Dedication and hard work isnt ever wasted ================================= Change in LNG policy PNSC approaches Prime Minister June 28, 2014 TAHIR AMIN BUSINESS RECORDER Reporter. Pakistan National Shipping Corporation (PNSC) has approached Prime Minister Nawaz Sharif, seeking change in the Liquefied Natural Gas (LNG) policy, as shipping agents are emulating Indian model to make it a more profit-earning entity. This was revealed by Siddique Memon Chairman PNSC, while briefing the National Assembly Standing committee on Ports and Shipping, which met with Ghulam Mustafa Shah in the chair here on Friday. Memon informed the committee that PNSC is among the few corporations making profit as it earned Rs 1.9 billion in 2013, while Rs 1.3 billion in nine months of the current fiscal year and may cross the previous figure by the end of 2014. The official further sought Committees help in inducing the Commerce ministry to engaging PNSC as shipping agent taking business from TCP, PSM and other public sector organisations. Total dry bulk trade in 2013-14 was about 30 million tons comprising coal, cement/clinker, iron and steel, fertilisers, wheat and rice and seeds where PNSCs share was eight percent of the total trade, as it lifted a total of 2.4 million tons cargo in first nine months. Pakistans sea trade in the fiscal year 2013 remained at 64.21 million tons where PNSC contribution was 13.39 million tons ie 20.85 percent, however the government has tasked to increase it to 40 percent by 2025, Memon added. The committee recommended calling representatives of the Ministry of Petroleum and Natural Resources in the next meeting to take up the issue of PNSC inclusion in the LNG project. The committee assured PNSC that point of view of Commerce ministry in this regard would be taken in next meeting. PNSC official said that Punjab government had proposed setting up of six power plants that would require six million tons coal per plant. The Corporation is engaged in negotiation with the concerned authorities to have business share in this important project. The Contract of Affreighment (COA) signed between Pakistan State Oil (PSO) and PNSC resulted in earning $69.7 million revenue during December 2012-March 2014. The Chairman further informed the committee that a total of Rs 5.26 billion was paid as tax, Rs 0.175 billion as dividend to the national exchequer during 2001-2013 while PNSC generated Rs 105.467 billion revenue. Further, Rs 0.345 billion was paid as tax in 2013-14, he added. The Committee was told that PNSC was the only organ of Ministry of Ports and Shipping undertaking business operations in an internationally competitive environment, competing even for transportation of Pakistan imports and exports, thus earning most needed foreign exchange for the country. The PNSC is engaged in three sea transportation trades ie Dry Bulk Cargo, Liquid Bulk Cargo (Crude Oil and Petroleum Products) and Slot and Non-Vessel Operating Common Carrier (NVOCC) services. The Standing Committee lauded the efforts of PNSC for making it a profitable organisation and endeavouring to make it a market leader in the region. The Standing Committee unanimously recommended that Trading Corporation of Pakistan (TCP) may make all its trading business with PNSC and it was also recommended that PNSC may also be included in the LNG Policy.
Posted on: Sat, 28 Jun 2014 20:33:30 +0000
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