Briefs

briefs

PR to transport oil to Jamshoro

By our correspondent

ISLAMABAD: State-owned Pakistan Railways agreed to supply oil from the Pakistan State Oil (PSO) to Jamshoro power station under fuel supply and transportation agreements signed on Wednesday. 

Saad Rafique, minister for Railways and Arshad Mirza, secretary Petroleum and Natural Resources signed and exchanged the drafts of the two agreements, a statement said. Pakistan Railways transports fuel from PSO to power plants. Now, it will also supply oil from the oil marketing company to Jamshoro power plant, around 217-kilometre from Karachi.  

State-owned Jamshoro power station has three 200-megawatt of thermal-run plants.  “In view of reducing the dependency on road transportation by shifting transportation volumes to other cost effective and environmental friendly modes, high speed diesel transportation to Jamshoro power plant through tank wagons will also start after negotiations with Pakistan Railways,” said the statement. 

Pakistan Railways has been facing the issue of unloading furnace oil. “Actually oil was not unloaded due to low demand at Lal Peer Power Plant (Mehmoodkot) and Muzaffargarh thermal power plant,” it added.

Pak Suzuki to enter auto glass making

By our correspondent

KARACHI: Pak Suzuki Motor Company has decided to enter automobile glass manufacturing business in a joint venture with Techno Pack Telecom Pvt Ltd, a bourse filing said on Wednesday.

Pak Suzuki CEO Hirofumi Nagao has said that the company intends to make long term equity investment of Rs344.4 million by purchasing 34.44 million shares to set up Tecno Auto Glass Limited for manufacturing automobile glass.

Tecno Auto Glass Limited would be a joint venture company between Techno Pack Telecom (Private) Limited (TPT) and Pak Suzuki Motor Company Limited, where Pak Suzuki would hold 40 percent of paid up capital, and the balance 60 percent would be with TPT and its nominees.

Techno Auto Glass Limited would be a public limited company and an associated company of Pak Suzuki by virtue of 40 percent shareholding.

International Industries posts profits

By our correspondent

KARACHI: International Industries Limited (IIL) has announced a net profit of Rs1.699 billion, translating into the earnings/share of Rs9.98 for the half-year ended December 31, 2016, a bourse filing said on Wednesday.

The financial performance has improved, owing to higher sales, as the company had posted a net profit of Rs115.864 million and an EPS of Rs1.23 during the same period of the last year.

The net sales surged 46 percent to Rs21.105 billion this year as compared to the sales of Rs14.409 billion for the half-year ended December 31, 2015.

The financial charges also declined 46 percent to Rs330.054 million during the period under review as compared to Rs611.727 million in the same period of the last year. International Industries Limited also declared an interim cash dividend of Rs2.50/share along with the financial results.

Pakistan leather show from tomorrow

By our correspondent

LAHORE: Pakistan Leather Mega Show 2017 will be held from January 27-29 in Lahore, a statement said on Wednesday.

Muhammad Mussadiq, convener of the event, said that leather sector is the second largest export-oriented industry of Pakistan, executing five percent of the total exports and employing one million workers.

Pakistan is bestowed with rich livestock, comprising, cattle, buffalo, sheep and goat, which are considered one of the best raw materials for leather, he added. Mussadiq said that 800 exhibitors from leather, gloves and footwear would showcase their products in the exhibition. Several countries from Europe, the US and Asia would also participate in the three-day event.

Saudi to give Rs3.4bln for expressway

ISLAMABAD: Saudi Arabia has agreed to provide financial assistance of Rs3.4 billion for the construction of Swat Expressway. Sources said that 113km long Swat Expressway would connect Chakdara with Kalam. The four-lane Swat Expressway would go a long way in boosting trade, business and tourism in the Malakand Division.

Schwabe’s 150th anniversary

News Desk

KARACHI: World’s leading manufacturer of homoeopathic and biochemic medicines Dr Willmar Schwabe Co Germany is having a grand 150 Years Anniversary celebration and Gold Medal Awards ceremony on Tuesday, January 31, a statement said on Wednesday.

Sole distributors of Dr Willmar Schwabe Co and its high performance trade partners from across Pakistan will receive gold medals in recognition of their contribution to Schwabe’s business success in the country over the years, it added.

Senior Schwabe Executives Georg Schmidt, Director International Division, and Maximilian Kalkbrenner, Regional Director Asia-Pacific Region, are especially arriving from Germany to be present on the occasion and do the honours, it added.

Aramco shelves Malaysia venture plan

KUWAIT: Saudi Aramco has shelved plans for a multi-billion-dollar refining and petrochemical joint venture with Petronas in Malaysia, industry sources familiar with the matter told Reuters on Wednesday.

The Refinery and Petrochemical Integrated Development (RAPID) at Pengerang in the state of Johor in southern Malaysia was to have had a 300,000-barrel-per-day refinery and petrochemical complex with a chemical output capacity of 7.7 million metric tonnes.

Other facilities at the site, which was to have started operations in the first quarter of 2019, were to have included a liquefied natural gas (LNG) regasification terminal. The sources did not say why construction work on the project had been put on hold.

Aramco and Petronas officials could not be reached for immediate comment.  State-owned Petronas last year sought proposals for a $7.2 billion loan for the project, with separate guarantees from the company and Aramco, Thomson Reuters IFR reported in June.

Cisco to buy AppDynamics

SAN FRANCISCO: Cisco Systems Inc said on Tuesday that it agreed to buy U.S. business software company AppDynamics Inc for about $3.7 billion, making one of its largest deals of recent years as it searches for growth beyond its core networking business.

Legacy technology players like Cisco have been trying to shift their strategy to stay ahead of technology developments, such as the rise of cloud computing, that could otherwise threaten their core businesses.

Cisco´s announcement comes a week after Hewlett Packard Enterprise Co said it would buy cloud startup SimpliVity for $650 million in cash. President Donald Trump´s plan to incentivize U.S. companies to repatriate their overseas cash could spur a new wave of dealmaking for large tech companies like Cisco, analysts say.