Senate body asks to put Hascol’s officials’ names on ECL

News Desk

Members of the Parliamentary Panel want the government to put names of Hascol Petroleum officials on ECL for an alleged fraud of over Rs 66 billion.

Senator Fida Mohammad demanded in a meeting of the senate standing committee on Petroleum to put the names of the responsible persons on the ECL. Senator Mohsin Aziz said that a company (Hascol) has committed a fraud of more than Rs 66 billion.

Chairman Ogra told the committee that the SECP and the State bank had not contacted them.

The Petroleum Division told the Senate Standing Committee on Petroleum that the gas sector faced a loss of Rs 35 billion in the winter season.

It further said that PLL is also facing financial difficulties.

Secretary Petroleum said that the highest forum should have the authority to approve an annual delivery plan for LNG.

The Senate Standing Committee on Petroleum held a meeting under the chairmanship of Senator Mirza Abdul Qadir.

It was informed that the term of Qatar’s long-term agreement is about ten dollars per mmbtu.

PGPC terminal has been operating at low capacity due to some reasons. The daily rent of the LNG terminal is $242000.

The LNG terminal wants to sell LNG directly to consumers, while gas companies are of the view that if large sectors withdraw from the use of imported RLNG, their system will not work.

A feasibility study is underway to build LNG storage in Sindh at a cost of around US$1 billion.

Secretary Petroleum Dr. Arshad further said that the loss of gas in winter is Rs. 35 billion. The petroleum division had told PAPRA that its law does not suit LNG.

With regard to LNG purchases, PIPRA has given exemption in the rules. PAPRA has told that there will be no condition of 15 days on-spot purchase.

The chairman of the committee said that the federal government should look into the LNG market in advance.

Responding to this, furthermore, the senior general manager of SNGPL said that LNG orders are timely. However, the system suffers due to the ups and downs in the orders of various companies.

For a permanent solution to LNG procurement, the Secretary Petroleum has suggested that a major forum should have the authority to draw up an annual delivery plan.

Chairman OGRA said that Hascol has important strategic storage. SECP and SBP had not been contacted regarding financial irregularities in Hascol.