Petroleum Division Hands Over Rs 305 Mln Saindak Project's Profit Share To Balochistan

(@FahadShabbir)

Petroleum Division hands over Rs 305 mln Saindak project's profit share to Balochistan

The Petroleum Division Friday handed over a cheque amounting to Rs 305 million to the Balochistan government on account of profit share in the Saindak Copper-Gold project, executed by the Saindak Metal Company Limited

ISLAMABAD, (UrduPoint / Pakistan Point News - 30th Apr, 2021 ) :The Petroleum Division Friday handed over a cheque amounting to Rs 305 million to the Balochistan government on account of profit share in the Saindak Copper-Gold project, executed by the Saindak Metal Company Limited.

Secretary Petroleum Mian Asad Hayaud Din, in a meeting with Balochistan Chief Secretary handed over the remittance cheque during his visit to Quetta, a news release said here.

The Secretary Balochistan Mines & Minerals Development Department, senior management of Saindak Metal Company and senior officials of Petroleum Division were also present in the meeting.

The Saindak Copper-Gold Project, Chagai District - Balochistan is a poineer venture in the metallic minerals sector developed by the Government of Pakistan to produce blister copper along with associated gold and silver metals from indigenous ore of Saindak area.

A public limited company Saindak Metals Limited is engaged at managing the project affairs under administrative control of the Ministry of Energy (Petroleum Division).

The project is providing employment and source of livelihood to thousands of families in a far-flung area and extending civic amenities like free drinking water, power supply, education and health-care facilities, besides generating substantial revenue to the public exchequer (Provincial and Federal).

In addition to payment of royalty at the prescribed rate and CSR (Corporate Social Responsibility) contribution to Provincial Government, the company had also been sharing profit earned from the project with the Balochistan government.

The Petroleum Division is committed to ensure smooth and beneficial Project operation in the interest of the country and Province, particularly the local community in this remote area.