Friday, 4 January, 2013 ISLAMABAD NNI A DvISOR to the Prime Minister on Petroleum and Natural Resources, Dr. Asim Hussain has said that the Government has brought in comprehensive and facilita- tive policy reforms to encourage oil and gas exploration in the country, of which the Petroleum (Exploration and Produc- tion) Policy 2012 is a prime example. He said this while chairing a meet- ing with Pakistan Petroleum Explo- ration and Production Companies Association (PPEPCA) here in Islam- abad Thursday. The meeting was also attended by Dr. Waqar Masood Khan Secretary Pe- troleum, Mr. Mazhar Farooq Secretary General PPEPCA, MD OGDCL, MD SSGCL, MD Mari Petroleum Company Ltd, CEO Ocean Pakistan Ltd. (OPL), DG Petro- leum Conces- sions, D.G Gas and other senior officers of the Ministry. PPEPCA rep- resentatives briefed the Advisor regarding ongoing exploration proj- ects and the ones in pipeline after the announcement of Pe- troleum Policy 2012. Dr. Asim Hussain emphasized upon the explo- ration companies to take full advantage of the 2012 policy as it offers compet- itive prices and is based on in- ternational best practices. He further said that PPEPCA should actively engage in deliberations on low vol- ume gas policies including shale gas, flared gas, Mar- ginal and Stranded oil and gas fields, so that addi- tional gas is inserted into the system. Advisor on Petroleum and Natural Resources in- formed that the cur- rent energy mix which is heavily dependent on con- ventional natural gas, has to be balanced out with inculcation of LNG. He said that the recently approved LPG (Produc- tion and Distribution) Policy Guidelines, 2012 are aimed at incentivizing the LPG industry for enhancing local LPG pro- duction as well as import of LPG and its utilization in the automotive sector and in LPG Air Mix plants for provision of gas to consumers. PPEPCA representatives thanked and lauded the active role of Advisor on Petroleum for implementing poli- cies to encourage E&P Companies and enhancing their confidence to further invest in exploration and production projects. Moreover, PPEPCA assured full cooperation with the Government for exploration of new oil and gas fields so that the current energy situation is improved. We’ve asked everyone to dig in: Dr Asim Hussain Govt encouraging oil and gas exploration in Pakistan FBR introduces new software to facilitate taxpayers ISLAMABAD APP Federal Board of Revenue (FBR) has de- veloped a Computerized Risk-based Evaluation of Sales Tax (CREST) soft- ware that checks information in monthly returns, import, export data and cross matches for every registered person. A statement issued by the Board here said that CREST system has in-built capacity to verify the veracity of reply received from the registered per- son. CREST system is designed for Sales Tax and is based on declarations and covers areas like purchases includ- ing input tax adjustment of buyers and suppliers. It also covers Zero Rated Sales to registered person with non-ac- tive ATL or blacklisted or suspended Sales Tax Registration Numbers (STRNs) and Section 8B-exemption- claims against qualifying criteria per no- tification. The system also covers exports claim in returns which do not match with customs export data and commercial imports by non-manufac- tures who also do not show value addi- tion on imports, it added. Introductory workshops were held in Lahore and Karachi and system is in test-stage and messages to 1,000 sales tax payers have already been sent by FBR alerting them to discrepancies de- tected in their cases. The system allows faster and timely sending of discrep- ancy-alerts to taxpayers. CREST also provides taxpayers an IT system that they can use in order to reply to the CREST discrepancy-alerts without tax- payer needing to visit the tax offices. CREST use by taxpayers is an optional- facility and taxpayers can ignore it and make an in-person visit to tax office to explain his position regarding the dis- crepancy-alert. ISLAMABAD ONLINE The Embassy of the Republic of Indone- sia in Pakistan said on Wednesday Pref- erential Trade Agreement (PTA) between two countries will be implemented during the current month. Jakarta and Islamabad have com- pleted the spadework following the suc- cessful meetings between the top officials of two countries during the D-8 Summit held recently in Islamabad, said Com- mercial Secretary of the Indonesian Em- bassy Otto R Gani. He was talking to a delegation of IWCCI led by its Founder President Sam- ina Fazil. President IWCCI Farida Rashid, other women entrepreneurs and officials of the Embassy were also present on the occasion. Otto R Gani said that implementation of Pakistan-Indonesia PTA will begin new era of cooperation will benefit both coun- tries and serve as a foundation for en- hanced economic and trade cooperation. Pakistani businesses would increase exports to Southeast Asia’s largest econ- omy under the PTA, including textile ex- ports, he added. After the implementation of PTA, we will take further steps to broader eco- nomic integration by initiating negotia- tions on a Free Trade Agreement (FTA), he said. He assured the delegation of IWCCI that Indonesia Embassy as well as business community will participate in Islamabad Expo 2013 scheduled in March which will offer opportunity to de- velop linkages among the businesspeople of two countries. Speaking on the occasion, Samina Fazil and Farida Rashid said that an op- erational PTA will provide level playing field to the major palm oil exporters while it can help reduce prices of edible oil in Pakistan. Before 2007 Indonesian palm oil share in Pakistani market was 55 per cent which can rebound now, they said. Simi- larly, Pakistan’s export to Indonesia in- cluding value added textiles, carpets, fabrics, leather and export goods, chemi- cals, surgical and fruits will get a boost. Lauding the efforts of the govern- ment, the IWCCI leaders demanded ini- tiatives including single country expos, exchange of delegations and cultural events to bring the business communities of two countries closer. He extended in- vitation to Consul General to invite In- donesian Exhibitors in My-Karachi Exhibition 2013 and also organise a cul- tural event on that occasion. Pakistan and Indonesia have many similarities and huge potential in various fields to improve bilateral trade which is far below the real potentials, said Samina Fazil and Farida Rashid. Pakistan, Indonesia to start implementing PTA during the current month ISLAMABAD ONLINE A transparent tax amnesty scheme will help broadening the tax-to GDP ratio and boosting up our rusting economy, a business leader said Thursday. FBR’s scheme can yield Rs100 billion which makes it key to overcome expected revenue shortfall and meet tax collection target, said Munawar Mughal, former president Islamabad Chamber of Commerce and In- dustry. Talking to Dr. Murtaza Mughal, President Pakistan Economy Watch and Mr. Baig Raj, President of the Punjab Forum, he said that liberalised trade with India will destroy local industry and agriculture at a time when energy shortages have left almost every business uncompetitive. Policymakers should give a second thought to granting MFN status to India as some 25 per cent of the textile industry has already relocated overseas which will be accelerated, he stressed. Mr. Munawar Mughal, who is also the former chairman Founder Group said that closure of CNG will sink investments amounting to Rs 400 billion while it be push up the oil import bill, transportation costs, inflation and environmental pollution. At the occasion, Dr. Murtaza Mughal said that liquid gas mafia and petroleum mafia is bent upon destroying CNG sector with the help of black sheep in the Pe- troleum Ministry and Ogra. He said that India wants free trade while conspiring to destroy Pakistan’s agriculture through water terrorism. Dr Asim Hussain, adviser to the prime minister on petro- leum, has not only failed to de- liver but he has also brought a bad name to the government which was already struggling with image problem, he said. Dr. Murtaza Mughal de- manded a probe in the deals closed by the adviser made while keeping personal welfare in mind and ignoring national in- terests. Asking the government to re- lieve Dr. Asim which has become a liability for the ruling coalition or he should demonstrate courage to resign for his failures and wrongdoings. ‘Transparent amnesty scheme is just what the economy needs’ Forex reserves stand at over $13 billion ISLAMABAD APP Pakistan’s total liquid foreign reserves as on December 28 stood at $13,808.1 million, said SBP on Thursday. The State Bank of Pakistan (SBP), in a statement, said the foreign re- serves held by the SBP were $ 9,009.4 million and by other banks $ 4,798.7 million. PRO 04-01-2013_Layout 1 1/3/2013 11:36 PM Page 1
Transcript
Friday, 4 January, 2013
ISLAMABAD
NNI
ADvISOR to the PrimeMinister on Petroleumand Natural Resources,Dr. Asim Hussain has saidthat the Government has
brought in comprehensive and facilita-tive policy reforms to encourage oil andgas exploration in the country, of whichthe Petroleum (Exploration and Produc-tion) Policy 2012 is a prime example.
He said this while chairing a meet-ing with Pakistan Petroleum Explo-ration and Production CompaniesAssociation (PPEPCA) here in Islam-abad Thursday.
The meeting was also attended byDr. Waqar Masood Khan Secretary Pe-troleum, Mr. Mazhar Farooq SecretaryGeneral PPEPCA, MD OGDCL, MD
SSGCL, MD Mari PetroleumCompany Ltd, CEOOcean Pakistan Ltd.(OPL), DG Petro-leum Conces-sions, D.G Gasand other seniorofficers of theMinistry.
PPEPCA rep-r e s e n t a t i v e sbriefed the Advisorregarding ongoingexploration proj-ects and the ones inpipeline after theannouncement of Pe-troleum Policy 2012.
Dr. Asim Hussainemphasized uponthe explo-r a t i o n
companies to take full advantage ofthe 2012 policy as it offers compet-
itive prices and is based on in-ternational best practices. Hefurther said that PPEPCAshould actively engage indeliberations on low vol-
ume gas policies includingshale gas, flared gas, Mar-ginal and Stranded oil andgas fields, so that addi-tional gas is inserted into
the system.Advisor on Petroleum and
Natural Resources in-formed that the cur-
rent energy
mix which is heavily dependent on con-ventional natural gas, has to be balancedout with inculcation of LNG. He saidthat the recently approved LPG (Produc-tion and Distribution) Policy Guidelines,2012 are aimed at incentivizing the LPGindustry for enhancing local LPG pro-duction as well as import of LPG and itsutilization in the automotive sector andin LPG Air Mix plants for provision ofgas to consumers.
PPEPCA representatives thankedand lauded the active role of Advisoron Petroleum for implementing poli-cies to encourage E&P Companies andenhancing their confidence to furtherinvest in exploration and productionprojects. Moreover, PPEPCA assuredfull cooperation with the Governmentfor exploration of new oil and gas fieldsso that the current energy situation isimproved.
We’ve asked everyone todig in: Dr Asim HussainGovt encouraging oil and gas exploration in Pakistan
FBR introduces
new software to
facilitate taxpayersISLAMABAD
APP
Federal Board of Revenue (FBR) has de-veloped a Computerized Risk-basedEvaluation of Sales Tax (CREST) soft-ware that checks information inmonthly returns, import, export dataand cross matches for every registeredperson. A statement issued by theBoard here said that CREST system hasin-built capacity to verify the veracity ofreply received from the registered per-son. CREST system is designed forSales Tax and is based on declarationsand covers areas like purchases includ-ing input tax adjustment of buyers andsuppliers. It also covers Zero RatedSales to registered person with non-ac-tive ATL or blacklisted or suspendedSales Tax Registration Numbers(STRNs) and Section 8B-exemption-claims against qualifying criteria per no-tification. The system also coversexports claim in returns which do notmatch with customs export data andcommercial imports by non-manufac-tures who also do not show value addi-tion on imports, it added.Introductory workshops were held inLahore and Karachi and system is intest-stage and messages to 1,000 salestax payers have already been sent byFBR alerting them to discrepancies de-tected in their cases. The system allowsfaster and timely sending of discrep-ancy-alerts to taxpayers. CREST alsoprovides taxpayers an IT system thatthey can use in order to reply to theCREST discrepancy-alerts without tax-payer needing to visit the tax offices.CREST use by taxpayers is an optional-facility and taxpayers can ignore it andmake an in-person visit to tax office toexplain his position regarding the dis-crepancy-alert.
ISLAMABAD
ONLINE
The Embassy of the Republic of Indone-sia in Pakistan said on Wednesday Pref-erential Trade Agreement (PTA) betweentwo countries will be implemented duringthe current month.
Jakarta and Islamabad have com-pleted the spadework following the suc-cessful meetings between the top officialsof two countries during the D-8 Summitheld recently in Islamabad, said Com-mercial Secretary of the Indonesian Em-bassy Otto R Gani.
He was talking to a delegation ofIWCCI led by its Founder President Sam-ina Fazil. President IWCCI FaridaRashid, other women entrepreneurs andofficials of the Embassy were also presenton the occasion.
Otto R Gani said that implementationof Pakistan-Indonesia PTA will begin new
era of cooperation will benefit both coun-tries and serve as a foundation for en-hanced economic and trade cooperation.
Pakistani businesses would increaseexports to Southeast Asia’s largest econ-omy under the PTA, including textile ex-ports, he added.
After the implementation of PTA, wewill take further steps to broader eco-nomic integration by initiating negotia-tions on a Free Trade Agreement (FTA),he said. He assured the delegation ofIWCCI that Indonesia Embassy as well asbusiness community will participate inIslamabad Expo 2013 scheduled inMarch which will offer opportunity to de-velop linkages among the businesspeopleof two countries.
Speaking on the occasion, SaminaFazil and Farida Rashid said that an op-erational PTA will provide level playingfield to the major palm oil exporterswhile it can help reduce prices of edible
oil in Pakistan. Before 2007 Indonesian palm oil
share in Pakistani market was 55 per centwhich can rebound now, they said. Simi-larly, Pakistan’s export to Indonesia in-cluding value added textiles, carpets,fabrics, leather and export goods, chemi-cals, surgical and fruits will get a boost.
Lauding the efforts of the govern-ment, the IWCCI leaders demanded ini-tiatives including single country expos,exchange of delegations and culturalevents to bring the business communitiesof two countries closer. He extended in-vitation to Consul General to invite In-donesian Exhibitors in My-KarachiExhibition 2013 and also organise a cul-tural event on that occasion.
Pakistan and Indonesia have manysimilarities and huge potential in variousfields to improve bilateral trade which isfar below the real potentials, said SaminaFazil and Farida Rashid.
Pakistan, Indonesia to start implementing PTA during the current month
ISLAMABAD
ONLINE
A transparent tax amnestyscheme will help broadening thetax-to GDP ratio and boosting up
our rusting economy, a businessleader said Thursday.
FBR’s scheme can yield Rs100billion which makes it key toovercome expected revenueshortfall and meet tax collection
target, said Munawar Mughal,former president IslamabadChamber of Commerce and In-dustry. Talking to Dr. MurtazaMughal, President PakistanEconomy Watch and Mr. BaigRaj, President of the PunjabForum, he said that liberalisedtrade with India will destroylocal industry and agriculture ata time when energy shortageshave left almost every businessuncompetitive.
Policymakers should give asecond thought to granting MFNstatus to India as some 25 percent of the textile industry hasalready relocated overseas whichwill be accelerated, he stressed.
Mr. Munawar Mughal, who isalso the former chairmanFounder Group said that closureof CNG will sink investmentsamounting to Rs 400 billion whileit be push up the oil import bill,transportation costs, inflationand environmental pollution.
At the occasion, Dr. Murtaza
Mughal said that liquid gas mafiaand petroleum mafia is bentupon destroying CNG sector withthe help of black sheep in the Pe-troleum Ministry and Ogra.
He said that India wants freetrade while conspiring to destroyPakistan’s agriculture throughwater terrorism.
Dr Asim Hussain, adviser tothe prime minister on petro-leum, has not only failed to de-liver but he has also brought abad name to the governmentwhich was already strugglingwith image problem, he said.
Dr. Murtaza Mughal de-manded a probe in the dealsclosed by the adviser made whilekeeping personal welfare inmind and ignoring national in-terests.
Asking the government to re-lieve Dr. Asim which has becomea liability for the ruling coalitionor he should demonstratecourage to resign for his failuresand wrongdoings.
‘Transparent amnesty scheme is just what the economy needs’
Forex reserves
stand at over
$13 billion ISLAMABAD
APP
Pakistan’s total liquid foreignreserves as on December 28stood at $13,808.1 million, saidSBP on Thursday. The StateBank of Pakistan (SBP), in astatement, said the foreign re-serves held by the SBP were $9,009.4 million and by otherbanks $ 4,798.7 million.
PRO 04-01-2013_Layout 1 1/3/2013 11:36 PM Page 1
02
Friday, 4 January, 2013
Major Gainers
COMPANY OPEN HIGH LOW CLOSE CHANGE TURNOVER
UniLever Pak 10069.38 10200.00 10190.00 10199.33 129.95 300
Interbank RatesUS Dollar 97.1365UK Pound 157.0017Japanese Yen 1.1281Euro 128.1327
Dollar EastBUY SELL
US Dollar 97.70 98.40Euro 126.90 128.97Great Britain Pound 156.58 159.08Japanese Yen 1.1113 1.1283Canadian Dollar 97.91 100.12Hong Kong Dollar 12.33 12.64UAE Dirham 26.45 26.83Saudi Riyal 25.95 26.28Australian Dollar 101.49 104.60
Business
KARACHI: Service Sales Corporation (SSC), Pakistan’s leading footwearretailer launched a new SALE campaign for the brand Servis.
2013 Haier Brand Seminar at PC
LAHORE: The 2013 Haier Brand Seminar was held todayat PC Hotel Lahore. The trend of innovation continued asHaier unveiled its latest product range for the coming year.“2012 was a remarkable gain in terms of consumer confi-dence and brand fame in Pakistan. We have grown by 40%as we keep winning more and more households.” said ShahFaisal, Director, Haier Pakistan. New Products Launch Asalways, Haier plans to cut the market clutter by offeringproducts that understand the Pakistan audience with supe-rior technology and ease of use. Newer styles, colours andcapacities have been put forward for refrigerators andfreezers. Washing machines will have new models of styl-ish, durable and convenient machines. The 2013 air condi-tioning models cater to the needs of energy efficiencywithout compromising on product looks and performance.Multiple size and featured LEDs were also displayed along-side newer kitchen & domestic appliances like water dis-pensers and meat mincers. 2013 Growth and ExpansionPlans Haier’s focus is not just market penetration andcompetition with imported products but also the expansionof other business operations in Pakistan.
ISLAMABAD: Masood Siddiqui MD/CEO OGDCL along with executive
directors, field managers, operational manager and regional coordinators
after Field Managers Coordination Meeting at the OGDCL Headquarter.
CORPORATE CORNER
ISLAMABAD
APP
DESPITE variouschallenges, theMinistry of Petro-leum and NaturalResources is work-
ing on several fronts to meet thecountry’s growing energy require-ments.
As part of such efforts, the gov-ernment recently announced a newexploration bid round offering 60exploration blocks along with RoadShows in Houston and London inearly December to showcase the Pe-troleum Policy 2012 and lure themultinational companies to partic-ipate in this bid round, an official ofthe ministry of petroleum and nat-ural resource said Thursday.
He said policy was as one of thebest in the world since it offers levelplaying field for E & P companies,both local and international ones.
He said the policy offers priceup to a maximum of US $ 6.5 perMMBTU for onshore and up to amaximum of US $ 9 per MMBTUfor offshore oil and gas discoveries.
He also informed the govern-ment for the first time in its historyhas formulated policies on TightGas and Low BTU Gas.
As regards the prospects of oil
and gas exploration in the country,he pointed out that Pakistan is en-dowed with vast sedimentary areaof over 800,000 square kilo-metersof which over 70 percent is yet to beexplored.
The success ratio of oil and gasdiscoveries is one of the best in theworld as is evident from the successratio of 1 : 3.22 discovery rate.
Similarly, the Economic Coor-dination Committee (ECC) of theCabinet has approved the LPG(Production and Distribution) Pol-icy Guidelines, 2012 which wouldhelp end cartelization in LPG mar-ket and promoting its utilization inthe automotive sector.
In addition, the Sui Southern
Gas Company (SSGC) and UnitedEnergy of USA recently signed aMemorandum of Understanding(MoU) pertaining to supply ofLiquified Natural Gas(LNG) inHouston.
He said according to the MOUsigned between SSGC and UnitedLNG of USA, the later will supply 4Million metric tons of LiquefiedNatural Gas (LNG) per year toSSGC, supplementing the govern-ment’s efforts to ensure energy se-curity of the country.
It is expected that the landedcost of LNG with an inbuilt cap, in-cluding transportation and re-gasi-fication cost, he added, the price ofgas will be less than the price of
Iran-Pakistan Gas Pipeline Projectand Turkmenistan - Afghanistan -Pakistan – India (TAPI) GasPipeline Project. However, theMoU of supply of LNG from USAwill be subject to approval of bothGovernments - USA and Pakistan.
Recently as a promising sign,the official said the Oil and
Gas Development CompanyLimited (OGDCL) has made a dis-covery of 20 mmcfd gas at wellhead flowing pressure of 3340 PSIin Sindh Province, which would goa long way in easing the gas crisis.
The official said the govern-ment was giving top priority to do-mestic consumers and during thepresent government 1.6 millionconsumers were given gas connec-tions.
Despite the current challenges,the official said the government wascommitted to providing gas to con-sumers, adding 879 kilometers oftransmission lines and 38,828 kmof distribution and service lineswere added to the gas network, thesource added.
Similarly, the official said thegovernment was also working onbringing in gas through the Iran-Pakistan (IP) and Turkmenistan-Afghanistan-Pakistan-India (TAPI)Gas pipeline projects to meet grow-ing energy demand in the country.
Govt has energy solutions in the pipeline
ISLAMABAD
APP
The State Bank of Pakistan (SBP) has decidedto introduce the Export Finance Facility forLocally Manufactured Machinery (EFF-LMM)with a view to promoting export of the sector.
This new financing Facility will be effectivefrom January Thursday (Jan 3) and remainvalid till further instructions, a statement ofthe Central bank said.
The exporters can avail long term financ-ing facilities through banks for export of eligi-ble Plant & Machinery and Engineering Goodsunder the Facility. Financing facilities shall beavailable both at pre-shipment and post-ship-ment stages for a maximum period of fiveyears.
Highlighting the salient features of thenew financing Facility are as under, the SBPsaid that the Financing for 5 years (including1 year grace period) will be available for exportof Plant & Machinery of the value of US$10million or more.
Further, Specified Plant & Machinery ofthe value less than US$10 million will be eligi-ble for 3 years (including six months grace pe-riod) financing. Other machinery items will beeligible for financing up-to 01 year.
The financing shall be available throughbanks, which are approved as Participating Fi-nancial Institutions (PFIs) under the LongTerm Financing Facility (LTFF).
Requests of new banks shall be processedas per SBP’s criteria and financing shall beavailable against Letter of Credit (LC).
However, financing will also be availableagainst export contract for tenor upto oneyear.
The SBP added that refinancing shall beavailable to the extent of total value of Letterof Credit/Contract less advance payment, or80% of the value of Letter of Credit/Contract,whichever is lower.
The Finance to the exporters will be avail-able at the rates applicable under the LongTerm Financing Facility (LTFF) viz. 10.30%p.a. and 10.90% p.a. for 3 & 5 years respec-tively.
However, as compared to LTFF, banks’spread under this Facility is being increased by0.5% for 3 years financing to encourage thebanks to extend financing to the non-tradi-tional exporters i.e. Engineering Goods.
The repayment of principal amount of loan
shall be made in equal half yearly or quarterlyinstallments after grace period, if any. Mark upshall be paid on quarterly basis, SBP added.
The SBP further said that this new fi-nancing Facility will supersede the instruc-tions concerning Part-B -Export Sales ofLMM Scheme as contained in ICD CircularNo. 1 dated April 27, 1987 read with subse-quent amendments made from time to time,says IH&SMEFD Circular No. 4 of January03, 2013.
SBP exercises its grey cells over export boost
SBP allows Advans Pakistan
Microfinance Bank to
commence business
KARACHI
NNI
The State Bank of Pakistan (SBP) hasallowed commencement of business toAdvans Pakistan Microfinance BankLimited from tomorrow (January 4,2013).The Advans Pakistan MicrofinanceBank Limited has been licensed to op-erate in the Province of Sindh. Ini-tially, the bank is starting itsoperations with one branch atKarachi.With the commencement of businessby Advans Pakistan Microfinance, thenumber of Microfinance Bank operat-ing in the country will rise to tenwhich include Khushhali Bank Ltd.,The First Microfinance Bank Ltd.,Tameer Microfinance Bank Ltd., PakOman Microfinance Bank Ltd., NRSPMicrofinance Bank Limited, KASHFMicrofinance Bank Ltd., APNA Micro-finance Bank Ltd., Waseela Microfi-nance Bank Limited and RozgarMicrofinance Bank Ltd.The commencement of business of Ad-vans Pakistan Microfinance Bank Lim-ited will result in a significant increasein the market share of regulated mi-crofinance banks within the overallmicrofinance sector. This will alsolead to the increased provision of in-clusive financial services in the ruraland remote areas of the country.
Commemorative
stamp released for
FFC’s pioneering
Wind Power ProjectISLAMABAD
NNI
Fauji Fertilizer Company Limited (FFC) isthe largest urea manufacturer in Pakistan.To meet its diversification and environmentprotection policy, FFC is also pioneeringWind Power Plants in Pakistan. Last montha 50MW wind energy farm (FFC EnergyLtd.) has recently launched commercial op-erations. On this occasion a ceremony washeld in Islamabad, where Pakistan Post re-leased a commemorative postage stamp ofRs.15 denomination, to celebrate the multi-ple benefits of this Landmark venture.Along with financial progress, FFC Corpo-rate Social Responsibility programs con-tribute generously in the areas of education,health, disaster relief and environmentalprotection. The completion of the first windpower project in Pakistan is a significantmilestone achieved, as Pakistan standsamongst the progressive nations utilizingthis clean and renewable source of energyfor electric power generation, with an aimto overcome the energy crisis in the country.The President of Pakistan Mr. Asif AliZardari inaugurated the project on 24th ofDecember, 2012. The Managing Director ofFFC Lt General R Khalid Naeem Lodhisaid;”We are proud and thankful for this ac-knowledgement of our efforts by the Pak-istan Post. The 50 MW wind power projecthas been developed with the facilitation ofAlternative Energy Development Board(AEDB) at Jhimpir, Thatta in Sindh.” Ac-cording to AEDB, four other projects of50MW or more are under construction anddozens are being planned. It plans to helpproduce over 1500 MW of wind power inthe next two years. Thatta corridor presentsa good wind resource and theoretically over48,000MW can be generated there. Pak-istan has planned o induct clean green re-newable and alternative energy in its energymix, which is currently heavily dependenton polluting fuel oil, which costs over $12billion in imports. FFC is operating threeworld scale urea plants with an aggregatecapacity of over 2 million metric tons perannum and is rated amongst the top 25Companies at the Karachi Stock Exchange.In 2011, it made a massive tax contributionof Rs. 28,081 million.
