Petrosin clarification

Apropos a news item carried by Business Recorder on January 08, 2011, Petrosin has clarified: "We refer to publication of Daily Business Recorder dated January 08, 2011 and we are surprised and dismayed that a publication of your standard and repute have carried such false and malicious news report totally devoid of facts with the intent to damage the reputation of Petrosin.
"The news headline states "Supreme Court dismisses Petrosin's review petition with costs". The Honourable Supreme Court of Pakistan did not pass any order with respect to costs. Your headline therefore is erroneous and malicious.
"The first paragraph of the news while stating about the termination of the Letter of Intent (LoI) issued to Petrosin after Petrosin had qualified in the technical evaluation, commercial evaluation and had submitted all required bank guarantees has credited the issuance of LoI to a Managing Director who did it "on the last date of his service in OGDCL and without lawful authority" is totally incorrect as the Managing Director was not only the lawful authority but the Board of Directors had also approved the LoI and authority of the Managing Director has never been challenged in any court of law.
"Your news report attributes the decision of the Supreme Court will now allow the development of the fields under litigation whereas the fact is that there was no stay order on development of these fields for more than a year and therefore an impression is being created that it was the litigation before the Honourable Supreme Court of Pakistan which was preventing the development of oil and gas fields. Your reporter should have checked with the Oil & Gas Development Company Limited (OGDCL) why these fields were not developed when there was no stay order in place.
"As you can see from the above, contents of the news report about Petrosin is written with malicious and mischievous objectives as an impression has been given to your readers that the OGDCL could only develop the oil and gas fields now that the Honourable Supreme Court declared that the Petrosin Review Petitions were time barred and therefore decided not to hear the Review Petitions," the clarification concluded.