OGDCL approval for KPD-TAY

The Board of Directors of the Oil & Gas Development Company Limited (OGDCL) convened its meetings on August 10, 2023, and August 17, 2023, as per a press release.

Clarifying a few matters, it said that the company had not received any formal communication from the relevant authorities regarding the issue of circular debt settlement. About the KPD-TAY Compression Project, the board approved hiring EPCC Contractor with the completion timeframe set at 16 months, spanning from the establishment date of Foreign Supply, Letter of Credit (LC) to the successful performance testing of all Compressor Packages.

Furthermore, OGDCL said it is deeply committed to indigenisation to bolster self-reliance and fortify the domestic economy using local resources and technologies.

Soneri Bank results

Soneri Bank posts impressive results for the half year ended June 30 2023, with profit after tax (PAT) growth at 363.93pc year on year, as per a press release.

The Board of Directors of Soneri Bank Limited, in their 199th meeting held in Karachi on August 16 2023, approved the bank’s condensed interim financial statements for the half year ended June 30 2023.

The Bank’s Profit before Tax (PBT) grew impressively to a historic high of Rs5.2 billion for the half year ended June 30 2023, as against Rs1.86bn earned for the period ended June 30 2022, while PAT for the current period surged to Rs2.53bn as against Rs545m for the comparative period last year. In terms of PAT and earnings per share (EPS), this translates to an impressive growth of 363.93pc year on year, with the bank’s EPS reported at Rs2.2918 per share for the period ended June 30 2023, as compared to Rs0.4940 earned for the comparative period last year.

State Life donation

State Life Insurance Corporation of Pakistan (SLIC) donates to establishing a cafe run by differently-abled trainees of Karachi Vocational Training Centre (KVTC), according to a press release.

KVTC and SLIC have collaborated on the operation of Pakistan’s first-ever café exclusively run by the differently able trainees of KVTC. The groundbreaking ceremony held at KVTC marked the commencement of an extraordinary project that will empower differently-abled individuals, showcasing the embodiment of their abilities.

NBP celebrates independence day

National Bank of Pakistan (NBP) celebrated Pakistan’s 76th Independence Day by organising a flag-hoisting ceremony at the Head Office. The National flag was hoisted by Mr Rehmat Ali Hasnie, President & CEO, NBP, along with executives, employees, and their families.

Paying tribute to the national heroes of Pakistan, Mr Rehmat Ali Hasnie said, “At the National Bank of Pakistan, we take immense pride in playing our part in driving the nation’s economic progress. With an unwavering commitment to excellence in banking, we shall continue to foster growth and prosperity, empowering businesses and individuals alike to reach new heights of financial success.

EnerTech collaborates with KE

His Excellence Abdallah Al-Mutairi, CEO of EnerTech Holding, during a meeting with CEO K- Electric, Moonis Alvi, said, ‘Pakistan’s energy landscape is rapidly changing, and clean energy is increasingly taking

centre stage. At EnerTech Holding, we have been exploring various markets and identifying partners in leading utilities to collaborate and catalyse the transformation. We’re very pleased to see K-Electric’s ambitions for Karachi and its alignment with the country’s renewable energy vision,” as per a press release.

In addition to a Rs484bn investment plan in transmission and distribution until the year 2030, K-Electric has also shared a comprehensive Power Acquisition Program outlining the inclusion of up to 1200 MW of renewable energy into its generation mix through strategic partnerships across the country.

K-Electric anticipates that by 2030, the company will be serving five million customers with a demand of 5,000 MW. Through investments and strategic partnerships with entities like EnerTech, the company

intends to serve up to 30pc of this projected demand through renewable energy.

EnerTech Holding is a leading force for strategic investments in renewable energy, clean technology, and energy efficiency.

Published in Dawn, The Business and Finance Weekly, August 21st, 2023