SSGC taking solid steps to prevent gas losses

The Sui Southern Gas Company Limited (SSGC) is taking concrete steps to overcome the issue of gas losses amounting to 50 percent.

As part of such efforts, the company with the assistance of a $200 million loan from the World Bank, SSGC intends to implement a project named Natural Gas Efficiency Project for the main purpose of reducing system losses and the rising tide of UFG.

From: Daily Times

Govt to ensure 500 mcfd LNG in SSGC system by next year

Government is all set to ensure the supply of 500 mcfd of LNG in Sui Soutrhern Gas Company (SSGC) system by next year (2012).

“Pakistan has invited expressions of interests (EoIs) from foreign and domestic companies for the supply of 500 million cubic feet per day (cfd) of liquefied natural gas (LNG) for up to 10 years to feed its power sector,” Dr Asim Hussain Minister for Petroleum and natural Resources said while talking to TheNation on Saturday adding,” We have set a target to ensure LNG in SSGC system by the 2nd quarter of next year to meet the country’s soaring demands”.

SSGC recovers substantial dues

Sui Southern Gas Company Limited (SSGC) has launched a comprehensive campaign to recover the dues from its customers. During the campaign SSGC recovered Rs 194 million and the current efforts would continue through the coming weeks and it is expected the SSGC would recover another Rs 300 million.

The company devised recovery campaigns targeting defaulting customer to ensure timely payments of their gas bills. The campaign focuses on the defaulting customers who had a track record of non-payments for long periods. All such defaulting customers were duly notified prior to disconnections. The recovery drive started on the special directives of Dr Asim Hussain, Minister Petroleum and Natural Resources.

Only five IPOs at stock market in 2006

Despite the continuation of investor-friendly policies and a decent growth in corporate earnings, the local capital market remained slow in terms of attracting new listings compared with the previous year.

The calendar year 2006 was a depressing year in terms of Initial Public Offerings (IPOs). While the performance of the market is primarily examined by the index change, the growth of capital market can be determined by looking at the fresh issues brought into the market through IPOs.

With 2006 approaching its end, we are presenting an analysis of the stock offerings that took place during 2006.

SSGC wins Rs4bn financing facility

The Sui Southern Gas Company (SSGC) on Wednesday signed Rs4 billion financing facility with a consortium of banks led by National Bank of Pakistan (NBP) to fund its ongoing ambitious expansion project.

The Managing Director of SSGC, Munawar Baseer Ahmad, Naveed Khan of ABN-AMRO, Badar Kazmi of Standards Chartered Bank, and Badar Mannan of Dubai Islamic Bank inked the financial deal at SSGC head office in the presence of State Bank Governor Dr Shamshad Akhtar.

NBP, ABN-AMRO, Standard Chartered Bank, Bank Al-Flah and Dubai Islamic Bank are the members of the consortium, which will provide Rs4 billion to SSGC including Rs1 billion sukuk bond for a period of five years with the same rate of return (KIBOR plus the undisclosed spread).

CFS Eligible Scrips

1. ACBL
2. BAFL
3. BOP
4. DGKC
5. DSFL
6. ENGRO
7. FABL
8. FCCL
9. FFBL
10. FFC
11. HUBC
12. KAPCO
13. KESC
14. LUCK
15. MCB
16. MLCF
17. NBP
18. NML
19. OGDC
20. PIAA
21. PICB
22. PICIC
23. POL
24. PPL
25. PPTA
26. PSO
27. PTC
28. SNGP
29. SSGC
30. TELE
31. AICL
32. CTTL
33. BOSI
34. NCL
35. ANL
36. PCCL
37. JOVC
38. DCL
39. TRG
40. WTL
41. SNBL
42. KOHC
43. PRCBL
44. STPL
45. SPCB
46. JSIB
47. NETRSOL
48. CHBL
49. Attock Refinery
50. Attock cement
51. AHSL
52. INDU
53. ICI
54. PRL
55. Cherat cement
56. Packages
57. PSMC
58. ABL
59. FNEL
60. Pak Electron
61. Bank Al habib
62. Millat Tractor
63. Pakistan Cable
64. KSE
65. BOC
66. THALL
67. SECURITY PAPER
68. APL
69. Ferzoz sons

Hubco profit jumps, plans to acquire SSGC

Private power producer, Hub Power Co, on Tuesday reported a better-than-expected 13.2 per cent jump in quarterly net profit, an increase analysts said was due to higher plant utilisation.

Hubco’s earnings growth has been constrained by a tariff structure that falls as the company reduces its debts, but future ventures could provide additional upside for dividend payouts, analysts say.

The firm has expressed interest in acquiring a 51 per cent stake in state-run Sui Southern Gas Co Ltd (SSGC), which the government plans to privatise this fiscal year. It also plans to bid for three combined cycle power generation projects.

SSGC accounts approved

The 52nd Annual General Meeting of shareholders of Sui Southern Gas Company (SSGC) on Monday approved the audited accounts for the fiscal year ended June 30, 2006.

Shareholders unanimously approved the annual audited accounts as presented, which declared 13 percent dividend amounting to Rs1.30 per share of Rs10 for the year under review, a press release issued here said.

Addressing the meeting Chairman SSGC Aitzaz Shahbaz observed that Pakistan’s ‘Mashal’ LNG import project has helped put the country into the world’s LNG radar screen. Sales revenue of the company increased in value over the previous year by 26 percent to Rs68.5 billion with a corresponding increase of 6 percent in gas volume to 359bcf.

SSGC posts 7 percent growth in sales

The Board of Directors of Sui Southern Gas Company (SSGC) has approved the third quarter audited financial results ending on March 31, 2005. The company registered a 7 percent growth in sales volume during the period to 251,283 mmcf, and the corresponding sales value rose by 15 percent to Rs 38.7 billion. This increase was mainly contributed by the fulfilment of additional demand from fertiliser manufacturers and other industrial customers. As against this, there was a 23 percent increase in the cost of gas, primarily due to a change in the supply-mix of gas to more expensive fields, as supplies from older fields, like Sui gas field, continue to decline.