Pakistan Oilfields Limited (POL), a personal three way partnership associate in Kohat’s Razgir discipline, opposed a proposed gasoline sale deal between a Hungarian gasoline firm and a privately-owned agency.
These objections had been raised in a letter despatched to the Petroleum Division and different corporations within the three way partnership by the personal associate POL, which is a 25% shareholder within the Kohat gasoline discipline.
The gasoline discipline has a 65% possession of the state-owned entities (SOEs).
In its letter, the Rawalpindi-based POL said that the Hungarian firm, which has 10% shares within the aforementioned gasoline discipline, couldn’t unilaterally enter right into a gasoline sale deal with out going via aggressive bidding, in any other case, it lacks transparency within the transaction course of, sources instructed Geo News.
They added that the overseas agency is the operator of the gasoline discipline whereas its three way partnership companions embrace POL, Oil and Gas Development Company Ltd (OGDCL), Pakistan Petroleum Ltd (PPL), and Government Holdings (Pvt) Ltd (GHPL).
It was learnt that the operator was getting into into an settlement for the sale of each day 35 million cubic ft of gasoline to a privately owned gasoline agency which aggrieved one of many JV companions — POL — a subsidiary of a UK-domiciled oil firm.
It additionally emerged that the Hungarian firm was already promoting 14 million cubic ft of gasoline to the identical personal agency from its Mamikhel discipline below an settlement with out fulfilling the due bidding course of.
The personal agency was buying gasoline for its personal shoppers in Punjab for which it makes use of the distribution community of the Sui Northern Gas Pipelines Limited (SNGPL).
“Signing an settlement solely with an organization would additionally violate the Public Procurement Regulatory Authority (PPRA) rules,” mentioned specialists who preserve a detailed eye on gas-related agreements within the nation.
They additionally demanded a probe into earlier agreements signed between the Hungarian and the personal gasoline companies.
They added that the Hungarian agency has no freedom to enter into agreements with a single agency to sale sources from the government-partnered Razgir gasoline discipline regardless of being an operator. “Such agreements would lack a authorized standing with out a bidding course of,” the specialists mentioned.
