PESHAWAR, Sept 18: Chief Minister Akram Khan Durrani has said that huge gas deposits have been found in the province over the past few years and the NWFP has received Rs1.25 billion during the current year as its share from two wells.

Speaking at a ceremony held at the Sarhad Chamber of Commerce and Industry in connection with launching of Easy Investment Scheme for the trading community on Monday, he said work on exploration of 10 gas wells was in progress in the province.

He said the annual profit of the province from two wells was Rs1.25 billion, while work on eight wells was expected to be completed in two years.

He said that after the completion of the work, the province’s income from gas reserves would exceed that from hydroelectric power.

He said arbitration was under way on the province’s quest for getting its due share from hydroelectric power profit, which had been capped at Rs6 billion, and a decision in this regard was due to be announced before Oct 31.

The chief minister expressed the hope that the province’s share would increase as a result of the arbitration tribunal’s decision.

He said work on laying gas pipeline between Kohat and Peshawar for supply to industrial units during winter would begin soon. He said the government realised that loss was suffered by industrialists during winter because of disruption of gas supply. He said the feasibility report of the project had been completed.

Talking about the Easy Investment Scheme, the chief minister directed officials of the bank of Khyber to make its procedure easier.

The scheme has been launched by the bank and the SCCI.

A memorandum of understanding was signed by SCCI President Ghazanfar Bilour and acting President of the bank of Khyber Arbab Niaz.

The chief minister said district managers of the bank should the authorised to grant loans in their areas.

The traders were informed that the scheme had been launched for providing loans of Rs500,000 on easy terms. The facility can also be obtained under Islamic banking.—APP