PM requested to okay Rs 7 billion for SNGPL

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ISLAMABAD - Though Sui Northern Gas Pipeline limited (SNGPL) has announced profit and bonus for its shareholders, yet it has no money in its account, so the petroleum ministry has requested the Prime Minister to approve Rs7 billion loan, sources said on Thursday.

The sources informed TheNation that Adviser to Prime Minister on Petroleum and Natural Resources Dr Asim Hussain has written a letter to the premier Raja Pervez Ashraf requesting him to approve a loan worth Rs7 billion to able the state-owned gas utility SNGPL to give profit and bonus to its shareholders. They said the gas company has already announced 10 per cent bonus and 25 per cent profit for its shareholders while it does not have money in its accounts.

“Profit and bonus is simply mentioned in papers only, a petroleum ministry official said, adding, that while the company has no money in its account and it would not be able to run its business after June 2013. After PSO, the sui northern gas pipeline limited (SNGPL) is also facing sever financial constraints.

It is also learnt that those investors who have invested in the company would get return through the loan. Local banks have already declined to approve loan for the SNGPL.

 

Courtesy: The Nation


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