The following IPPs has been paid 40 per cent of the agreed amount: (i) Atlas Power- RFO; (ii) Attock Gen- RFO;(iii) Engro Energy-gas ;(iv)
Saif Power– RLNG ;(v) Halmore Power- RLNG;(vi) Hub Power(Narowal) – RFO ;(vii) Liberty Power- RFO ;(viii)
Nishat Power– RFO;(ix) Orient Power- RLNG ;(x) Foundation Power (Dharaki)- gas;(xi)
Nishat Chunian and (xii) Saphire Electric –RLNG.
IPPs received 1/3rd in cash, 1/3rd in Sukuk and 1/3rd in PIB bonds on January 6, 2021.
As per revised contracts, with payment of first installation to the 2002 Power Policy IPPs reduced tariff will be applicable from the date of payment, increase in late payment charges will be stopped on their undisputed payables which will lead towards a reduction in circular debt; heat rate test will be conducted as these IPPs agreed that the government can determine heat rate test to find out actual efficiency of plants which will further reduce tariffs after the tests, and fuel saving will be shared with the government besides reduction in operation and maintenance cost varying between 15 and 20 percent. Approximately, Rs 180 billion plus will be the saving of government through these revised contracts.
To become a world class, professionally managed, fully integrated, customer focused, Oil Marketing Company, offering value added quality and environment friendly products and services to its customers in Pakistan and beyond.
APL Mission
To continuously provide quality and environment friendly petroleum products and related services to industrial, commercial and retail consumers, and exceeding their expectations through reliability, economy and quality of products and services. We are committed to benefiting the community and ensuring the creation of a safe, responsible and innovative environment geared to client satisfaction, end user gratification, employee’s motivation and shareholder’s value.
Future Expansion Projects
Land has been purchased at Port Qasim, Karachi for construction of Bulk Oil Terminal. The construction work will start after getting necessary approvals from regulatory authorities. This terminal will help to import/export petroleum products at its ease and to meet the demand of southern region of the country.
In addition to enhancing storage capacity at existing Bulk Oil Terminals i.e., Rawalpindi and Machike, we are actively considering establishing storage terminals at other strategic locations of the country like Mehmood Kot-Multan, Gatti-Faisalabad and Shikarpur.
Financial Highlights
Oil Terminals
At present APL is enjoying a wide storage network at the following different locations:
APL intends to construct new oil terminals at all other strategic locations in North, Central and Southern regions of the country.
Further, with the backing of two strategically placed group refineries, Attock Refinery Limited covering the North and National Refinery Limited covering the South of the country, we corroborate a sustainable competitive edge in light of our consistent storage and reliable supply infrastructure.
APL therefore, keeping in view the significance of catering to the ever rising energy demands of the country is continuously in quest of developing, running and maintaining a much higher and developed storage and supply infrastructure.
Logistics
Attock Petroleum Limited (APL) intends to build a world class infrastructure for the distribution of petroleum products throughout the country.
Every day hundreds of vehicles roll out from the oil installations to travel vast stretches of the Indus Valley, deserts in the south and mountainous ranges in the north to reach its customers. We touch the lives of millions of people across the country by meeting their energy needs.
The supply chain ensures via using a state of the art vehicles tracking system that each product is delivered to its customers at the right time in the right quantity and quality. The journey of each vehicle is tracked form the moment it leaves the installation to the customer’s doorstep, providing more than just a service ,but peace of mind and confidence that comes therewith.
Currency depreciation in Pakistan has always been “involuntary”. The authorities did not let the currency depreciate when an adjustment was due. The rupee was overvalued for a long time. Historically it has slipped only when the authorities were unable to control the supply of dollars any longer. Public debt has soared as a result; the foreign exchange reserves have been depleted. A strong rupee has also caused the trade and current account deficits to grow.
Under these conditions, the gains form depreciation are hard to come by. The sudden plunges in the value of the rupee cause panic, further compromising the gains. The impact of depreciation on foreign trade and related sectors depends on three broad factors. One, inflation in other countries particularly main trading partners; two, domestic prices; and three, overall macroeconomic conditions and policies, particularly during the depreciation phase.
The first two factors determine the real effective exchange rate (REER) and thereby external competitiveness. A higher external competitiveness leads to higher gains. The size of gains depends on the nature of exports and imports and the capacity to export. The third factor determines the extent to which depreciation will help boost the economic activity (thus enhancing the capacity to export). If any of these factors is missing, the potential gains from depreciation may be compromised.
The decline in trade and current account deficit was mainly supported by contraction in imports. It is because of this that no significant impact of depreciation on employment and poverty was observed. The fault does not lie with depreciation. The adverse impact of the factors highlighted above outpaced the potential gains from the depreciation.
Any assessment of impact of depreciation on exports, imports and employment must consider the overall state of economy and policies. It must account for two counterfactuals. One, what would have been the situation of exports, imports, trade and current account deficits if rupee was held at the 2017 value? Two, what would have been the gains from depreciation if rupee was allowed to adjust before the balance of payment crisis?
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