PESHAWAR: The Khyber Pakhtunkhwa Oil and Gas Company Limited’s Board of Directors on Monday asked the company’s management to submit a detailed business plan for its Rs10 billion agenda.
According to the people privy to the meeting, the KPOGCL BoD asked the company management to submit a proper business plan in the next meeting, which is likely to be held in around two weeks.
“The company has an ambitious roadmap that could turn around Khyber Pakhtunkhwa’s economy if it succeeds to implement even 50 per cent of its agenda,” said Zahidullah Shinwari, president of Khyber Pakhtunkhwa Chamber of Commerce and Industry.Mr Shinwari, who is a member of the board, confirmed that the company’s chief executive had been required by the board to come up with a proper business plan in the next meeting.
The company bosses asked for the board’s approval for their Rs10 billion action plan and activities the KPOGCL wanted to undertake over a period of next 18 months, according to sources.
An initiative of the previous ANP-led government, the KPOGCL makes an integral part of the current PTI-led government’s economic roadmap as well in line with its strategy to achieve economic prosperity and job creation in the province.
PTI, the majority party in power in Khyber Pakhtunkhwa, recently hired a private sector professional with years of work experience in the oil and gas sector as the chief executive officer of KPOGCL.
Accordingly, the company’s board of directors also underwent significant changes following the change of the provincial government.
Some of the leading industrialists belonging to varied industrial backgrounds have been appointed on the Board.
Out of the Rs10 billion development plan put forth by the company for an approval by the board, a considerable part of the funds will be utilised to buy a few rigs, used in drilling for oil and gas, and other heavy machinery to carry out its exploration activities.
However, the board’s chairman, who is the chief executive officer of a private cement factory, asked the management to provide a proper business plan at the board’s next meeting.
In this regard, Mr Shinwari said the board had appreciated the company’s roadmap.
He, however, said the company was in its initial stages as its proper structures had to be put in place, staff to be hired, powers determined, and a proper office had to be set up before it could launch its activities.
“They sound confident to attain the production levels of 500 MMCF gas and 50,000 barrels oil in the next few years,” Mr Shinwari said, adding that the company had made a good start as some of the best available professionals had been taken on its board.
However, according to circles privy to the meeting, the business plan was not the only issue that generated some intense discussion at the board’s meeting.
