Iran and Pakistan ready to renegotiate the Gas Sales Purchase Agreement; include more updates – Shajar Research
By: Shajar Capital Pakistan (Private) Limited
The government approved the constitution of a three-member special court to try former president retired Gen. Pervez Musharraf for treason after selecting the names of three from a list of five high court judges sent to it by the Supreme Court. (Dawn)
The State Bank of Pakistan (SBP) is expected to hold its second PIB (Pakistan Investment Bond) auction today for the 2QFY14. The auction target has been set at PkR50bn while the maturing amount is PkR1.6bn. The previous auction scheduled for Oct 23 ’13 had been scrapped by the SBP.
The Minister of State for Privatization has reportedly informed that the government has shortlisted nearly 12 public sector entities, including the Pakistan International Airlines (PIA) to be privatized by Dec’14. It was also told that the government would advertise for the financial advisers for these entities next month. (BR/TN)
Oil and Gas
It has been reported that Iran and Pakistan have agreed to renegotiate the Gas Sales Purchase Agreement (GSPA) on two contentious issues: gas price and the funding for the pipeline in the Pakistan territory. It has also been informed that Petroleum Minister, Shahid Khaqan Abbasi has arrived in Turkey to meet with his Iranian counterpart to further discuss the issues relating to the IP gas pipeline. (BR)
According to a notification issued to KSE, the controlling shares in Meezan Bank Limited (MEBL) are up for sale. Noor Financial Investment Co. Kuwait, which controls the biggest stake of 49.11% in the bank, has been approached by the Vision Holding Group to purchase its entire holding.
Noor Financial Investment’s majority holdings of 49.11% translate into 443mn shares in the bank. The second biggest stakeholder is Pak Kuwait Investment Company with 30% shares.
The Trading Corporation of Pakistan (TCP) conducted its third urea import tender on Nov 18 ’13. According to sources, about 14 pre-qualified suppliers purchased participation documents in response to the TCP’s international tender for the import of 0.1mn tons of urea. Submitted offers ranged from $344.42/ton to $367.65/ton Cost and Freight (C&F). In this regard, the lowest bid was submitted by M/s Dreymoor, which offered to supply 100k tons of urea at $344.42/ton C&F. (BR)
Pakistan Telecommunication Authority (PTA) has decided to block all unregistered foreign IP addresses with immediate effect .According to a statement, the regulator has thus far confiscated 711 illegal gateways in 112 raids conducted in collaboration with the Federal Investigation Agency. (TN)