The National Assembly was informed on Wednesday that MCC Resource Development Company Limited (MRDL) of China has produced 9,514 tons blister copper having about 32,000 ounces of gold from Saindak project since August 2003.
This was stated by the Federal Minister for Petroleum and Natural Resources, Chaudhry Nauraiz Shakoor while responding to a question of MNA Sabir Hussain Awan.
In a written reply, Nauraiz said that the Saindak project has been leased out to the Chinese Company MRDL for a period of 10 years and the project has started commercial production after rehabilitation from August 2003.
The company has exported 7427.91 tons of blister copper containing about 2,527 ounces of gold and 3,536 ounces of silver against a provisional invoice of $27.5 million. Another consignment of about 2086 tons of blister copper is being exported against a provisional invoice of $7 million, the Minister stated.
Responding to another question of Bushra Rehman, Minister for Petroleum and Natural Resources said that 20 companies are currently engaged in oil and gas exploration and production in the country of which five are local and 15 foreign.
He said that the recoverable reserves explored so far are 789 million barrels oil and 45 trillion cubic feet gas.
Presently, about 59,000 barrels of crude oil is being produced and processed per day locally. The gas production is 3.5 billion cubic feet per day, which is being utilised in fertiliser, commercial, industrial and power sectors, he added.
Nauraiz Shakoor said that the prices of petroleum products are de-regulated and increase or decrease occurs in accordance with the prices in the international market on fortnightly basis by Oil Companies Advisory Committee and Oil Marketing Companies as per approved pricing formula.
He also informed the House that the prices of natural gas in the country have been linked with the international prices of crude/furnace oil.
Since the price of crude/furnace oil in the international market in recent past have increased substantially, therefore decrease in gas prices is presently not possible, he further stated.