- Home
- Business
- News
- Petroleum Division hands over Rs 305 mln Saindak project's profit share to Balochistan
Petroleum Division Hands Over Rs 305 Mln Saindak Project's Profit Share To Balochistan
Fahad Shabbir (@FahadShabbir) Published April 30, 2021 | 06:53 PM
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.
Related Topics
Recent Stories
Finance Minister calls for reforming tax system to improve country's economy
PM calls for joint efforts to check smuggling, power theft
Infinix Unveils a Vibrant New Chapter with Wahaj Ali: The face of Infinix NOTE 4 ..
PM makes two more appointments in his team
Terrorists of Shangla suicide attack will be brought to justice: Interior Minist ..
Applications Open for 6th Cycle of Start-up Incubation under the National Expans ..
Join vivo's "Light it Up" Social Media Contest in Ramadan to Win vivo V30 5G
Pakistan v New Zealand T20I series: Tickets to go on sale from today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 29 March 2024
Today Gold Rate in Pakistan 29 March 2024
Journalists call for global action to end Gaza’s humanitarian crisis
CM for generating opportunities to bring direct int'l investment
More Stories From Business
-
Finance Minister calls for reforming tax system to improve country's economy
21 minutes ago -
Economy commences on better note in 2024: Finance Minister
35 minutes ago -
BIST 100 up at Friday’s open
2 hours ago -
Biden administration approves $60M to rebuild Baltimore bridge
2 hours ago -
China to export homegrown tunnel-boring machine to Italy
2 hours ago -
Foreigners make nearly 3 million inbound, outbound trips to China in Jan-Feb
2 hours ago
-
Türkiye's foreign trade gap halves in January-February
2 hours ago -
Shipping activity at Port Qasim
3 hours ago -
Tractor production increase 68% in Jul-Feb
3 hours ago -
Exchange rates for currency notes
4 hours ago -
Foreign exchange rates
4 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 29 March 2024
6 hours ago