Connect with us

Business

Unauthorised share sale in oil firms halted

Published

on



ISLAMABAD: The Petroleum Division is failing to enforce regulatory discipline related to national security in the upstream oil and gas due to the unauthorised sale of shares of a company.

The Islamabad High Court (IHC) has stopped the change of the board of directors and the sale of shares of Frontier Holdings Ltd (FHL) and Spud Energy Pvt Ltd (SEPL) to a foreign buyer, while the Directorate General of Petroleum Concessions (DGPC) was failing to scrutinise the sale proceeds.

The court has also stopped all actions related to the transfer of the existing shareholding or control structure of the two companies.

FHL is a major shareholder in SEPL, which allegedly effected changes in shareholding and management control without prior approval from the DGPC, as required under the Petroleum (Exploration and Production) Rules.

The SEPL reportedly changed ownership and management control, and the records submitted to the court showed that a new group of investors took over FHL’s shareholding and corporate control, resulting in indirect changes within SEPL, which operates petroleum exploration and production assets in Pakistan.

The court referred to the Petroleum (E&P) Rules, which state that any such transaction involving the transfer of shares, beneficial ownership, or control in an exploration or production company requires prior written approval from the DGPC.

However, both FHL and SEPL subsequently acknowledged to the regulator that these changes were executed without obtaining the required prior consent, citing internal corporate decisions made at the shareholder level.

Whereas the DGPC has not yet initiated any enforcement action under Rule 69(d), which authorises suspension or revocation of licenses for violations of the Petroleum Rules, including unapproved transfer of control or interest. Despite repeated attempts, neither the DGPC nor the Petroleum Division has issued any official statement to date regarding the measures taken to ensure full compliance with the Islamabad High Court’s directive.

Published in Dawn, October 26th, 2025



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Pakistan Engineering Development Board gets new chief

Published

on



ISLAMABAD: After a gap of nine months, the government has appointed Hamad Ali Mansoor as the new chief executive officer (CEO) of the Engineering Development Board (EDB).

Mr Mansoor’s appointment, in the MP-I scale, is for a three-year term. The position had been vacant since January, and the recruitment process was initiated through an advertisement issued on Nov 17, 2024.

According to the Ministry of Industries and Production, a total of 248 applications were received. Thirty-three eligible candidates were shortlisted and interviewed by the selection committee in February. The committee recommended a panel of three candidates in order of merit: Hamad Ali Mansoor, Akhtar Ahmad Bughio and Shakeel Zahid.

Established in 1995, the EDB functions under the Ministry of Industries and Production to promote, facilitate and regulate the engineering sector in Pakistan.

Mr Mansoor holds an undergraduate degree in mechanical engineering and an MBA from the Schulich School of Business, York University, Toronto. He has over three decades of experience in industrial policy, manufacturing and infrastructure development, with a focus on renewable energy and sustainable growth.

Published in Dawn, October 26th, 2025



Source link

Continue Reading

Business

PPP reaffirms commitment to farmers

Published

on



ISLAMABAD: The PPP has reiterated its commitment to supporting the farming community and vowed to continue its struggle to end all injustices faced by the farmers.

“PPP remains committed to respecting, empowering, and reviving the ag­­ricultural sector for a pr­­o­s­­perous Pakistan,” said the party’s Central Informa­tion Secretary Shazia Ma­­rri. She quoted PPP Chair­man Bilawal Bhutto-Zar­d­ari as saying that no economy can be strong if its farmers are weak.

“Chairman Bilawal Bhutto-Zardari believes that strengthening the farmer means strengthening Pakistan itself,” Ms Marri said in a statement issued on Saturday.

Ms Marri said that Bilawal Bhutto-Zardari’s vision was clear — the true measure of progress lies in the prosperity of farmers. She recalled that during the PPP government, Pakistan had moved from wheat shortage to becoming a wheat-exporting country, owing to farmer-friendly policies.

She said that the PPP chairman had always stood by the farmers, advocating for timely procurement and fair prices.

Highlighting the impact of climate change, the PPP leader said that it posed a serious threat to every Pakistani farmer. She added that Bilawal Bhutto-Zardari emphasised the need for investment in sustainable and climate-resilient agriculture, envisioning a modern agricultural economy where small farmers could progress through technology and access to fair markets.

She said the PPP believed that insurance, credit access, and transparent governance were essential to protect farmers from the adverse effects of climate change.

Ms Marri appreciated the government’s decision to allow wheat procurement, terming it a longstanding demand of the PPP. She added that approving the support price for wheat was also a PPP demand; however, she noted that fixing the price at Rs4,000 instead of Rs3,500 per 40kg would have been more beneficial for farmers. She further said that reducing the income tax from 45 per cent to 15pc was an important relief measure for the farming community.

Published in Dawn, October 26th, 2025



Source link

Continue Reading

Business

Tehran seeks to boost maritime connectivity with Pakistan

Published

on



ISLAMABAD: Pakistan and Iran have agreed to explore new avenues of cooperation in the blue economy by strengthening road, rail and maritime connectivity to facilitate regional trade and promote people-to-people contacts.

The understanding was reached during a meeting between Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry and Iran’s Minister for Roads and Urban Development, Farzaneh Sadegh. Both sides underlined the importance of regional connectivity for expanding trade, investment and transport links.

The ministers discussed initiatives to enhance maritime trade, develop port infrastructure and improve logistical routes connecting the two countries by sea, land and rail.

Ferry service proposed to facilitate pilgrims, promote religious tourism

Mr Chaudhry proposed launching a ferry service between Pakistan and Iran to provide an affordable and efficient transport option for traders and pilgrims. He said Pakistani authorities would welcome Iranian companies interested in operating such a service, noting that Iran’s lower fuel prices could help reduce fares.

He added that in 2025, about 60,000 to 70,000 Pakistani pilgrims travelled to Iran and Iraq by air, and a ferry service could significantly increase those numbers. The minister also said a centralised pilgrim management policy would be introduced next year, requiring all pilgrims to travel through registered tour operators to improve safety and coordination.

Mr Chaudhry noted that expanding religious tourism could bring economic benefits to both countries and called for cooperation to develop the necessary infrastructure.

The Iranian minister welcomed Pakistan’s proposals and said both countries’ ports could serve as gateways for regional commerce. She reaffirmed Iran’s commitment to enhancing port-to-port cooperation and exploring trade routes in the Arabian Sea and the Persian Gulf.

“The ports of both countries are key economic assets,” Ms Sadegh said. “By improving maritime and transport connectivity, we can open new opportunities for regional trade and economic cooperation.” Both sides reiterated their commitment to deepening collaboration in the maritime and transport sectors as part of broader efforts to promote the blue economy and strengthen bilateral relations.

Published in Dawn, October 26th, 2025



Source link

Continue Reading

Trending