Advisor to Prime Minister on Petroleum & Natural Resources, Dr Asim Hussain's recent roadmap for restructuring and revitalising the public sector energy companies and long-term energy plan has been welcomed by stock exchanges. Led by strong growth and turnover in oil and gas companies in the last two days, KSE-100 index rose by almost 320 points or three percent to end at 11,923, its highest close since April 6.
Most notably, OGDCL closed at its upper lock at rupees 138.44. Foreign investors were most bullish with 10s of millions of dollars with new investments coming in. Speaking to the media, Dr Asim Hussain gave his views on meeting energy needs of the country on short term and medium term basis and reorganisation of companies with professionals of high calibre, to be identified through an international selection process. He also stated that boards of these companies would be revamped and fully independent of the ministry/government control.
He also announced plans to fast track exploration and development work and particularly resolution of circular debt issue, and cross-country gas pipelines and import of Liquefied Natural Gas (LNG) to meet the energy needs of the country. OGDCL has been badly hit by circular debit amounting to rupees 131 billion and its recovery would help the company complete its development projects and exploration plans. Dr Asim's determination to resolve this issue has shown positive impact on the market.-PR