The (Passed) Winds of Change – Part 2

Again, here’s my take on the news. I think the three more important ones, that directly pertain, hence affect, the Karachi stock exchange, are:

1. The release that Prime Minister Shaukat Aziz is to postpone the decision to levy Capital Gain Tax for the next year.
2. The Sindh Government’s decision to discontinue stamp duty on electronic transfer of shares. [This proposal was in the last budget (June 2006). The duty was Rs. 0.01 per share.]
3. The opposition and disfavor of the Public Accounts Committee toward the privatization of Pakistan State Oil (PSO).

Tullow to invest $5bn in oil, gas

Tullow Oil Pakistan (Ltd) on Tuesday expressed interest to invest $5 billion in oil and gas sector in remote areas of Pakistan. In this connection a delegation of Tullow Oil led by Paul Mc Dade called on Federal Minister for Inter-provincial coordination Salim Saifullah Khan. The delegation apprised the minister of plans and projects as well as investment made by Tullow Oil Company in oil and gas exploration in Pakistan. The company has so far invested $200 million and further desires to invest $5 billion in oil and gas sector. It has started production from Chachar Oil Field, Sindh, and is presently working on five blocks in NWFP and intends to work on three blocks in Balochistan. Talking to the delegation the minister said prudent policies of the government had made Pakistan a most conducive country for foreign investment in the entire region.