Trade Chronicle March - April 2017

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TRADE CHRONICLE Oil & Gas Shell Pakistan posts record profit after tax of PKR 6,764 million T h e B o a r d o f Directors of Shell Pakistan Limited announced the financial results for the year ended D e c e m b e r 3 1 , 2016. The Company posted an after tax profit of PKR 6,764 million and announced a final divided of PKR 28 per share in addition to the interim dividend of PKR 6. Jawwad Cheema, Managing Director, Shell Pakistan stated “It has been a remarkable year for Shell Pakistan, both in terms of financial performance and in the value offering to our customers. We delivered a record profit of PKR 6.7 billion – the highest in two decades and a six-fold increase since last year. This year we also brought the best of our global fuel portfolio offering – Shell V-Power for the Pakistani customer. This was made possible due to the Government's decision to open up the market by deregulating premium fuel, and allowing OMC's to enhance product offering and choices for customers. For continued improvement in performance, it is imperative to have a conducive environment and we look forward to support from the Government in bringing about further infrastructural and policy improvements in the sector that will allow us and other players to play a better role in building Pakistan's energy future.” PSO launches brand building campaign for low-sulfur “Action + Diesel” The country's flagship oil marketing company, PSO, has launched campaign for its newly introduced diesel product “Action +” which marked the beginning of environment and vehicle-friendly diesel products in the country. The campaign highlights benefits of “Action + Diesel” which, due to its low sulfur content, ensures a cleaner environment, and better performance of vehicles. “Action +”not only produces fewer greenhouse gas emissions, but also extends lubricant and engine life. The resultant emission reductions of hydrocarbons and oxides of nitrogen by use of low-sulfur diesel will be a huge step forward toward ensuring a healthy environment in the country. Sharing his thoughts, Mr. Sheikh Total Parco Pakistan Limited (TPPL), as a strategy for long term relations with industry leaders, has signed a contract with Daewoo Pakistan Express Bus Service (DPESL) for supply of lubricants. In a agreement signed at TPPL Head Office, Lahore, Mr. Olivier Sabrie, Chief Executive Officer, TPPL & Mr. Shaheryar Chishty, Chief Executive Officer (DPESAL), formalized the arrangement, whereby TPPL will supply lubricants for DPESL fleet comprising of more than 320 intercity buses operating from 56 I m r a n UlHaque, C E O & M D o f PSO, said: “ W e a t PSO take immense p r i d e i n Sheikh Imran CEO, PSO being the first mover of the low-emission Euro-II compliant diesel product in the country. PSO has always been a frontrunner in playing the role of the primary catalyst for Pakistan's fuel revolution. Being the country's leading oil marketing company, we will continue our responsible and proactive approach towards improving the country's fuelling experience while at the same time ensuring a better and cleaner environment,” he added. Total PARCO joins hand with Daewoo Express Bus Service cities in Pakistan, and 250 city buses operating in Lahore and Multan. Total Parco Pakistan Ltd. is a joint venture company between Total S.A the world’s fourth largest oil & gas company and PARCO, with one of the most modern refinery and corss contry pipeline network in Pakistan. TRADE CHRONICLE - Mar .~April. 2017 - Page # 26
TRADE CHRONICLE Cement Industry Lucky Cement inaugurates fifth Waste Heat Recovery Plant Lucky Cement Limited inaugurated its fifth Waste Heat Recovery plant earlier this year in Pezu, Khyber Pakhtunkhwa. The inauguration ceremony took place on 15th February 2017 and was attended by Mr. Muhammad Ali Tabba, CEO, Lucky Cement Limited, and other senior management of Lucky Cement. Previously, Lucky Cement had four Waste Heat Recovery Plants, two in Pezu and two at the Karachi Plant. The fifth plant, in collaboration with Sinoma Energy Conservation Ltd, China, became operational last month. Under this project, two cement production lines with a daily output of 2,400 tons were used, which will offer an installed power of 10 megawatts. The design of these plants hinges around the idea of encapsulating all the wasted heat from the production system and using this heat to generate steam from b o i l e r s w h i c h eventually run the turbine engines, thus producing electricity. Speaking on the o c c a s i o n , M r . M u h a m m a d A l i Tabba, CEO Lucky Cement Limited, said, “We, being one of the leading cement manufacturers in Pakistan, have the responsibility to reduce energy consumption and improve the environment. With the launch of our fifth WHR plant, we aim to do just that.” CEO Mr Mohammad Ali Tabba cutting the ribbon at Inauguration of the new WHR at Pezu along with Executive Director Mr. Noman Hasan and Director Operations Mr. Mohammad Shabbir He added that “Our WHR plant has not only significantly reduced cost by co-generating electricity, it also helps lower dust emissions and environmental effluents thus having a p o s i t i v e i m p a c t o n t h e atmosphere.” Cement despatches decline in February 2017 In spite of cement consumption having rebounded in the domestic market in February; the industry registered a negative growth for the first time this fiscal due to the massive decline of 45 percent in exports. Total cement consumption in February 2017 was 3.435 million tons that is 0.41 percent less than the consumption of 3.449 million tons during the corresponding month of last year. The domestic cement consumption in February was 3.181 million tons out of which 2.580 million tons was despatched by the North based cement mills and 0.601 million tons was despatched by cement mills located in the Southern part of the country. The increase in domestic consumption was 6.69 percent. Exports in February stood at 0.254 million tons that is 45.69 percent less than exports achieved in February 2016. In the first eight months of this fiscal the country despatched 26.339 million ton cement showing an overall growth of 6.36 percent over the corresponding period of last fiscal. During this period the domestic consumption increased by 9.12 percent but exports declined by 8.54 percent. It is worth noting that the cement consumption during July- February period of this fiscal increased by 8.26 percent in the North and by 13.15 percent in the Southern part of the country. In contrast the exports from North declined by only 2.98 percent compared with a decline of 18.21 percent in the South. This should be a matter of concern for the authorities because in the past the South based mills being nearer to sea were leading cement exporters. Spokesman of APCMA said that Clinker and Cement are being manufactured locally and are abundantly available in Pakistan. It is surprising to note that the list of locally manufactured goods as notified by the Federal Board of Revenue vide Custom General Order no. 11 of 2007 dated August 28, 2007, does not include cement. Secondly, the import of clinker and cement is liable to 10% and 20% of customs duty and due to cheap energy TRADE CHRONICLE - Mar .~April. 2017 - Page # 27 cost in neighboring countries; lowgrade quality cement is being dumped in the Pakistani market. It is urged to increase the customs duty on import of clinker and cement from 10% & 20% to 35% in order to support the local manufacturers and imports of cement should not be allowed until exporters have registered themselves with Pakistan Standards and Quality Control Authority (PSQCA) and PSQCA certified the quality of cement, just as being done by India and all other importing countries' authorities. Pakistan has already lost a major chunk of its market in Afghanistan to Iranian cement. The high energy cost has made the cement more expensive as cement is an energy intensive sector. The cost of electricity and gas in Pakistan is the highest in the region while additional duties on coal imports have nullified the lower cost of coal in the global markets. On the domestic front high government levies have encouraged some unscrupulous elements to smuggle or import under invoiced Iranian cement.
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Trade Chronicle March - April 2017

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