Pakistan petroleum sector gets big relief after policy changes

Pakistan’s federal government has approved the policy amendments for the discovery of oil reserves, which provide a major relief to the investment companies in the petroleum sector.

The federal government under the leadership of Prime Minister Imran Khan continues its steps for creating ease of doing businesses as the investment companies in the petroleum sector get big relief after the approval of policy amendments.

The policy amendments recommended by the Pakistan Task Force on Energy were approved by the federal authorities, which end authoritative pressure on the companies for not complying the deadline of the development work.

Under the new law, a company can get a two-year extension in work licence by filing a formal request to the government for the continuation of the discovery of oil reserves.

Moreover, the companies that received 25-year lease were also benefitted by allowing them to acquire a further five-year extension in its contracts. The decision was taken in view of increasing commercial production and the continuity of the discovery of oil reserves in the country.

Earlier in October last year, Federal Minister for Economic Affairs, Hammad Azhar had expressed resolve to further improve Pakistan’s ranking on the ease of doing business index.

Pakistan climbed 28 ranks on the World Bank’s ‘Pakistan Ease of Doing Business Index 2020’ to gain the 108th position, the country also secured a place among top ten global business climate reformers.

Meanwhile, Building Control Directorate -I of the Capital Development Authority (CDA) generated revenue around Rs.582 million on account of approval of building plans, completion certificates, NOCs, fines on account of non-conforming use and others during the year 2019.

Active, vigilant and effective pursuance of building by-laws has resulted in handsome increase in revenue as well as enforcement of building by-laws in the city.

Previously, this main resource of revenue was neither followed nor efforts were made to make it an active source of revenue generation, which can be gauged by the fact the revenue generated through this head was far much minimum during the year 2018. However, in line with the steps taken by the incumbent management for strengthening the financial position of the authority all such avenues have now been activated while new are being explored coupled with state-of-the-art development of the city and ensuring discipline in every sphere.

Building Control Directorate-I, during the year 2019 received Rs.157 million on account of approval of building plans while received Rs.38 millions on account of completion charges/certificates of residential and commercial buildings. Similarly, around Rs387 millions were also received on account of issuance of NOCs and fines on account of nonconforming use.

Pertinent to mention here that in line with the directions of the management of the authority, Building Control Directorate-I of the Authority not only ensure implementation of building by-laws in all over areas of the city but also to action against the violations of the building by-laws including eradication of the nonconforming use of different premises.

News Network International