OGDCL net sales revenue clocked at Rs 203bln

February 23, 2023 web desk

Islamabad: The Board of Directors of Oil & Gas Development Company Limited (OGDCL) in its meeting held on 22nd February, 2023 at OGDCL Head Office, Islamabad announced the financial results for the half quarter ended 31st December, 2022 of fiscal year 2022-23.

Net sales revenue clocked at Rs.203.235 billion translating to Profit after tax of Rs. 95.011 billion and earnings per share of Rs. 22.09.

The Board of Directors announced an interim cash dividend for the quarter ended December 31, 2022 @ Rs. 2.25 per share i.e. 22.50 percent. This is in addition to interim dividend already paid @ Rs.1.75 per share i.e. 17.50 percent to its shareholders. The dividend will be paid to the shareholders whose names will appear in the Register of Members on March 07, 2023.

During the period under review, the Company paid Rs. 57.835 billion on account of Taxation. On the exploration and development side company recorded significant enhancement in seismic efforts and drilling activities.

The Share Transfer Books of the Company will be closed from March 08, 2023 to March 10, 2023 (both days inclusive). Transfers received at the CDC Share Registrar Services Limited, CDC House, 99-B, Block “B”, S.M.C.H.S., Main Shahrah-e-Faisal, Karachi 74400 at the close of business on March 07, 2023 will be treated in time for the purpose of above entitlement to the transferees.

The Board of Directors appreciated the efforts of the management for taking effective steps for the implementation of company’s aggressive exploration program.

Peshawar

5-days Peshawar literary festival kicks off

February 23, 2023 web desk

PESHAWAR: Secretary Culture, Tourism, Archaeology & Museums Muhammad Tahir Khan Orakzai on Tuesday inaugurated the five-days Peshawar literary festival organized to bring writers, readers and literary enthusiasts on a common platform .

The event was organized by Khyber Pakhtunkhwa Cultural and Tourism Authority (KPCTA) in collaboration with National Commission for Human Development, Department of Education & Research- University of Peshawar and Dosti Foundation.

The festival aims to provide writers, readers, and literary enthusiasts a platform to engage in discussions, debates and to exchange ideas to foster a love of reading and writing, engage and entertain audiences, and contribute to a vibrant cultural scene.

The event would provide a chance to authors to showcase their work, for publishers and literary agents to discover new talent, for audiences to engage with their favorite writers and to continue the tradition of promoting and celebrating literature.

Speaking on the occasion, Secretary Culture Tahir Khan Orakzai said that such activities are much needed and added that the literature festival would help in revival of literary tradition of Khyber Pakhtunkhwa.

The festival would feature author readings, panel discussions, book signings, and workshops, providing a unique opportunity for audiences to interact with writers and acquaint themselves to literary world.

It is also an opportunity for publishers and literary agents to discover new talent and for writers to showcase their work to a broader audience. By providing a platform for exchanging ideas and promoting literature.

He said that KPCTA is endeavoring to support in organizing such events for the promotion of cultures, tourism, languages & literatures as a mandate. KPCTA is always striving to safeguard & promote natural & cultural heritage and to insure its suitability.

Peshawar

Traders raise serious concerns over halt of Pak-Afghan bilateral trade

February 23, 2023 web desk

PESHAWAR: Sarhad Chamber of Commerce and Industry (SCCI) president Muhammad Ishaq expressed serious concerns over stuck up of a large number of export and transit trucks laden with essential food commodities and perishable items at Torkham owing to closure of the border on Afghanistan side.

He urged the Afghan government to review its decision and issue orders for the immediate opening of the border.

Talking to a delegation of traders and exporters here at the chamber on Wednesday, Ishaq said it was witnessing a long queue of 7,500 export and transit trucks loaded with sugar and other perishable items from Torkham to Hamza Baba Chowk.

He warned the truck queue will be stretched over to Peshawar, if the border on the Afghanistan side was not opened immediately.

On the other hand, the SCCI chief said the State Bank of Pakistan (SBP) has allotted a quota for 45 day of sugar export, and 22 days so far have almost passed.

Whereas, he added, traders are bearing Rs45,000 per truck as demurrage charges and Rs6,000 as halting charges per vehicle on the daily basis.

He said the Pak-Afghan traders have been faced with a huge financial loss due to closure of the border.

Ishaq said when they have made contact with Pakistani authorities concerned and then the official told us that the border was closed on the Afghanistan side, which has caused piling up of a large number of export and transit trade trucks at the Torkham border.

Therefore, he urged the Afghan government to revisit its decision as the further closure of the border was not in the best interest of Pak-Afghan traders, bilateral trade between the both countries as well as transit trade.

The SCCI chief emphasized that Islamabad and Kabul should sort out solutions to all issues by holding a joint sitting and to prevent any damage to Pak-Afghan bilateral and transit trade.

He also stressed the ending of an environment of trust-deficit between Pakistan and Afghanistan.

According to the Pakistani authorities, Ishaq said the government of Pakistan has issued clear instructions to utilize all possible resources to facilitate Pak-Afghan trade and transit trade.

As per directions, the SCCI chief said the Pakistan officials concerned told him that pragmatic steps are being taken for carrying out smooth and speedy bilateral trade between Pakistan and Afghanistan and trade to onward regional countries.

He added the Pakistan officials further informed that there was not creating hurdles in the way of bilateral trade.

Ishaq went on to say that halting trade between Pakistan and Afghanistan was best in the best interest of the economy, trade and business communities of the both countries so the Afghan government should order for opening of the border without any further delay.

Islamabad

President Parliament of Montenegro expected to address Senate session

February 23, 2023 web desk

ISLAMABAD: President of the Parliament of Montenegro Danijela Djurovic is expected to address the special session of the Senate convened in connection with Senate Golden Jubilee next month, says a press release issued by the Senate Secretariat on Wednesday. Montenegrin high level

delegation is scheduled to visit Pakistan and hold high level meetings with Chairman Senate and other government functionaries. She will be accompanied by her advisors and important public office holders during this visit.

This will be the first delegation of such a high level to participate the in the momentous occasion. Montenegro is a country of southeastern Europe and is keen to expand ties with Pakistan.

Chairman Senate Muhammad Sadiq Sanjrani has specifically invited dignitaries from different friendly countries to grace the historic occasion with their presence. In his statement, Chairman Senate expressed his gladness and said that participation of the delegation from Montenegro in the golden jubilee

celebrations will be a new beginning of relationship based on trust and mutual respect. He said that Parliamentary cooperation between the two will bring people of the two sides closer and promote understanding.

Islamabad

Chairman Senate greets to Saudi Arabia

February 23, 2023 web desk

Islamabad: Chairman Senate, Muhammad Sadiq Sanjrani’s message on the ocasion of Founding Day of Saudi Arabia.

On behalf of the Government, Parliament and People of Pakistan, I extend my warmest greetings to the people of Saudi Arabia on the occasion of the Saudi Arabia’s Founding Day, which is being celebrated today. This auspicious day marks the founding of the Kingdom of Saudi Arabia and is a testament to the vision and leadership of the late King Abdulaziz Al Saud.

I would also like to extend my heartfelt congratulations to His Majesty King Salman bin Abdulaziz Al Saud and Crown Prince Mohammad bin Salman on this special day. Their exemplary leadership and unwavering commitment to the betterment of their people have transformed Saudi Arabia into a prosperous and

thriving nation.

Pakistan and Saudi Arabia have a long-standing and time-tested relationship that is based on mutual respect, trust, and cooperation. We are proud to be a friend and partner of the Kingdom of Saudi Arabia and stand in solidarity with our Saudi brothers and sisters on this joyous occasion.

May the bond between our two nations continue to strengthen and prosper in the years to come.

Governance

Govt unveils austerity plan for country’s economic stability

February 23, 2023 web desk

Islamabad: The Federal Cabinet has decided to voluntarily surrender their salaries, use of luxury vehicles, and allowances as per austerity plan of Prime Minister Shehbaz Sharif.

Announcing the decision at a news conference after Federal Cabinet meeting in Islamabad this evening, Prime Minister Shehbaz Sharif said it will save 200 billion rupees to bring economic stability in the country.

He said all members of the federal cabinet have voluntarily surrendered their salaries and perks and privileges under the austerity plan.

The Prime Minister said the cabinet members will pay their electricity, gas and other utility bills themselves and no one of them will use luxury cars.

A committee headed by the Interior Minister will decide about giving security cars to any high official.

He said import of luxury items and vehicles will be completed banned till June next year.

Giving further details of the austerity plan, the Prime Minister said no cabinet member or other high official will use five star hotels for stay during foreign tours.

He said all ministries, departments and divisions will cut 15 percent of their expenditures.

Shehbaz Sharif said online and video link meetings will be encouraged to avoid travel expenditures for this purpose.

He said offices will open at 7:30 in the morning during summer, to save electricity.

Under the austerity plan, there will be single dish rule for weddings and other gatherings.

The Prime Minister said government houses occupied by retired officers will be vacated and this land will be used for homeless people. He said government officers will not be given more than one plot.

The Federal Cabinet has also decided to make public the record of Toshakhana gifts.

The Prime Minister also announced to send a letter to the President on behalf of the federal cabinet that the office of the President has nothing to do with the announcement of date for elections in provinces.

Answering a question, the Prime Minister said Foreign Minister Bilawal Bhutto Zardari pays his expenditure from his own pocket.

Regarding a question about size of the federal cabinet, he said the coalition partners are seriously pondering upon this and a good news will come soon in this regard.