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Business

December 20, 2016

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Briefs

Briefs

Briefs

OGDCL installs processing plant

ISLAMABAD: The Oil and Gas Development Company Limited (OGDCL) has completed installation of a processing plant at its Kunnar Pasakhi Deep (KPD) gas field in Sindh, which was pending for the last 10 years.

"It (plant) will provide an additional 80mmcfd of gas, 400 tons of liquefied petroleum gas (LPG), and 4,000 barrels per day (bpd) in winter this year," official sources told APP on Monday.

They said natural gas consumers would get additional gas during this winter after the government succeeded to produce more gas from exploratory wells and injected Regassified Liquefied Natural Gas (RLNG) in the transmission network.

The current government in the last three years, they said had so far added 944mmcfd gas in the system, out of which 466mmcfd came from new discoveries, and 478mmcfd gas from existing wells. 

 

Etihad Airways cuts jobs

Abu Dhabi: Etihad Airways has begun cutting jobs in a restructuring process to reduce cost as it faces tough competition and a weakened global economy, the Emirati carrier said on Monday.

A spokesman for the carrier owned by the government of oil-rich Abu Dhabi said the process had started, but declined to comment on how many jobs would be axed.

The firm, which has 26,769 employees, said in a statement the restructuring would result in a "measured reduction of headcount in some parts of the business". It aimed "to reduce costs and improve productivity and revenue" in "an increasingly competitive landscape, against a backdrop of weakened global economic conditions", Etihad said.

Oil-exporting Gulf countries have felt the economic pinch as their revenues nosedived after crude price tumbled from above $100 a barrel in early 2014. Launched in 2003, Etihad reported a 41 percent surge in its net profit last year, reaching $103 million on the back of rising passenger numbers and cargo volumes.  It operates a fleet of 125 planes.

 

FPCCI praises PM’s pro-export plans 

By our correspondent

ISLAMABAD:  Business leaders have given a round of applause to Prime Minister Mian Nawaz Sharif’s recent directives for boosting exports by 25-30 percent from the next financial year and a possible announcement of an amnesty scheme for trade and industrial sector in the coming days, a statement said on Monday. “The prime minister was also requested by the business leaders to introduce another general amnesty scheme for all the trade and industrial sub-sectors of the economy and allowance to invest without declaring source of income, ” Shaikh Khalid Tawab, senior vice president of the FPCCI said in a statement.

 

Aptma lauds Punjab CM

By our correspondent

LAHORE: Punjab textile mill owners have unanimously passed a resolution lauding the timely support of provincial Chief Minister Shahbaz Sharif in averting disparity in gas prices against other provinces. The All Pakistan Textile Mills Association Punjab held an emergent general body meeting, which was attended by the members from Faisalabad and Multan zones through video links.  The meeting considered formulation of strategy for the restoration of viability of textile industry and obtaining one energy price across the country.

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