Islamabad: Energy Minister Hammad Azhar on Tuesday (February 15) announced an adjustment to the Sandak Project’s profit share, which has increased the government’s share from 50% to 53% of the total, according to news sources. The new agreement was negotiated in consultation with stakeholders and the Balochistan government.
Balochistan would receive a royalty of 6.5% of the proceeds, up from previous 5%
Balochistan’s government social uplift support has been increased from 5% to 6.5% of net earnings
Balochistan will get an increase in annual rent by up to 40% (indexed with price)
Royalty to Govt of Balochistan enhanced from 5% to 6.5% of sales revenue. Social uplift support to GOB from 5% to 6.5% of net profit & increase in annual rent by up to 40% (indexed with price). This agreement has been concluded in consultation with all stakeholders incl GOB.
Furthermore, Minister Azhar stated that the 2,500 square kilometre oil and gas exploration Baska Block site in Dera Ghazi Khan, Dera Ismail Khan, and Musa Khel will be taken over by Pakistan Petroleum Ltd (PPL). The decision to retake control of the exploration site from China ZhenHua Oil Co., Ltd., citing their inability to conduct exploratory activities since 2007. It was announced that government entities will carry out the block’s exploration.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
