ISLAMABAD: The standing committee of the Senate on Wednesday recomnended to the government to place names of Hascol Petroleum management on the Exit Control List (ECL) for committing a fraud of Rs 66 billion.
The committee was informed by the officials of the Petroleum Division that the matter of default of Hascol Petroleum was under investigation at different fora and it will be taken to logical conclusion.
During the meeting of the Senate panel, senator Fida Hussain said the management of Hascol Petroleum has committed the fraud of Rs 66 billion and he recommends to the government to put names of the management of the company on ECL.
Senator Fida Hussain’s views were seconded by Senator Mohsin Aziz for putting names of all senior officials of Hascol Petroleum on ECL to avoid their travel out of Pakistan..
“This is a fraud of Rs 66 billion of public money and all those involved in it should be punished”, Senator Mohsin Aziz noted.
The committee meeting was briefed on Hascol Petroleum issue by the Oil and Gas Regulatory Authority (OGRA) chairman. He told the Senate panel that the Security Exchange Commission of Pakistan (SECP) and State Bank of Pakistan (SBP) have not approached OGRA yet for writing to the concerned authorities for placing the names of Hascol Petroleum management on ECL.
Secretary Petroleum, Dr Arahad, Informed to the Senate panel that the gas companies suffered loss of Rs 35 billion for providing gas at subsidized rates to the household consumers during the last winter season..
He also informed to the committee that PLL, another public sector company, was also facing financial problems.
The committee was informed that as per long term agreement with Qatar Petroleum Pakistan was getting liquified natural gas (LNG) for $ 10 per mmcfd.
The panel was also informed that the government was planning to set up a LNG storage in Sindh at the cost of USD 1 billion.
He said the importers intend to sell imported LNG to the consumers directly, but the gas companies were opposing the idea.
Hascol Petroleum has also defaulted on Rs 16 billion of the National Bank of Pakistan.
