Can't connect right now! retry

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!
May 31, 2018

Inflicting $172.5m loss to national kitty


May 31, 2018

MD PSO’s name put on ECL

By Khalid Mustafa

ISLAMABAD: As the PML-N government’s tenure is being completed at mid of tonight, National Accountability Bureau (NAB) on Wednesday put the name of Sheikh Imranul Haq, Managing Director (MD) of state owned Pakistan State Oil (PSO) in the Exit Control List (ECL) on charges of inflicting loss of $172.5 million onto PSO in the shape of demurrages paid to the vessels of furnace oil or other POL products for being berthed for months.

Before joining as MD of PSO, Haq was CEO of Engro Vopak Terminal Limited and Elengy Terminal Pakistan Limited which established the first LNG terminal. He was brought as MD PSO by Federal Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi.

His name was also involved in the NAB’s inquiry report completed in 2015 saying the multi-billion dollars LNG terminal contract was awarded to ETPL (Elengy Terminal Pakistan Limited) of Engro Pakistan based favours and no high measure of transparency, diligence and fair play has been ensured causing loss of about $2 billion (over Rs200 bn) to national exchequer. The News published in its edition of 19, 2015 the story based on NAB’s inquiry report about awarding the contract for setting up LNG terminal to ETPL.

In its recommendations, NAB Karachi had sought the approval from NAB chairman for formal inquiry into the LNG terminal contract as in the preliminary inquiry, Federal Minister for Petroleum and Natural Resources (Now PM) Shahid Khaqan Abbasi, ex-federal secretary Abid Saeed, Managing Director of Inter State Gas System (ISGS) Mobine Saulat, ex-CEO of M/s Engro (Pvt) Limited Emranul Haq Sheikh and ex-MDs of SSGC, Zuhair Siddiqui and Shoaib Ahmad Warsi have been actively involved in award of questionable contract and LSA (LNG services agreement).

Top sources say that Imranul Haq has apparently been placed in ECL on corrupt practices in PSO, but factually he will later be probed into LNG terminal awarding contract. And if he is probed in this issue, then tentacles of investigation will also touch Prime Minister Shahid Khaqan Abbasi for $2 billion loss to national kitty in the award of the questionable contract. It is pertinent to mention that SC has already asked NAB to initiate probe into the said LNG terminal contract.

However, according to the letter dated May 30, 2018, addressed to DG operations NAB Karachi, of which the copy is also in possession of The News, the name of existing PSO MD has been placed in ECL by authorities concerned in NAB, Karachi on criminal and corruption charges and misuse of authority also when media starts giving the news that Haq’s chances to escape are higher after he applied for leave after June 1, 2018.

Topstory minus plus

Opinion minus plus

Newspost minus plus

Editorial minus plus

National minus plus

World minus plus

Sports minus plus

Business minus plus

Karachi minus plus

Lahore minus plus

Islamabad minus plus

Peshawar minus plus