MOL begins supply from Manzalai field

ISLAMABAD: MOL Pakistan, the operator of the Tal block in NWFP, on Wednesday announced that it had started supply of 250 million cubic feet per day (mmcfd) gas and 4,280 barrels crude oil per day from the Manzalai field.

MOL Group Gyorgy Mosonyi addressing a press conference said that gas supplies from the Manzalai field had started to Sui Northern Gas Pipelines Limited. ‘Gas production from the field will reach 300 mmcfd by 2013,’ he added.

Manzalai field is located in Karak and Hangu districts of the NWFP.

He said that Pakistan was among the top five key operational centres of MOL, the Netherlands based Hungarian oil and gas giant.

Mr Mosonyi told media that Tal block was a joint venture of five oil and gas exploration companies.

He said that Petroleum Concession Agreement (PCA) of Tal block was signed in February 1999 as an exploration block.

Prior to MOL Amoco and the OGDCL failed to make any discovery in the Tal block and they abandoned it.

According to the PCA, MOL Pakistan became the operator of the block with 35 per cent shares in Tal block, the other joint venture partners are OGDCL with 30 per cent shares, Pakistan Petroleum Limited (PPL) with 30 per cent and Government Holdings Private Limited (GHPL) with 5 per cent shares.

Telenor Pakistan & Tameer Bank launch ‘easypaisa’

Islamabad, 15^th October 2009. Telenor Pakistan and Tameer Microfinance Bank together have announced the launch of easypaisa, a uniquely convenient and safe way for everyone to carry out financial transactions. easypaisa users will have the freedom to make bill payments and send and receive money at thousands of outlets and in addition manage their bank accounts over their mobile phones. easypaisa combines the best from the financial and mobile sectors, offering the first branchless banking solution of its kind in Pakistan and neighboring countries.

(left to right) CEO Tameer Microfinance Bank, Nadeem Hussain, Governor State Bank of Pakistan Syed Salim Raza, CEO Telenor Pakistan, Jon Eddy Abdullah and Director Telecom Ministry of Information Technology & Telecommunications, Mudassar Hussain in a group photo at the easypaisa launching ceremony.

Presiding over the easypaisa launch event, Governor State Bank of Pakistan, Syed Salim Raza in his address emphasized government’s focus on promoting financial access in the country. He said, “Helping people to get access to financial services is central to improving their livelihood. Branchless banking has been used internationally as a successful tool to reach customers who cannot be served by conventional branch-based financial services. That is why State Bank has been very supportive of innovative synergies in this field, a prime example of which is easypaisa by Tameer Bank and Telenor Pakistan.”

Director Telecom, Ministry of Information Technology & Telecommunications, Mudassar Hussain highlighted the critical role mobile industry has to play in providing financial access to the un-banked. He said, “The total life of mobile industry in Pakistan is less than 20 years while formal banking channels have been around for some 60 years. However, interestingly, in comparison to more than 90 million mobile subscriptions, the number of bank accounts is less than 30 million. The Ministry is of the view that this presents an immense opportunity for the mobile industry to add value to the financial sector and serve the un-banked. We have been actively supporting the consultation process and hope that easypaisa becomes a resounding success story for the industry and country.”

Chief Executive Officer, Telenor Pakistan, Jon Eddy Abdullah called easypaisa a revolutionary solution. He said, “easypaisa will allow users across the board to access convenient and secure financial services. In an environment where only 12% of adult population is formally served with financial services, easypaisa will promise tremendous financial empowerment. It will provide opportunity for everyone to utilize well-priced, secure, and efficient financial services at the corner store without opening a bank account, or through ones own handset with a Tameer Bank account depending on the transaction type. The inclusion into the general economy will create opportunities to save, pay for services more efficiently without the loss of productivity, and to utilize more advanced financial instruments in the future.

Chief Executive Officer, Tameer Microfinance Bank, Nadeem Hussain talked about how branchless banking can help the low-income customer segment currently served by Tameer Bank. “Tameer has been a pioneer in scalable retail micro finance operations with initial focus on lending. Tameer has always embraced new technologies to lower operating costs. Mobile

phones – along with other technologies and banking agents are beginning to offer the opportunity of giving financial services to the many millions of people and low cost who have never had a bank account.”

Telenor Pakistan & Tameer Bank’s easypaisa portfolio, initially launched with Bill Payment solution, is scheduled to come up with services such as money transfer, mobile wallet accounts, cash deposits and withdrawal facilities in near future. The services are for everyone offering innovation, freedom, security and convenience.

The Telenor Group is an international provider of high quality tele, data and media communication services with mobile operations in 13 markets across the Nordic region, Central and Eastern Europe and in Asia. The Telenor Group is among the largest mobile operators in the world with over 168 million mobile subscriptions and a workforce of more than 40,000. Telenor Pakistan is 100% owned by Telenor ASA and adds on to its operations in Asia.

Tameer Bank, a fast growing microfinance bank licensed by State Bank of Pakistan in August 2005, rated A- (single A minus) and A-2 (A two) by JCRVIS, has a current network of 31 on-line branches and 35 on-line sales & service centers across Sindh and Punjab. It has given new complexion to the microfinance sector by induction of innovative technology driven financial services to the under-served population through choice of bank tellers, ATM machines and Point of Sale (POS) terminals. Its product set includes loans, deposits, overdrafts, insurance, payments and domestic remittances.  Since inception, Tameer has disbursed more than Rs 3.5 billion with an active portfolio of Rs. 1.4 billion and over 70,000 loan customers with delinquency trend of under 2% supported with a deposit base of more than Rs 940 million. The total customer base of Tameer has crossed 145,000 with staff strength of 1,100.

MCOM’s General Manager Media Mohammad Altaf Promoted as Director Media

Islamabad: MCOM, the Islamabad based ad agency announced the promotion of Mohammad Altaf to the position of Media Director. Altaf has served MCOM for the last 4 years as Media Manager/General Manager Media. This promotion acknowledges his significant contributions in the phenomenal growth and progress of MCOM. It is worth mentioning that Altaf has vast experience in the media industry, a professional spirit, and tireless work ethic for which he is equally admired by print and electronic media.

Faysal Bank Limited & Engro Chemical Pakistan Limited Sign Financing Facility Agreement

Karachi: Faysal Bank Limited (FBL) and Engro Chemical Pakistan Limited (ECPL) have signed an agreement whereby FBL is extending a financing facility of PKR 1,500 million for a term of 7 years for ECPL’s Urea Expansion Project at Dharki. The project entails setting up a new plant with a production capacity of approximately1.30 mt per annum. The total cost of this project is USD 1,050 million and it is expected to be completed by Mid 2010.

Sitting from left to right Khaqan Khan, Nauman Ansari, Ruhail Mohammed, Saleemullah Memon and standing behind members of the bank’s corporate banking team

ECPL has interests in fertilizers, chemicals, food and dairy, terminal handling and IT. It is a leading fertilizer manufacturing and marketing company with specific product line that focuses on balanced crop nutrition and increased yield for the farmer.

Faysal Bank is a leading financial institution with a network of 129 branches, two sub branches, one sales and service centre, 113 ATMs in 38 cities and five corporate offices in Pakistan.

Faysal Bank’s strength is validated by its credit ranking of AA (Double A) for the long term and A1+ (A One Plus) for the short term assigned to it by both JCR VIS and PACRA.

The Bank has recently been awarded a “Certificate of Excellence” by the Management Association of Pakistan for its good corporate governance and best business practices.

Telenor becomes first cellular operator to complete USF project

Telenor Pakistan has become the country’s first cellular operator to have completed a Universal Service Fund project — and that too before time.

To celebrate the achievement, Chief Technical Officer Telenor Pakistan Khalid Shehzad and CEO Universal Service Fund Company Parvez Iftikhar jointly inaugurated a BTS (Base Transceiver Station) cell site in district Bahawalpur’s Cholistan desert.

This cell site is one of the total 39 sites of USF Bahawalpur project that have been set up for this communication deprived area. USF promotes the development of telecom services in un-served and under-served areas throughout the length and breadth of the country. The fund consists of contributions (1.5 percent of adjusted revenues) by the Telecom Operators with no government funding involved.

The Bahawalpur Cholistan District BTS cell sites set up by Telenor Pakistan will bring coverage to the remotest areas of Cholistan desert and a previously un-served population of 242,000, over an area of 20,000 sq kms. The Bahawalpur Lot covers 22 percent of the area and 11 percent of the total estimated population of Punjab Province and includes Bahawalnagar, Bahawalpur and Rahim Yar Khan Districts.

Commenting on the timely completion of the USF project, Chief Technical Officer Khalid Shehzad said, “It is our pleasure to provide deep and wide reach to un-served and under-served areas such as the Cholistan desert. We are pleased with our progress and are hoping to complete all our future projects with the same levels of effectiveness. We believe that such projects are significant in terms of increasing service penetration in the rural areas.”

Universal Services Fund’s CEO, Parvez Iftikhar, while congratulating Telenor Pakistan on the successful completion of the project, said, “USF is going to continue bringing significant advances towards enhancement of telecom services, both in rural as well as urban areas of the country. The completion of the Bahawalpur project is an important step towards the fair and effective utilization of the fund. We are also encouraging our contractors to go for Alternative Energy Solutions and are pleased to know that Telenor Pakistan is taking the initiative in this regard.”

This is the first time a cellular operator has delivered a USF project even before the assigned period of twelve months. Universal Service Fund and Telenor Pakistan entered in the contract to provide basic telephony and data services in un-served areas of Bahawalpur on September 22, 2009. Telenor further plans to energize 19 sites in this Project with solar energy hence pioneering Green Energies in telecommunication sector on mass scale.

PPL approves 30 pc Cash Dividend, 20 pc Bonus

PPLs Board of Directors at the AGM

KARACHI: The 58^th Annual General Meeting (AGM) of Pakistan Petroleum Limited (PPL) held recently approved the financial statements together with the auditor’s report for the financial year ending June 30, 2009.

The AGM further approved payment of final cash dividend of 30 percent on ordinary share capital and issue of bonus shares in proportion of 2 ordinary shares for every 10 ordinary shares and an increase in the company’s authorized ordinary share capital from of 1 billion shares of Rs. 10 each to 1.5 billion shares of Rs10 each.

On behalf of the PPL Board, S.R. Poonegar apprised members about the company’s impressive performance, focusing on the significant events of the year 2008 – 2009.

PPL’s Managing Director and Chief Executive Officer Khalid Rahman highlighted that the company earned a record profit after tax of Rs27.7 billion, translating into an all-time high earning per share of Rs33.38, up 41 percent from Rs23.75 in the corresponding period last year.

Speaking on the company’s future prospects, Khalid Rahman said the PPL management had chalked out a comprehensive strategy with key performance objectives to counter operating challenges and fast-track exploration efforts, optimizing hydrocarbon reserve replacement and production. He added that a multi-pronged approach, based on forging strategic local and international partnerships through a variety of means including farm-ins/ farm-outs, joint bidding and swap agreements, had also been adopted to meet company targets.

Following the AGM, PPL also hosted a Research Analyst Briefing that drew an enthusiastic response from the financial community.

Hinopak to export buses to UAE and Africa

KARACHI: Hinopak is Pakistan’s first automobile company to export its buses to Middle East and African countries in early 1990’s and once again Hinopak will soon take a gigantic leap in the international market by starting export of buses to Middle East and Africa.

In this regard, Mohammad Irfan Shaikh Director Sales and Marketing, Hinopak stated that it is proud to mention that Hinopak has been chosen as a hub by its principal Hino Motors, Ltd., Japan for manufacturing Hino buses for export to Middle East and Africa.

In this regard the first meeting with Hino distributors from Middle East and Africa was held in November last year, where Hino distributors showed their keen interest in Hino buses because of their quality which is not less than any international bus.

Irfan Shaikh also congratulated the City District Government Karachi to start the pilot project by inducting CNG buses in the Karachi transport system.

He further added that it is one such step which will augurs well for the citizens of Karachi and will provide impetus for the future induction of both new CNG and Diesel buses in Karachi and also in other cities of Pakistan especially in Punjab.

He mentioned that, in Punjab more than 1500 urban buses are successfully operating on the roads and facilitating the commuters.

He also urged the government of Punjab to start the operation of locally produced CNG buses which would definitely modernize the existing urban transport system.

He also said that Hinopak always consider the requirements of Pakistani transporters and introduce the revolutionary technologies in this regards. One of the recent examples is the induction of two new prime movers and Hino High power Dutro Super in its product range. The new prime movers Hino FG1J PM, Hino FM1J PM and Hino High Power Dutro Super are designed on the basis of research from our Japanese and Pakistani engineers to cater the needs of transportation sector and NHA loading requirements.

Since its inception Hinopak is continuously introducing the variety of buses for different operational requirements such as intercity, intra-city and tour buses. These buses are started from 15 seaters to 63 seaters and providing safe and comfortable journeys to the passengers of the country.

Eni Wins New Onshore Gas Concession In Pakistan

KARACHI: Eni SpA (E) has won an exploration license for Pakistan’s onshore Sukhpur block and is in long-term talks with Islamabad to bring gas from the Caspian Sea to Pakistan, India and China, Chief Executive Paolo Scaroni said after a meeting in Rome with a Pakistani delegation.

Eni’s partners at Sukhpur block will be Royal Dutch Shell PLC (RDSA) and local player Pakistan Petroleum Ltd. (PPL.KA), the company in a statement said.

"This block is very promising and its close to the other two producing areas in which we operate," Scaroni said, adding Eni aims to bring gas from Turkmenistan and Kazakhstan to Pakistan, India and China.

"That would reshape the economic geography of the area", Scaroni said.

Earlier this year, Eni said it expected to double its hydrocarbon output in Pakistan in five to six years after signing a protocol with the Asian country to give it exclusive access.

Eni has been present in Pakistan since 2000 and is the biggest international company operating in the country in terms of exploration and production of gas, with an equity production of 56,000 barrels a day, the company said in its statement.

Faysal Bank & EFU Life sign “Bancassurance Distribution Agreement”

Karachi: Faysal Bank recently signed a “Bancassurance Distribution Agreement” with EFU Life at Karachi. According to this agreement, Faysal Bank will offer EFU Life Bancassurance products to its existing and potential customers through its widespread distribution channels. Offering insurance investment products is in line with the Bank’s commitment of continuous improvement and product innovation.

Taher G. Sachek CEO of EFU Life and Naved A. Khan, P&CEO of Faysal Bank after signing the agreement. Senior management of both companies who worked on this project are also seen.

The Agreement was signed by the respective CEOs of the two companies. Naved A. Khan, President & CEO of Faysal Bank said, “with the inclusion of bancassurance products we aim to make Faysal Bank a one-stop financial service provider which offers a range of solutions to cater to a diverse array of customer needs. We aim to write a success story in bancassurance with EFU Life as our partner”. Faysal Bank Limited has operated branches in Pakistan since 1987 with a present network of 129 branches, 2 sub branches and one sales and service centre. The strength and stability of the bank is evident through the Credit Rating assigned by JCR-VIS of “AA” (Double A) for long to medium and “A-1+” (A One Plus) for the short term.

EFU Life is the largest private sector life insurance company in Pakistan & was established in 1992. EFU enjoys a market share of more than 50% of the private sector life premium income with a Credit Rating assigned by JCR-VIS of “AA-" (Double A Minus), Stable outlook. Making his comments at the ceremony, Taher G. Sachak CEO and MD of EFU Life said, “EFU Life is at the forefront of bancassurance in Pakistan.  We look forward to a productive and long lasting alliance with our partner and are confident of their strong focus on customer centric products and services. We plan to generate greater customer awareness and increase the penetration level of Bancassurance products in Pakistan through our collaboration with Faysal Bank.”