Brief News:
Saleem Shahzad Commission: Govt commissions another controversy
Rain turns weather pleasant in Punjab
PFUJ plea on Saleem murder: SC to begin hearing
Pakistans poor political elite?
Pakistan blocks supplies to US base
Dr I.H. Usmani’s death anniversary today
Star-eating black hole sends flash from distant galaxy
US vows to kill new Al-Qaeda leader
Forex Rates Pakistan
Updated at : 17 Jun, 2011 10:42:24 (PST)
Open Market Forex Rates
Currency Symbol Buying Selling
U.S. Dollar USD 86.05 86.35
Euro EUR 121.3 123
British Pound GBP 139 141
UAE Dirham AED 23.38 23.58
Saudi Riyal SAR 22.88 23.08
Kuwaiti Dinar KWD 305 307
Canadian Dollar CAD 87.3 88.3
Australian Dollar AUD 90.3 91.3
Omani Riyal OMR 220.5 223
Japanese Yen JPY 1.06 1.07
Malaysian Ringgit MYR 28.15 28.7
Qatari Riyal QAR 23.5 23.75
Bahrain Dinar BHD 225 226.5
Thai Bhat THB 2.85 2.98
Chinese Yuan CNY 13.1 13.5
Hong Kong Dollar HKD 10.8 11.3
Danish Krone DKK 16.3 16.7
New Zealand Dollar NZD 69 70
Singapore Dollar SGD 68.9 69.9
Norwegians Krone NOK 15.65 15.95
Swedish Krona SEK 13.55 13.9
Swiss Franc CHF 97.5 98.5
Pakistan Gold Rates
Karachi [Gold 24K per 10 Grams] Rs. 42,257.00
Karachi [Gold 24K per Tola] Rs. 49,300.00
Karachi [Gold 22K per 10 Grams] Rs. 38,735.00
Karachi [Silver per 10 Grams] Rs. 1,020.00
Money transfer: BP, UEG mount pressure on government to transfer ownership of assets
ISLAMABAD:
Oil and Gas Explorer British Petroleum (BP) and United Energy Group Limited (UEG) are mounting pressure on the government to transfer ownership of BP’s assets through transfer of money abroad, a move opposed by the Federal Board of Revenue (FBR).
Orient Group Chairman Zhong Hongwei and Pakistani Ambassador to China will hold a high level meeting with Minister for Petroleum Dr Asim Hussain today (Friday).
That FBR had expressed serious concerns over transfer of money between BP and UEG, over sale of BP assets abroad.
“As FBR has no money transfer record between BP and UEG and therefore has bound the Ministry of Petroleum to avoid transfer of ownership of BP assets to UFG,” sources said.
Sources claimed that in the past, BP had bought assets of a company in Pakistan, and money transfer was also made in the foreign country, which was also a cause of serious concern for the FBR. “FBR maintains record of that group from which BP had procured assets due to transaction of money in foreign country,” a source claimed.
Minister for Petroleum Dr Asim Hussain said that there was no legal obligation to strike a deal abroad, but FBR said that transfer of money should be made in Pakistan due to tax liabilities.
He confirmed that FBR had expressed concern pertaining to the BP deal in the past. “However, there is no issue of UEG but the issue of money transfer rests with BP,” Hussain said.
Sources also claimed that UEG had urged the government to transfer rights of operator to a BP partner in Pakistan, a demand which was denied by the government.
A senior official of the Ministry of Petroleum ruled out any pressure and claimed that UEG had informed about a token money paid to BP.
In a statement issued on December 14, 2010, BP had announced that it had entered into an agreement to sell almost all of its exploration and production assets in Pakistan to UEG at $775 million.
Under the terms of the agreement, UEG was to pay BP a cash deposit of $100 million, with balance of proceeds due on completion of the sale.
According to the official, no new arrangements would be made, and UEG had emerged as the only new investor, after a deal with BP, saying that BP was accountable for past liabilities, while UEG would be responsible for future liabilities.
UEG will pay BP $775 million in cash for these assets, which consist of nine producing and exploration blocks in Sindh and four offshore exploration blocks in the Arabian Sea.
The assets are held by BP Pakistan Exploration and Production Inc., BP Pakistan (Badin) Inc. and BP Exploration Alpha Ltd.
The sale of these interests in Pakistan is part of BP’s plan, announced in July 2010, to divest up to $30 billion worth of assets by the end of this year. Prior to the agreement to sell these assets in Pakistan, BP had sales agreements totalling approximately $21 billion.
The proceeds of this latest sale will be used by BP to increase the cash available to the group. Oil and Gas Development Company, Government Holding (Pvt) Limited and Orient Petroleum Inc are BP’s partners.
Pakistan Blocking Supplies to US Base
Pakistan is blocking food and water from reaching a remote base used by the US for its secret drones programme, severely hampering counter terrorism strategy, according to a senior American official quoted by The Telegraph on Thursday.
Both sides are now briefing against the other as hostility between the two countries grows more intense – and more open – day by day.
Pakistan's military has not recovered from the humiliation of failing to detect an American raid last month that killed Osama bin Laden and has reduced or halted co-operation with the US in protest.
A senior American official told The New York Times that supplies had been choked off to the airbase and that they were gradually "strangling the alliance" by making things difficult for the Americans in Pakistan.
The drones programme, although never publicly acknowledged by the US and repeatedly condemned by Pakistan, is credited with killing a series of high-profile targets.
In 2009, Baitullah Mehsud, leader of the Pakistan Taliban was killed by a missile strike in South Waziristan. And two weeks ago, Ilyas Kashmiri, a key al-Qaeda commander was reported dead after a drone attack.
However, Pakistani military and civilian leaders have long criticised the raids, despite privately giving consent.
Last week, the country's senior Army officers released a statement riddled with anti-American rhetoric and threatening action against the drones.
"As far as drone attacks are concerned, Army has repeatedly conveyed to all concerned that these are not acceptable under any circumstances. There is no room for ambiguity in this regard. Government is making necessary efforts in this direction."
The generals have already ordered more than 100 American military trainers to leave the country.
Cyril Almeida, a commentator with The Dawn newspaper, said Pakistan's "battered" military was reacting in time-honoured fashion by shifting the focus to external threats and imagined enemies in Washington.
"These leaks are really putting pressure on the military," he said. "What we are seeing is the Army high command move even further to the right and further into the embrace of anti-American elements."
At the same time, American officials and politicians have upped the pressure, complaining that Pakistani co-operation remains unreliable despite a huge US aid package worth more than $20 billion since 2001.
They have denounced Pakistan's arrest of several Pakistani informants who provided intelligence to the CIA about bin Laden's compound, and accused the country's intelligence services of protecting militant groups.
Karachi death toll hits 36
KARACHI: At least 36 people have been killed during the past four days in a renewed wave of violence in Karachi.
Five bodies bearing torture marks were recovered from different parts of the city during the past 12 hours.
On Wednesday, 10 people were killed in separate incidents as violence continued unabated in the city. Orangi Town remained the worst-hit part of the metropolis where most of the causalities occurred.
Tension and panic continued to grip Qasba Colony and Aligarh Colony as residents stayed indoors.
Mohammed Saleem Mansoori
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