Saturday, September 18, 2010

Higher Education Commission degrees verification

Higher Education Commission degrees verification


Islamabad, July 14: After weeks-long scrutiny, the Higher Education Commission (HEC) announced on Tuesday that at least 29 of the 511 lawmakers whose record had been checked so far had lied about their academic qualifications.

However, the HEC did not name the legislators whose educational documents were found to be fake or forged. The commission said it wanted to be doubly sure before releasing the names of any wrongdoers.

The National Assembly's Standing Committee on Education, headed by Chaudhry Abid Sher Ali of Pakistan Muslim League-N, had tasked the commission with verifying the educational qualifications of 1,170 members of the Senate and National and provincial assemblies, copies of whose educational testimonials were subsequently sent to it for verification.

Some 936 of these copies were found to be legible, whose scrutiny was undertaken by the commission. (The lawmakers whose degree copies were not legible have since been asked to submit legible copies.)

"So far the commission has received verification reports on the degrees of 511 lawmakers, belonging to 29 universities. Of this number, academic certificates of 29 lawmakers have turned out to be false," the commission's adviser on quality assurance and learning innovation, Dr Syed Mahmood Raza, said on Tuesday, the day by which the verification process was supposed to be completed.

Dr Raza, who heads the three-member committee supervising the scrutiny work, said in all 36 degree-awarding institutions were involved in the process. "We hope the seven institutions that are yet to send us reports will do so soon," he added.

"By the 16th of July the HEC will have the outcome of the entire exercise. After that a formal announcement will be made."

Dr Raza said that among the major institutions that were yet to submit their reports were University of Punjab, University of Balochistan, Allama Iqbal Open University, Shah Abdul Latif Bhittai University and University of Engineering and Technology, Peshawar.

When repeatedly asked about the names of the 29 legislators who had lied about their educational qualifications, Dr Raza said the issue was a sensitive one and extra care was being taken before releasing the names of legislators who had indulged in wrongdoing.

He said the scrutiny work was being carried out for a second time for all lawmakers.

Dr Raza denied that the HEC was under pressure from the government over the matter.

US shocked at Data Darbar bombing, calls it attempt to destabilze Pakistan

US shocked at Data Darbar bombing, calls it attempt to destabilze Pakistan

The United States on Friday strongly condemned the deadly suicide bombings on the revered Data Darbar shrine mosque, with Secretary of State Hillary Clinton calling it a “sinister” attempt to destabilize Pakistan and expressed solidarity with the Pakistanis in their defense against violent extremists.“I was shocked and saddened by yesterday’s attack on one of Pakistan’s most opular places of worship, the Shrine of Syed Ali Hujviri (Data Ganj Baksh) in Lahore, which claimed the lives of many innocent Pakistanis,” Clinton said in a statement.

The death toll in Thursday night’s attacks on the crowded mosque in the Punjab metropolis in the heart of Pakistan reportedly reached 41.

In her statement, the US diplomat said the extremists have shown that they respect neither human dignity nor the fundamental religious values of Pakistani society. “Violating the sanctity of this revered shrine is a particularly sinister attempt to destabilize Pakistan and to intimidate its people. The attackers will not succeed, as the Pakistani public refuses to be

cowed by such violence,” she added “We condemn this brutal crime and reaffirm our commitment to support the Pakistani people in their efforts to defend their democracy from the violent extremists who seek to destroy it. “Our thoughts and prayers are with the families of the victims and with all the people of Pakistan,” Clinton said.

H.E. MOHD KHALID ABDUL RAZAK, CONSUL GENERAL OF MALAYSIA IN KARACHI, PAKISTAN,

NATIONAL DAY MESSAGE FROM
H.E. MOHD KHALID ABDUL RAZAK,
CONSUL GENERAL OF MALAYSIA IN KARACHI, PAKISTAN,
31 AUGUST 2010

Karachi: This year marks the 53rd Anniversary of the National Day of Malaysia which was founded in 31st August 1957. On the auspicious occasion of the National Day of Malaysia, it gives me great pleasure to address the distinguished readers of this esteem daily. I also would like to take this opportunity to express our sympathies on the loss of lives and property in the unprecedented floods and assure Malaysia’s continues support and solidarity with the Government and the people of Pakistan in meeting these challenges.

The world is experiencing unprecedented displacements and distortions to the global financial order. As the world is recovering from the financial meltdown and economic downturn, the Government of Malaysia had recently develop a new economic model that would elevate Malaysia’s status from an upper middle income to a high income nation and set a target to be ranked the 10th largest trading nation in the world by 2020. Malaysia continues to become an international and preferred hub for Islamic financial and banking, halal industries, tourism destinations and higher educational centres of excellence.

Malaysia and Pakistan established diplomatic relations in 1957 and throughout the five decades, both countries relations have been very close and friendly. Both countries share similar, if not identical positions on many international and regional issues.

Trade and investment still remains as the major cornerstone of both countries relations. The bilateral trade and investment between Malaysia and Pakistan is constantly expanding. In the first eight months of financial year 2009-2010, Malaysia has emerged as top importer from Pakistan among 10 ASEAN Member States with an import of US$143.38 million. Trade between Malaysia and Pakistan crossed US$1.85 billion or RM6.27 billion in 2009. Malaysia ranked among the top ten countries maintaining Foreign Direct Investments (FDI) to Pakistan. It is heartening to note that, in 2009, export from Pakistan to Malaysia witnessed unprecedented increase of 24.60 % as compare with the same corresponding period in 2008.

After serving in Karachi for more than 2 years now, I am confident that our two countries will reach greater heights in our relations and further develop new areas of cooperation for mutual benefits especially between Malaysian and Pakistani private sectors.

On this auspicious occasion, I would like to take this opportunity to extend my warm greetings and best wishes to all fellow Malaysians living and working in Karachi, Sindh and Balochistan. I pray to Allah Almighty for the continued peace, progress and prosperity of Pakistan and its people. May the brotherly and friendly relations that our two countries and the people enjoy continue to be strengthened as we progress. Let me conclude on a more personal note by expressing my appreciation and gratitude to all partners and friends from public and private sectors in Karachi especially to the `Media Fraternity’ for their continuous goodwill and support. ~Long live the brotherly relationship of our two countries and may Allah Almighty bless and protect Pakistan~.

Saudi – Chinese Youth Forum

Saudi – Chinese Youth Forum
First Saudi – Chinese Youth Forum set for next month

Riyadh: The Saudi – Chinese Youth Forum (SCYF) will be organized next month in China within the framework of the globally-acclaimed international dialogue initiative launched by Custodian of the Two Holy Mosques Kind Abdullah in 2008.
This will be the first forum in which 40 young leaders of both genders from Saudi Arabia and China will meet face to face in three different Chinese cities to promote friendship and mutual understanding between the two nations.
Addressing the Saudi participants at the Ministry of Foreign Affairs before their departure to China here late Thursday night, Yousef Al-Sadon, deputy Ministry of Economy & Culture Affairs at the Ministry of Foreign Affairs said: This youth forum is the reflection of the vision of Kind Abdullah’s global dialogue initiate “. He added: These young participants are the real wealth Suadi Arabia, and they should be provided with the more opportunities to learn from others.”
This 10-days forum is being organized by the Council of Saudi Chambers (CSC) and the Committee for International Trade (CIT) under the patronage of the Ministry of Foreign Affairs. The SCYF’s preparatory meeting was attended by senior Saudi officials including Omar A. Bahlaiwa, CSC’s secretary general and Samar Fatany, a CIT board member who is also a columnist and radio journalist.
The Saudi delegation to China will be led by Al-Ssaoun, senior official from the Ministry of Foreign Affairs and the SCS including Bahlaiwa, Fatany, Omer B. N. Al-Bunyan and Abdullah F. Al-Sowilam and will also accompany the youth participants.
The forum’s highlights include the participants’ visit to Chinese institutes and landmarks in different cities besides their interaction with young Chinese students in two prominent universities. The focus will be more on cooperation in the area of science, technology, economy and culture, according to Al-Sadoun. The participants will also visit the Shanghai World Expo 2010, where Saudi Arabia has the second largest pavilion.
“The importance of this dialogue for the future of the wider relations between Riyadh and Beijing and its impact on global governance cannot be ruled out,” said Fatany.

The young leaders from Saudi Arabia include Marwah Salem M. Abdujawad, Sara K. Almaeena and Yousuf Najeeb H. Al Bassam.

Other participants are Alaa Hashim A. Al-Hashim, Boshra Abdullah S. Al-Eidy, Rakan Abdulsalam Al-Saadoun, Mohammad Sameer Al-Thaqafi, Mohamad Anwar Al-Shingiti, Lamis Ammar D. Al-Mufti, Sarah A. Al-Khedheiri, Khalid Abdullah H. Masri, Maryam A. A. Al-Seini, Salman Nasser Y. Al-Rashed, Haneen Rayed Kh. Krimly, Dima Ikhwan, Bader A. Al-Hammoud, Saad Melhi Al-Shahrani, Abdullah A. A. Shakhi and Saud Abdullah Al-Zaidi.

Monday, August 2, 2010

At UN, Pakistan says efforts underway towards gender equality and women’s empowerment

At UN, Pakistan says efforts underway towards gender equality and women’s empowerment

Pakistan’s democratically elected Pakistani is taking steps to realize Mohtarma Benazir Bhutto’s vision of gender equality and empowerment of women, a major UN forum was told on Thursday. Speaking in the UN Economic and Social Council (ECOSOC), the Pakistan delegation leader, Senator Sardar Mohammad Latif Khan Khosa, said that under a four-pronged strategy, efforts were underway to reduce feminization of poverty; promote gender equality; end violence against women and introduce necessary legislative structure to empower women. Khosa, who is adviser to the prime minister, said Pakistan’s Constitution guaranteed equal rights for all its citizens and ensured full participation by women in all spheres of national life.

Pakistan was preparing a national plan to implement the commitments of the Beijing Declaration and Platform for Action aimed at improving the status of women on the basis of observations made by the Committee on the Elimination of Discrimination against Women.

Pakistan had the honour of electing Shaheed Mohtarma Benazir Bhutto as the first female Prime Minister in the Muslim world, and today it had South Asia’s first woman Speaker of the National Assembly, he told ECOSOC’s High-level segment.
The Government had recently adopted legislation to protect women’s rights, including a criminal law, and had moved a bill on protection against harassment in the workplace, in 2009, he said.
The Gender Reform Action Plan of the Ministry of Women’s Development also aimed to reform the gender agenda in a coherent
manner. Turning to the just-concluded Development Cooperation Forum, he said its deliberations this year had assumed particular significance owing to the troubled state of the global economy, and the consequent squeeze in resource flows to developing countries was expected to undermine their efforts to realize the Millennium Goals.
In that context, he said Pakistan viewed the Forum as a unique, inclusive platform for countries to voice their concerns and shape the international development cooperation framework.
Welcoming the creation of a new United Nations gender entity, he said the consolidation would help gender equality and women’s empowerment.

Earlier, Khosa also attended a ministerial breakfast convened by the Global Alliance for Information Technology for Development (GAID) on “The role of ICTs in empowering women with disabilities.
A number of eminent panelists who participated spoke about their experiences in how ICTs can be effectively deployed to empower women particulalrly those with disabilities. Khosa apprised the audience of the steps taken by Pakistan to promote information and knowledge dissemination, including the latest constitutional amendment ensuring access to knowledge and information as a human right.

The present government, he said, has made a special provision for stipends for students, particularly female students with disabilities from the ICT research and development fund.
He also highlighted steps taken by the Government towards economic empowerment of women as part of Benazir Income Support Programme (BISP).

He noted that the Government was fully cognizant of the importance of using information and communication technologies as a tool for the empowerment of women and recalled the special initiative of the Government under BISP to provide mobile telephone sets to women as well as smart cards.

Journalists of Pakistani Origin must enhance positive image of Pakistan : Wajid

Journalists of Pakistani Origin must enhance positive image of Pakistan : Wajid

Pakistans High Commissioner to the UK, Wajid Shamsul Hasan has urged journalists of Pakistani origin to channelize their talents for enhancing positive image of Pakistan broad.He was talking to newly elected members of executive committee of Pakistan Press Club, who called on him, here Friday.The delegation was headed by President, Pakistan Press Club P.J. Mir .The High Commissioner emphasized the role of ethnic media in creating positive perceptions about Pakistan and forging greater cohesion among Pakistani Community.


He said that ethnic media could play a vital role in boosting Pakistan’s image . The High Commissioner further added that the role of Government of Pakistan and sacrifices made by the armed forces in ongoing war against terrorism need to be highlighted consistently to make the world realize the cost Pakistan has been paying in this regard.

He further said that Pakistan is a versatile country with rich culture and immense potential for business and tourism which needs consistent promotion in foreign countries.

Executive Committee of the Pakistan Press Club reiterated its commitment to work for image building of Pakistan and serve national interest of the country.They further ensured to work with full dedication to promote unity among the Pakistani Diaspora.

US shocked at Data Darbar bombing, calls it attempt to destabilze Pakistan

US shocked at Data Darbar bombing, calls it attempt to destabilze Pakistan

The United States on Friday strongly condemned the deadly suicide bombings on the revered Data Darbar shrine mosque, with Secretary of State Hillary Clinton calling it a “sinister” attempt to destabilize Pakistan and expressed solidarity with the Pakistanis in their defense against violent extremists.“I was shocked and saddened by yesterday’s attack on one of Pakistan’s most opular places of worship, the Shrine of Syed Ali Hujviri (Data Ganj Baksh) in Lahore, which claimed the lives of many innocent Pakistanis,” Clinton said in a statement.

The death toll in Thursday night’s attacks on the crowded mosque in the Punjab metropolis in the heart of Pakistan reportedly reached 41.

In her statement, the US diplomat said the extremists have shown that they respect neither human dignity nor the fundamental religious values of Pakistani society. “Violating the sanctity of this revered shrine is a particularly sinister attempt to destabilize Pakistan and to intimidate its people. The attackers will not succeed, as the Pakistani public refuses to be

cowed by such violence,” she added “We condemn this brutal crime and reaffirm our commitment to support the Pakistani people in their efforts to defend their democracy from the violent extremists who seek to destroy it. “Our thoughts and prayers are with the families of the victims and with all the people of Pakistan,” Clinton said

Important to Arts Education: When Facts are Fiction

Important to Arts Education: When Facts are Fiction

Many in arts education adhere to the silver bullet theory, namely that the right piece of incontrovertible research will create universal access to high quality education. And, of course, this is stoked by those who pick apart the existing research as being "soft."

There are those who believe that "facts" as the primary ammunition of advocacy will win the day.

Of course, if you take a good look at major education movement such as charters and small schools, you may be surprised to note that the genesis of these movement emerge not out of "facts" but out of faith.

So, fiction can be fact and vice versa. A case in point here is the way people talk about value-added assessment, meaning the evaluation of teachers based to a large degree upon test scores. For many policy makers, it is fact, the education equivalent of established law. Talk to the researchers, the experts in this area, and they will tell you it is "not there yet."

Okay, so, here's the article from The Boston Globe: How Facts Backfire.

Facts don't necessarily have the power to change our minds. In fact, quite the opposite. In a series of studies in 2005 and 2006, researchers at the University of Michigan found that when misinformed people, particularly political partisans, were exposed to corrected facts in news stories, they rarely changed their minds. In fact, they often became even more strongly set in their beliefs. Facts, they found, were not curing misinformation. Like an underpowered antibiotic, facts could actually make misinformation even stronger.

So, Richard, what's the upshot of all this, for arts education? Well, I guess it would be fair to say that we shouldn't wait until that silver bullet appears, for even if it does, it may not matter.

Believe in what you advocate for. Engage in it and encourage others to do so. Be passionate, and yes, know the "facts," but don't expect them to save the day, anytime soon.

REG. STEEL MILLS AFTER LOSS IN 18 MONTH 22 BLN RS. THE QUESTION IS THIS WHO APPOINT MR MOIN AHMED? WHO ALLOWED HIM TO LOOTED & FINISHED THE MILLS A.S.

REG. STEEL MILLS AFTER LOSS IN 18 MONTH 22 BLN RS. THE QUESTION IS THIS WHO APPOINT MR MOIN AHMED? WHO ALLOWED HIM TO LOOTED & FINISHED THE MILLS A.S.A.P.?
RIAZ LAL JEE RECOMONDATION WHO GAVE ORDER TO appoint MOIN AHMED???BCS MOIN AHMED IS THE EX STAFF OF RIAZ LALJEE COMPANY?
YES THIS IS OUR PRESIDENT ZARDAREE, WHO ORDER THEM BY PUSHING, RIAZ LAL JEE.,

UNDER HIS ORDER THESE CULPIRTS& TRAITORS OF PAKISTAN SHOULD BE
APPOINTED, TO DESTROY THE COUNTRY.,
UNDER THE NAME OF DEMOCRACY, UNDER THE NAME OF 2 KILLING PERSONALITIES.,
NOW SUPREME COURT ORDER MUST RCVD THIS AMOUNT FROM THESE CULPIRTS & TRAITORS.,
ALL THE POLITICAL PARTIES WHO IS GIVING SUPPORT TO THIS GOVT., ALSO RESPONSIBLE OF ALL GOVT ORDER& ENTIRE ACTIVITY.,
I PRAY GOD THE LONG LIVE OF SUPREME COURT CHIEF& ALL HIS BENCH
BCS NOW I AM AFRAID???????, WHY NOW THE PATIENCE LAVEL OF THESE
TRAITORS, LOOTER ARE GOING UP& UP MAY BE VERY SOON ALL WORLD HEARD ANY BAD NEWS, BUT I PRAY GOD THIS WILL NOT HAPPEN.,
A PAKISTANI PATRIOTIC

Monetary Policy --- How high can you fly with broken wings?

Monetary Policy --- How high can you fly with broken wings?
So, what is your call today? I had inquired this to a colleague; said, “If SBP hold rates this time around, I would question its autonomous”

Many would argue what rate decision has to do with central bank’s independence? To answer this one need to understand our economy. In our daily life you must have observed that when demand increases prices follows. This daily life observation goes well for any country. Price increase more than expectations is a problem. This problem can be tackled by either increasing supply or by curtailing demand. Supply can be increase by producing more or through imports. In our case, the former is difficult due to capacity constrains and later requires GREENS. One may argue for increasing production capacity. Well, that can be done through investments but government heavy reliance on banking sector is clotting liquidity for a heart attack, which threatens our financial stability and it also crowd out private sector. If this gap is bridge by increasing imports rupee will depreciate and jack up inflation. So, the only available option was to curtail aggregate demand. As this is achieved by targeting money supply therefore rates were raised. This is text book theory, which we are following at the moment. The entire world is in search of a better solution, they are molding their economic and financial models according to their situations and we will have to find one for ourselves.

But still it does not answer the question, what it has to do with central bank’s independence? In our case, curtailing demand or maintaining rupee stability was not in favor of the government. The government collects more revenue if inflation increases (these views were shared by chairman FBR during his visit to KCCI) and thus government favors lose policies, both fiscal and monetary and thus resists curtailing demand or a rate increase. SBP must have felt the pressure from the high powered meeting of Prime Minister, Ministry of Finance and CM of four provinces. But despite these pressures MPC opt for raising rates. SBP was transmitting signals for its possible policy course since March, although in the first half of FY10 SBP slashed 150bps but by March it was reversed. According to March meeting minutes, two members of MPC wanted to give the right signal to the market as well as to the fiscal authorities by increasing the policy interest rate but five voted for no change (one member was absent). I conducted a survey of 20 odd banks and brokerage houses for their rate expectations and none was anticipating increase, almost all were ignorant of March meeting minutes and May policy statement.

A few reasoned scraped PIB auction as a justification or indication for no rate change, which was again baseless as MOF decides cut offs for bill, notes and bonds, so technically, it gives no policy signal. After 50bps rate increase there were short message regarding possible impact, some read stock and bond market will fell. Off course it will amid a vital input for fair value calculation is risk free rate and if that rate is higher securities will have to adjust accordingly. Besides, foreigners are major players at present, if rate increase stables rupee, they may invest more. For real sector, it’s already difficult because of inflation (high cost of doing business). But there was one thing confusing, the latest policy statement reads, monetary policy has to take lead for containing aggregate demand pressures emanating mainly from expansionary fiscal position. This should have been like despite SBP signals government failed to adjust and thus policy rate has been increase. This would have eased a lot of pressure from the central bank.

Anyways…..after the decision I had asked my colleague, if the central bank is independent? Yes, she said.

CCP Issues Show Cause Notice to a firm of Chartered Accountants for facilitating a Cartel of Cement Manufacturers

CCP Issues Show Cause Notice to a firm of Chartered Accountants for facilitating a Cartel of Cement Manufacturers

ISLAMABAD, TUESDAY, 2 August 2010: The Competition Commission of Pakistan (CCP) has issued a show cause notice (SCN) to a partnership firm of Chartered Accountants (CA Firm) for prima facie facilitating All Pakistan Cement Manufacturers Association (APCMA) and its members to enforce an agreement to fix production quotas for cement manufacturers in violation of Sub – Section 4 (2) (c ) and Section 4(1) of the Competition Ordinance, 2010 (the ‘Ordinance’) read with Section 38 (1) (a) of the Ordinance. The said firm of chartered accountants was providing services of monitoring/verification of cement dispatches to APCMA member undertakings and for this purpose deputed its staff on the gates of cement factories.
CCP vide its Order dated 27-08-09 (Order) in the matter of show cause notices issued to APCMA and its Member Undertakings has declared that the agreement under the name and style of ‘Marketing Arrangement’ effective from 08-05-2003 was in violation of Section 4(1) of the Ordinance read with Section 4(2)(c) of the Ordinance as it pertains to fixing the quota with respect to production and supply of cement and to ensure that sale of cement is not below the target/minimum price by each of the APCMA Member Undertakings.
Various clauses of the Marketing Arrangement and other documents referred in the Order indicate that the said CA Firm was engaged to monitor cement dispatches solely for the purpose of ensuring implementation of the said Agreement. The documentary evidence also indicates that the success of marketing arrangement was not possible without monitoring of cement dispatches.
It has been alleged in the SCN that the CA Firm was engaged by APCMA for the purpose of audit, however, the monitoring and verification of cement dispatches, does not fall under the purview of ‘Audit Engagements’ as defined in the International Standards on Auditing (ISA) as adopted and practiced in Pakistan, prima facie, indicating collusive arrangement between the CA Firm, APCMA and its Member undertakings to enforce the Agreement. Such arrangement and/or practices of the CA Firm of facilitating APCMA and its members to enforce the Agreement, prima facie, are a violation of Section 4(1) read with Section 4(2)(c) of the Ordinance. The CA Firm has been asked to file its written reply to SCN within fourteen (14) days from the receipt of SCN and to appear through a duly authorized representative before CCP on 23-08-10 and avail the opportunity of hearing.
This is the first ever show cause notice issued by CCP to any CA Firm for significantly contributing towards implementation of a cartel agreement.

Monday, July 19, 2010

SSGC

Senate Standing Committee for Petroleum and Natural Resources meeting at SSGC HO Karachi: July 7, 2010 (PR): The Senate Standing Committee for Petroleum and Natural Resources was given a comprehensive presentation on the status of the Iran-Pakistan Pipeline project by the officials of Interstate Gas Systems (Pvt.) Ltd. This was the first Senate Committee meeting held at SSGC since Iran and Pakistan inked the historic agreement in Tehran in June 2010 for the supply of natural gas to Pakistan from 2015.
The meeting was chaired by Sabir Ali Baloch, the Standing Committee Chairman. Naim Sharafat, MD, ISGS who was accompanied by his CFO Mobin Saulat dilated on the salient features of the 1,150 km pipeline which will connect Iran's South Pars gas field with Balochistan and Sindh provinces. Kamran Lashari, Secretary, Ministry of Petroleum and Natural Resources also participated in the meeting. Committee members Jehangir Badar, Abbas Khan Afridi, Dr. Muhammad Ismail Buledi, Dr. Safdar Ali Abbasi, Mir Mohabat Khan Marri, Nawabzada Muhammad Akbar Magsi and Pervaiz Rashid also took part in the proceedings.
Mr. Sharafat explained to the senators that Pakistan will construct about 780-km, 42” diameter pipeline from the border, traversing along the Makran Coastal Highway to connect with its existing gas transmission network at Nawabshah. Almost 665-km of the pipeline will pass through Balochistan while about 115-km of the pipeline will be laid in the Sindh province, he said.
The estimated cost of Pakistan segment is US$ 1.2billion to be incurred over a 4-year period, Mr. Sharafat added. He further explained that the project is planned to be funded at a debt-equity ratio of 70:30 requiring an equity investment of US$373 million and debt financing of US$872 million. Mr. Sharafat said that the project's debt portion is expected to be secured from a combination of domestic and international financiers including Sindh and Balochistan governments, SSGC, SNGPL, OGDCL, PPL, PARCO and NBP (whose contribution will be US$190 million or 51% of equity structure) as well as potential private investors including Petronas and Gazprom (whose contribution will be US$183 million or 49% of the equity structure). MD, ISGS stated that under the Gas Sale and Purchase Agreement (GSPA), Pakistan will import 750 mmcfd gas with a provision to increase it to one billion cubic feet a day (bcfd).
The senators suggested that the stakeholders in the routes traversing the pipeline must be taken into confidence, majority of which are remote and less developed areas, with clear-cut assurances for the provision of new schools, hospitals and vocational training centres. In response to the senators' queries, MD, ISGS said that being one of the largest infrastructure projects the country has ever seen, the IP project will create new job opportunities in the provinces of Balochistan and Sindh, thus improving the income level and the standard of living of its citizens.
In response to the senators' apprehensions, Mr. Sharafat stated that Iran-Pakistan Project's GSPA was broad enough to allow force majeure relief in the event the project is hampered due to UN sanctions on Iran. MD, ISGS said that in case the project does not materialize, an LNG terminal will be set up in Gwadar to allow re-gasified LNG to the system.
Explaining the current status of the project, MD, ISGS said that a detailed route survey was in progress to pave way for the engineering and design of the pipeline facilities.
Later while talking to the media, Chairman, Senate Committee said that it was important that IP Project start as soon as possible to bridge the rising natural gas demand-supply gap and assured ISGS and SSGC every support in ensuring the success of the project.