than $1 million even if a wider deal could not be struck. The move, which he described as his “Plan B”, was dropped because he did not have enough
Major Gainers COMPANY Rafhan Maize Prod. Colgate Palmolive Unilever Food Bata (Pak) Mithchells Fruit
OPEN 3850.00 1399.98 4250.00 1365.00 371.81
HIGH 4000.00 1469.45 4300.00 1399.00 384.99
LOW 4000.00 1400.00 4300.00 1399.00 384.00
CLOSE 4000.00 1469.45 4300.00 1399.00 384.00
CHANGE 150.00 69.47 50.00 34.00 12.19
TURNOVER 60 6,200 20 50 2,100
270.00 297.90 516.00 216.74 114.00
254.11 290.01 510.00 210.35 110.80
255.24 290.01 511.65 211.02 111.54
-12.24 -9.99 -5.23 -4.73 -2.96
6,800 2,200 24,600 349,800 64,500
5.98 5.44 12.67 2.60 17.08
5.26 5.00 12.01 2.48 16.60
5.77 5.20 12.09 2.55 16.65
0.74 36,142,000 0.28 17,364,500 -0.25 12,897,500 0.086,722,500 0.14 5,841,500
support. Boehner said his party would recess until after Christmas. The measure had been blasted by President Barack Obama’s Democrats as a diversionary tactic that would never have passed in the Senate, where they hold a majority. Now both parties must come up with a budget that will cut the country’s deficit with less painful measures before the start of January, when they take effect. Wall Street ended in positive territory on Thursday, however, lifted by fresh data further indicating the US economy is getting back on its feet. The Commerce Department said the economy grew 3.1 percent in the third quarter, up from the estimates of 2.7 percent and 2.0 percent previously stated. The figure reflects upward revisions to consumer spending, exports and government outlays, and a downward revision to imports. Also Thursday the National Association of Realtors said existing home sales rose 5.9 percent month-on-month in November to their highest level in three years. The Dow rose 0.45 percent,the S&P 500 gained 0.55 percent and the Nasdaq climbed 0.20 percent. Thursday’s delay in Washington sent the yen higher in Asian trade. The dollar bought 84.20 yen against 84.38 yen in New York late Thursday. The euro was at $1.3195 and 111.06 yen compared with $1.3241 and 111.72 yen.
Pak.Int.Cont. SD Exide (PAK) Attock Petroleum Ltd MCB Bank Ltd. IGI Insurance
267.48 300.00 516.88 215.75 114.50
Volume Leaders TRG Pakistan Ltd. Dewan Cement Byco Petroleum NIB Bank Limited Jah.Sidd. Co.
5.03 4.92 12.34 2.47 16.51
Interbank Rates US Dollar UK Pound Japanese Yen Euro
97.5156 158.4141 1.1599 128.7108
Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
BUY 97.30 127.58 56.85 1.1462 97.19 12.38 26.43 25.89 100.56
SELL 98.00 129.04 158.60 1.1591 98.78 12.58 26.70 26.15 103.14
HBL wins Best Fire Safety Practices Award KARACHI: Fire Safety Convention - 2012 was held recently in Marriott Hotel. The event was jointly organised by Fire Protection Association of Pakistan (FPAP) and National Forum for Environment & Health (NFEH). Karachi Chamber of Commerce and Industries Chairman Haroon Agar was the chief guest for the inaugural session while Karachi Metropolitan Corporation Administrator Muhammad Hussain Syed distributed the awards. Awards were given to 22 companies in various categories like Oil Companies, Airlines, Chemical Industry, Laboratories, Fire Safety Vendors, Power Generation Companies etc. Award for the year 2012 for Best Fire Safety Practices in High Rise Buildings was given to HBL. This is the second time consecutively that HBL has won this award. PR
Emirates to add two more flights to Peshawar
KARACHI: Pakistan President Asif Ali Zardari awarded Chairman & President NBP, Qamar Hussain “Gold Medal on Corporate Social Responsibility” during the 36th FPCCI Export Trophy Awards at Governor Sindh House. This award is a top slot award and is given on the basis of overall NBP contributions and donations for charitable, social, educational and public welfare purposes. NBP’s mainly contributes in health, education, community development, disaster relief, women emancipation, infrastructure development, environment, water purification and sanitation, special children, sports and culture. This award is the highest in the jurisdiction Corporate Social Responsibility of the Federation of Pakistan Chambers of Commerce and Industry.
LAHORE: UMT Career Fair 2012, held at University of Management & Technology Lahore, and witnessed an overwhelming response from job seekers and companies from across the region. The one day event held on December 20, 2012, witnessed over 4,500 job seekers walk-in to seek better jobs where more than 60 companies and their employers honored the fair. Most of them brought 3 to 5 job opportunities with them. Career Fair was held at main ground of UMT.
Shah Faisal nominated to KP BoI board PESHAWAR: Shah Faisal, President and CEO of Ruba SEZ Group, has been nominated as member for Board of Investment of Khyber Pakhtunkhwa government. It is indeed a great achievement and true reflection of Faisal’s contribution to Pakistan’s economy and Industry. With the visionary and dynamic personality of Faisal, he will add much more value to the board and will be one of the strong pillars. The KP chief minister will be the chairman of the board and Ilyas Bilour has been nominated as vice chairman. PR
KARACHI: With an already well established position in Pakistan, Emirates, one of the fastest growing international airlines, has announced an enhancement to its operations in the country. From February 1, 2013 the airline will operate an additional two frequencies to its present three weekly flights to Peshawar to further facilitate and assist its growing customer base in the northern region of the country and add additional cargo capacity to the route. The introduction of the additional flights will increase the weekly number of services to five, and will raise the total number of Emirates weekly flights to Pakistan to 56. The first additional Emirates flight EK636 will depart from Dubai at 0225hrs every Wednesday and arrive in Peshawar at 0630hrs. The return journey from Peshawar, EK637 will depart for Dubai at 0810hrs the same day. The second additional flight will operate on every Friday from Dubai to Peshawar as flight EK 636 landing at 0800hrs. The return flight, EK 637 will leave Peshawar at 0940hrs, arriving at 1205hrs in Dubai. PR
Wateen collaborates with Pakistan Advertisers Society
NBP awarded ‘Gold Medal on Corporate Social Responsibility’
UMT Career Fair 2012
LAHORE: Wateen Telecom, Pakistan’s leading converged communications provider, recently participated in the prestigious Digital Marketing Conference 2012, held in Karachi on 18th December 2012. The DigIt conference was held under the auspices of the Pakistan Advertisers’ Society as a platform to bring together Pakistan’s marketing and advertising communities on the subject of reinventing and reshaping marketing media. The conference, which is EC-Pakistan’s 2ndDigital Marketing Conference, was held under the theme of “Digital Marketing: Today, Tomorrow & Beyond” and was specially designed to keep an eye on present and future digital marketing/social media trends, tools, techniques and approaches.
KARACHI: Dawlance Demonstrates DW-115 C-HZ Microwave Oven features and capabilities in an interactive cooking activity with Chef Mehboob, Brand Ambassador for Dawlance, also present was Noushin Shahid, Microwave Category Manager Dawlance.
Etisalat Group CEO Ahmad Abdulkarim Julfar elected to GSMA Board ISLAMABAD: Chief Executive Officer, Etisalat Group, Ahmad Abdulkarim Julfar has been elected to the GSM Association (GSMA) Board. Mr. Julfar joins 24 other global CEOs and senior executives reflecting the largest operator groups as well as smaller independent operators with global representation. GSMA represents the interests of mobile operators worldwide, spanning more than 220 countries and uniting nearly 800 of the world’s mobile operators with more than 230 companies in the broader mobile ecosystem, including handset makers, software companies, equipment providers and Internet companies, as well as organisations in industry sectors such as financial services, healthcare, media, transport and utilities. The GSMA also produces industry-leading events such as the Mobile World Congress and Mobile Asia Expo. Mr. Julfar will work with the GSMA Board and the GSMA to help shape the future of mobile communications and develop a new future for the individuals, organizations and governments throughout the world. PR
Saturday, 22 December, 2012