Tag Archives: Circular

FBR issues circular regarding relief given to salaried individuals in current budget

FBR issues circular regarding relief given to salaried individuals in current budget

ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday issued circular regarding the relief given to salaried class persons in the current fiscal year budget. According to the notification, the persons with an annual

Circular debt haunts PSO

Inter-corporate debt remains a burning concern for Pakistan State Oil (PSO) besides other public sector entities, necessitating solid steps by the government to resolve the issue. “PSO that plays a crucial role

Circular debt rings alarm bells for oil, gas exploration companies

KARACHI – The lingering circular debt issue, coupled with heightened security concerns, has forced local oil and gas exploration companies to curtail exploration and development (E & D) activities. Industry analysts observed that E & D activities depicted a significant decline of 40 percent in the nine months of FY11, as a meager 30 wells were spudded in contrast with 50 wells in the same period last year. They further underlined that bifurcation of the number reflects the gravity of

‘Govt will launch OGDCL bonds to address circular debt’

ISLAMABAD – The Minister for Water and Power Syed Naveed Qamar said, on Tuesday, that the government plans to launch exchangeable bonds between $500 million and $1.0 billion for state owned Oil and Gas Development Company Limited (OGDCL) within this fiscal year. This would help permanently address the issue of inter-corporate circular debt in the power sector. Talking to the media after concluding session of the three day Pakistan Energy Conference 2011, the minister stated that

OGDC mired in circular debt

KARACHI – With its stock price having witnessed a steep fall in previous weeks (losing 11 percent in the last 10 trading sessions), the Oil and Gas Development Company (OGDC) still faces considerable problems, including potential delays in CAPEX plans and systemic circular debt.
Circular debt remains a key concern for the company as its trade debt have now soared Rs 107.9 billion as of December 2011. Similarly, the initial CAPEX target of $800 million is also likely to be missed

OGDC and PPL hit by circular debt

KARACHI – A massive Rs 148 billion of OGDC and Pakistan Petroleum Limited (PPL) has been stuck up in circular debt, creating liquidity problems for these two state-run mega oil and gas exploration companies. Different departments and organisations owed around Rs 108 billion to the OGDC and Rs 38 billion to the PPL by December, 2010. Both state-run mega companies are trying hard to recover their receivable amount worth billions of rupees, said a research report of Arif Habib Limited.