COMPANY NEWS

Published September 18, 2023

ODGCL enhances production

The Oil & Gas Development Company Limited (OGDCL), last week, announced an additional output of 900 barrels per day (BPD) of oil at a wellhead flowing pressure (WHFP) of 720 PSI from Nashpa Well-10, as per a press release. The Nashpa Well-10 is within the Nashpa Development and Production Lease (D&PL) in the Karak district of Khyber Pakhtunkhwa.

This enhanced production commenced on September 12, 2023, marking a significant milestone in the company’s efforts to meet Pakistan’s energy demands. As a result, the cumulative production from Nashpa Well-10 now stands at 1,340 BPD of oil. The gas produced from this well is being seamlessly injected into the Sui Northern Gas Pipelines Limited network.

Nashpa D&PL is a joint venture with OGDCL as the operator with a 56.45pc stake, Pakistan Petroleum Limited with 28.55pc, and Government Holdings Private Limited with 15pc. Nashpa Well-10 has been producing oil and gas since December 27, 2020.

GRR offers investment

Globe Residency REIT (GRR), Pakistan’s first listed developmental Real Estate Investment Trust (REIT), has declared a cash dividend of Rs3 (ie 30pc) per unit of Rs10 each for the fiscal year ending June 30, 2023, as per a press release.

GRR, listed in December last year, is a closed-ended, developmental REIT. GRR offers investors an opportunity to partake in the ownership of Globe Residency Apartments. This project comprises 1,344 apartments across nine towers being constructed at Naya Nazimabad, Karachi, a project of Javedan Corporation Limited.

Arif Habib, Chairman, Arif Habib Dolmen REIT Management, commenting on the results, said, “The REIT instrument allows investors a fresh avenue of safe investment. REITs ensure fully documented real estate development activities transparently. Arif Habib Group has so far registered 14 REITs in total with a fund size of Rs125bn.”

New Karachi-Kuala Lumpur route

Batik Air is excited to announce the launch of direct flights between Karachi and Kuala Lumpur on October 31, 2023. This sought-after route underscores Batik Air’s steadfast dedication to expanding its worldwide accessibility, ensuring effortless connections for travellers across the globe, as per a press release.

Batik Air is launching new flights between Karachi and Kuala Lumpur three times a week, strengthening ties between the countries for business and leisure travel.

Group Strategy Director of Batik Air and Lion Group, Datuk Chandran Rama Muthy expressed his optimism for this vibrant route, stating that they are beginning this journey with immense enthusiasm, leveraging the achievements they’ve obtained from establishing its presence in Pakistan since March 2016

PTCL’s collaboration

PTCL Group (PTCL & Ufone 4G) have successfully implemented SAP RISE with SAP S/4HANA, marking an innovative digital transformation within the telecom sector, as per a press release. This strategic move is poised to modernise PTCL Group’s corporate operations, fostering efficiency, effectiveness, and a culture of digitisation.

PTCL & Ufone 4G, pioneers in Pakistan’s telecom sector, became the first to leverage a blend of AP ERP solutions facilitated by the SAP S/4HANA Private Cloud. This collaboration will optimise resource allocation, real-time data insights, streamlining business processes, and bridging organisational information silos.

Setting up cables

Pakistan Cables launched the nation’s first highest voltage (69KV) CCV line for Medium Voltage (MV) cables through world-class German technology, as per a press release. Pakistan Cables has also set up a High Voltage Testing (HVT) facility at Nooriabad, which enables testing of cables at higher voltage grades.

“This is a significant milestone for the company during its 70th year anniversary. It reflects 70 years of uncompromised dedication and setting industry benchmarks. I am thrilled at the outcome and proud of our team, who drove the project with a lot of hard work,”, said Fahd K. Chinoy, Chief Executive Officer of Pakistan Cables Ltd.

Published in Dawn, The Business and Finance Weekly, September 18th, 2023

Opinion

Editorial

Afghan challenge
Updated 15 Jul, 2024

Afghan challenge

Foreign states must emphasise to the Afghan Taliban diplomatic recognition and trade relations all depend on greater counterterrorism efforts.
‘Complete’ justice
15 Jul, 2024

‘Complete’ justice

NOW that the matter of PTI’s reserved seats stands resolved, there are several equally pressing issues pertaining...
Drug fog
15 Jul, 2024

Drug fog

THE country has an old drug problem. While the menace has raged across divides of class and gender, successive ...
Miles to go
Updated 14 Jul, 2024

Miles to go

Some reforms agreed with the Fund are going to seriously impact economic growth and fresh investments, at least in the short term.
Iddat ruling
14 Jul, 2024

Iddat ruling

IT was a needless, despicable spectacle which only ended up uniting both conservatives and progressives in ...
Cricket shake-up
14 Jul, 2024

Cricket shake-up

SOMEONE had to take the blame and bear the brunt of the fallout from Pakistan’s disastrous showing at the T20 ...