ISLAMABAD, June 6 (APP): The Government targets to produce
43.8 million barrels of domestic crude oil and 1.51 trillion cubic
feet gas per annum during the financial year 2016-17, official
sources said.

The supply demand gap in both oil and gas sectors would be filled through import of crude oil and petroleum products.

“The indigenous gas supply would be supplemented thorough LNG
imports to tune of 4.5 million tonnes”, the sources added.
Highlighting the programmes for promotion of fuel sector, the
sources added that the total of 116 wells including 52 exploratory
and 64 development were planned to be drilled by the exploration and
production (E&P) companies.

The seven existing oil marketing companies (OMCs) would
construct ten new oil storages at six locations, they added.
The sources said that the upgradation projects of
Attock Refinery Limited (ARL) to enhance refinery capacity by 10,400
barrels per day (BPD),Premier Motor Gasoline (PMG) by 20,000 Tons
per month and Euro-II 0.05 per cent Sulphur HSD, were expected to be completed by the end of 2016.

Similarly,they said, the other refineries i.e. National Refinery Limited (NRL) and Pakistan Refinery Limited (PRL) would complete their up-gradation projects by June 30, 2017.

Both Sui Northern Gas Pipelines Limited (SNGPL), and Sui
Southern Gas Pipeline Limited (SSGCL) have plans to add total of
412,058 new consumers to their respective systems during the year
2016-17, the sources added.

In addition, they said SNGPL and SSGCL have plans to lay down
6,032 Km of new transmission, distribution and service pipelines in
their respective networks.

The sources said that in order to transmit the imported LNG to up-country, and SSGCL would construct 42″ dia 342-km pipeline from Karachi(Pakistan) to Khirpur (Nara) for transporting 1.2 BCF RLNG dedicatedly to SNGPL.

The project,they said was expected to be commissioned by
December 2016. Moreover, they said 4LPG Air Mix Plants would also be
installed.

“The Gwadar-Nawabshah Natural Gas Pipeline and LNG Terminal at
Gwadar are being actively pursued to be completed by 2018”,they
remarked.

The official sources said that during 2016-17 the LNG import
was planned to be increased to 4.50 million tons/annum, in order to
enhance import capability of country with regard to LNG, another LNG
Terminal was being undertaken by Pakistan LNG Terminal Company
Limited (PLTCL) established by the Government.

The bids for 2nd Terminal were invited by PLTL and were under
evaluation by the company,they remarked.

They said that the Turkmanistan Afghanistan Pakistan India
(TAPI) gas project activities including finalization of transit fee,
gas transport agreement and appointment of EPC contractor would be
implemented during 2016-17.

The implementation on Iran Pakistan (IP) project would be
reviewed in consultation with the Iranian counterpart and
accordingly a revised implementation framework would be devised.
The sources added that an amount of Rs 143 million has been
allocated in PSDP 2016-17 for the following two projects of
Geological Survey of Pakistan.

The projects ,they said were appraisal of newly discovered
coal resources of Badin Coal Field and its adjoining areas of
Southern Sindh, exploration of Tertiary Coal in Central Salt Range,
Punjab.

The Sindh Engro Coal Mining Company (SECMC) with their Chinese
contractors would continue its mining project of 3.8 million tons
per annum capacity for supplying Thar coal to 2x 330 MW power plant
at Block-II About 40 million cubic meters of over burden would be
removed while under dewatering operations mine would be dewatered to the tune of 35 cusecs per day.

The official sources further said that Khyber Pakhtunkhwa Oil
and Gas Company Ltd (KPOGCL) has planned to execute Basin Studies of Khyber Pakhtunkhwa and Establishment of Khyber Pakhtunkhwa
Hydrocarbon Research Centre (KPHRC).

The Government of Punjab,they said has also established Punjab
Energy Holding Company (PEHC) to cater for Oil and Gas exploration
n the province in close collaboration with the Director General
Petroleum Concession, Ministry of Petroleum and Natural Resources
(MPNR), they said.

ISLAMABAD, June 6 (APP): Keeping in view the improvement in national economy and macro economic stabilization, Federal Board of Revenue (FBR) has set a realistic and achievable target of Rs 3,621 billion for Fiscal Year 2016-17.

“An increase of 10 per cent in revenues is expected in term of expected GDP (Gross Domestic Product) growth of 5.7 per cent and likely increase in the oil prices while around Rs 150 billion would be collected through the additional tax measures taken in the budget 2016-17,” said Rehmatullah Khan Wazir, member Inland Revenue Policy while briefing media here on Monday.

He said due to administrative measures, the FBR would be able to collect the remaining amount and hopefully the target for FY17 would be achieved.

He informed that currently over 1.1 million taxpayers were registered with the FBR out of which 0.309 million were salaried persons.

He said the government had introduced a number of new measures to bring more people into the tax net and the non-filers were being taxed heavily.

He said the FBR was trying to collect real income tax and only those people should be taxed who could afford to pay.

He informed that under Voluntary Tax Compliance Scheme, 10,000 new people were brought to the tax net and a working capital of Rs 85 billion was declared by them.

He said during last three years the average annual increase in the tax filers remained 25 per cent.

To a question Wazir said the export regime was being zero rated which would not only help increase of exports but would also help resolving the long standing issue of tax refund.

He said the exporters had assured the government that they would increase their export by over 20 percent.

He said a cell had been established to check those people who were leading a prosperous life but they were evading taxes.

He said on account of reports of this cell, about 0.4 million notices were issued to them.

To another question, Dr Iqbal, member (SPR&S_/IT) said that 4 per cent tax was being imposed on Pakistan Cricket Board for hosting cricket series abroad.

ISLAMABAD, June 6 (APP): Senators on Monday called National Finance
Commission Award (NFC) to ensure equitable distribution of resources among federating units besides broadening tax net, more funds to National Counter Terrorism Authority (NCTA) and revival of loss-making public sectors enterprises.

They also described China-Pakistan Economic Corridor (CPEC) a game
changer and called for not making the project controversial in order to achieve socio-economic prosperity of the country.

Opening debate on the budget 2016-17, IIlyas Bilour, of Awami National Party (ANP) said the government in PSDP 2015-16 had also allocated funds for hydro-power projects, but funds for projects including Basha dam, Neelum-Jhelum etc. were not released.

If finance minister was sure, he added, that funds as announced in the
PSDP would be released this year or not.

He said Munda dam had not been allocated funds this year as nobility of
the country was putting hurdles.

He said Pakistan produced best rice and second biggest exporter but no incentives had been announced for the sector.

Similarly, he added, concrete measures should be made for uplift of steel industry which generated huge revenues for the national economy.

He said FATA was in state of war and its inhabitants were facing
problems but only Rs 4,00,000 was given for house construction which was not sufficient, thus the amount should be raised, he added.

He said health and education sectors played important role in national
economy, thus these two sectors should be diverted more allocations.

He said efforts should be made for strengthening federation for the country and the 18th amendments should be implemented, soon.

He said the royalty to smaller provinces in exploration of oil and gas
resources had not been given since 2010.

Mushahid Hussain Syed of PML(Q) said National Agriculture Research
Center which promoted techniques for agriculture developments should be further strengthened.

He was of the view, agriculture growth would have been far better if
heed was given to it.

He said Cigarette manufacturers lobby succeed in exempting tabbaco from tax but milk was taxed which highlighted big anomaly.

He said Climate Change which was serious issue was not reflected in budget, plastic bag which concerned common was also not addressed.
Similarly, he added energy worth Rs 1 billion was wasted on daily basis
on account of theft, distribution losses or other technical faults. But the budget did not mention corrective measures on this front, he added.

He said the government since its inception gave away Rs 988 billion for
clearing circular debt.

He said there was a need to do away with old-mind set to war economy in order to effectively face challenges of 21st century, adding national security paradigm should be re-defined and enhance regional connectivity.

In this regard, he added, trans-national projects including CPEC, TAPI
and IP projects played important role and efforts should be made to successfully go ahead with these projects.

Taking part in the debate, Chaudhry Tanveer of PML-N said Pakistan was going to be bankrupt but the PML(N) government made prudent economic policies and now economic indicators were improving gradually.

He said agriculture sector was on the verge of destruction but the
government announced Rs 380 billion special package for peasants and its blessings was being passed on small farmers.

He said terrorism was challenge and no one was ready to pump in interments but today foreign investment was being made.

He said CPEC was crucial project but it was being made controversial
which was beyond comprehension as he added the project would bring prosperity for all the provinces and the country would become an Asian tiger.

He said the proposals being thrashed out in the Parliament should also
be included in the economic policies to make them more result-oriented for achieving socio-economic prosperity.

Numan Wazir Khattak, PTI said all the economic policies should be
implemented in letter and spirit, adding in fact China was a good friend of Pakistan and CPEC was game changer but efforts should be made to make the country self-reliant, economically.

Aurangzeb from FATA said hurdles being put in the way of implementation  of 18th amendments by specific minds and they did not want to transfer financial powers to federating units.

He said new NFC award should be announced to provide due rights to
provinces and FATA. He added FATA was facing hardships today, they offered sacrifices.

He said Rs 100 billion for rehabilitation of IDPs was not sufficient
and it was just peanut amount.

He said Rs 40 billion mentioned in the budget for schools and health
centers which were damaged, was not sufficient.

He said constitutional reform should be announced for and decisions
should not be imposed on FATA and democracy should be allowed to flourish.

He said terrorism victims should be adequately compensated and
Incentives for security forces which were battling terrorism should be enhanced.

He said banks loans for FATA people should be written off and energy
projects be launched in FATA.

He said subsidy on wheat be provided to FATA people who were hardly meeting their daily expenditure.

He said a relief package on the pattern of Aghaz-e-haqooq Balochistan
should be announced for FATA to remove sense of deprivation among them.

ISLAMABAD, June 6 (APP): Minister for Finance, Senator Muhammad Ishaq Dar on Monday took notice of sharp increase in chicken prices despite assurance given to him by the Pakistan Poultry Association to decrease prices of poultry items.

He directed PPA to bring down the rates of the poultry items as per their assurance given while presenting budget proposals last month.

According to a statement issued by the Ministry of Finance, Pakistan Poultry Association had assured to bring down the chicken prices to a reasonable level within a couple of days.

It may be mentioned here that live chicken in the federal capital was being sold at Rs 195 to 200 per kilo in the open market on Monday.