Hammad Lauds Petroleum Division For Achieving Progress On Various Fronts

Minister for Energy Hammad Azhar, who recently assumed the office charge, Thursday got briefing on petroleum sector of the country and appreciated the Petroleum Division team for achieving progress on various fronts

ISLAMABAD, (UrduPoint / Pakistan Point News - 22nd Apr, 2021 ) :Minister for Energy Hammad Azhar, who recently assumed the office charge, Thursday got briefing on petroleum sector of the country and appreciated the Petroleum Division team for achieving progress on various fronts.

Secretary Mian Asad Hayaud Din and senior officials informed the minister that annual profit earning before tax of SOEs (State Owned Entities) under administrative control of the Petroleum Division was Rs178 billion.

"These companies contribute with taxes amounting to Rs864 billion per annum in national exchequer kitty. Total spending on CSR (Corporate Social Responsibility) activities by petroleum companies stands around Rs3.2 billion annually," a news release said.

The minister was apprised in detail about the progress achieved in reduction of UFG (Unaccounted for Gas) ratio, construction of cross national/local gas pipelines and exploration and production activities.

The officials also briefed the minister about reformation and restructuring of boards of SOEs and appointments of their managing directors.

The secretary highlighted various issues including rationalization of gas sale prices, recovery of receivables of companies, security measures at E&P [Exploration and Production] sites and development works being carried out there to address the confronted challenges.

The minister appreciated the team of Petroleum Division for positive progress on key areas of public delivery and administrative services and vowed that a comprehensive plan of action would be pursued for smooth redressal of various issues of the oil and gas sector.