Tevta transfers Rs500 million funds to Akhuwat

Lahore (Staff Reporter): TEVTA funds amounting to Rs500 million have been transferred to Akhuwat for disbursement among TEVTA pass outs from the next month. This amount will be disbursed during the current financial year among 8000 TEVTA pass outs. Loan amount ranges from Rs. 10,000 to one lac per candidate. It would revolutionize the TVET land scape in the province of the Punjab. It was stated by Chairperson TEVTA Irfan Qaiser Sheikh while addressing a special meeting here at TEVTA Secretariat. Chief Operating Officer Jawad Ahmed Qureshi, TEVTA Officers Abdul Qayyum, Mustafa Kamal Pasha, Maqsood Ahmed, Ayesha Qazi, Sarfraz Ahmed, Amar Hasan and others were also present at this occasion.

Irfan Qaiser Sheikh said that TEVTA has recently signed an agreement with Akhuwat for the disbursement of interest free loans among TEVTA graduates. The said loan will be helpful for skilled manpower to start or expand their existing business in the province of the Punjab. The main focus of TEVTA is to provide financial help to those pass outs who intend to start their own business. All these measures are being taken in line with the vision of Chief Minister Punjab to impart training to youth and help them to establish through such entrepreneurship support Schemes.

Chairperson TEVTA further said that this loan will be helpful to eradicate poverty and bring prosperity in the society. Desirous candidates can contact with Ahuwat by providing complete documentation of loans including name, age, CNIC number, address, type of business, amount of interest free loan, recent photograph etc.). It has been decided that TEVTA graduates will be provided loan by Akhuwat through Bank Accounts. The candidates would return the loan upto 30 months after getting loan.

Sale of kerosene oil at control prices to be ensured: RCCI

RAWALPINDI (APP): The President Rawalpindi Chamber of Commerce and Industry RCCI Mian Humayun Parvez urged the government to ensure the sales of Kerosene oil at control prices in the market as other oil products like Petrol, Diesel, and High-octane are available at Government announced rates. In a meeting with a delegation of Paints and Chemical Manufacturers Associations, he said here on Sunday. While, commenting on the overcharging at kerosene oil in black markets, he said 18 to 20 rupees extra charge by sales depot and agencies at per litter kerosene oil is unjustified Whereas agents justified themselves by putting responsibilities on Pakistan State Oil stating PSO is charging per litter 8 to 10 rupees as premium.

He said that though the government has decreased the prices of Kerosene Oil but common man is not benefited as it is not available at control price.

Paint Association President Muhammad Badar Haroon said kerosene oil used in the Paints, varnishes, insecticides and cleanser chemicals manufacturing and its high prices directly affect paint manufacturing cost.

Govt intends to start renewable power projects

ISLAMABAD (APP): The govt is taking necessary measures for development of renewable energy and various projects in collaboration of the private sector. Sources at the Ministry of Water and Power told on Sunday that an investment of more than one billion dollars has been made in wind energy sector during the last two years. Ministry said that decision about 30 wind power projects was being implemented to generate 1760MW electricity. They said a total of thirty wind power projects with 1760 MW capacity were being pursued by Alternative Energy Development Board. Three wind power projects of 149.5 MW electricity have already achieved commercial operation and were supplying electricity to national grid.

In the solar energy sector, thirty-one projects with 999.6 MW capacity have been initiated.

About 1500 to 2000 MW of biomass power was expected to be generated in the next three years.

ICCI calls for reduction in

telecom taxes

ISLAMABAD (INP): ICCI on Sunday said cell phones and mobile internet is important tool to reduce poverty therefore policymakers should consider providing relief to telecom industry reeling under heavy taxation. Around 75pc population in Saarc region is using mobile phones except Nepal where 82 percent population is subscribing the service, said Atif Ikram Sheikh, President ICCI. He said that Pakistan lags behind in financial outreach as only 10.30pc population has a bank account while the Saarc average stands at 33 percent and average of other developing nations is at 41 percent. Atif Ikram Sheikh said that there are 130 million mobile subscribers in Pakistan out of which around 18 million are using mobile internet.

The unbanked could be reached and provided financial services if the telecom and internet taxes are reduced as the services of microfinance sector leaves much to be desired.

Chairman Coordination FPCCI Malik Sohail said that according to the figures released by the Pakistan Telecommunication Authority the contribution of telecom industry under the head of Sales Tax has been reduced to Rs45.8 billion in 2014-15 as compare to Rs 60.1 billion in 2013.14.

Similarly contribution in custom duty, withholding tax and other taxes, fees etc. fell from Rs78.6 billion to Rs73.5 billion. The public exchequer received a total of Rs 126.3 billion as compare to Rs243.3 billion which is alarming.

Malik Sohail said that investment in telecom sector fell from $1.8 billion to $852 billion which is having an impact on quality of service and provision of services in far flung areas.

OGDCL’s efforts yielding results

ISLAMABAD (APP): The public sector company-OGDCL is effectively contributing to overcome the country’s growing energy needs, spudding four wells during period from July to September 30. According to an official source, the four wells include two exploratory or appraisal wells namely Bachani-1 and Bitrism West-1 and two development wells-Qadirpur-55 and Buzdar North-2. Drilling and testing of 13 wells spud in the previous fiscal year also continued during the reporting period, the source remarked. The source added the OGDCL was carrying out a comprehensive study through an international consultant to evaluate shale gas, oil and tight gas/oil potential in its operated blocks in order to exploit unconventional oil and gas resources in the country.

In this regard, first phase of the study has been completed while the second phase of the study was currently underway. The source said the company’s exploratory efforts to discover new hydrocarbon reserves yielded two new oil and gas discovery at Chak Naurang South-1 well in district Chakwal, Punjab province and Aradin-1 well in district Khairpur, Sindh province.

About the production, the source said OGDCL’s average net crude oil production registered at 39,154 barrels per day, net gas production at 1,130 MMcf per day and net LPG production at 267 M. Tons per day was achieved during the period under review