ISLAMABAD: Energy Minister Hammad Azhar on Tuesday said the profit share in the Saindak project has been increased in favour of Pakistan from 50:50 to 53:47.

The minister in a series of tweets said the royalty to the Balochistan government was also enhanced from five per cent to 6.5pc of revenue, besides social uplift support to the government of Balochistan from 5pc to 6.5pc of net profit and increase in annual rent by up to 40pc (indexed with price).

The minister said the newly negotiated agreement was concluded in consultation with all the stakeholders including the provincial government.

In another tweet, Mr Azhar said Pakistan Petroleum Ltd (PPL) would be taking over operation and working share from China Zenhua Oil in the Baska Block that spanned over 2,500 sq km area in Dera Ismail Khan, Dera Ghazi Khan and Musa Khel area.

The previous company was unable to carry out exploration for oil/gas in this terrain since 2007. PPL will do so now, he added.

Published in Dawn, February 16th, 2022