good for day trade and short term.
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6
ENGRO -- Engro Chemical Pakistan Ltd.
Started by AbDuLmAtEeNkHaN, Sep 27 2006 06:17 AM
ENGRO Engro Chemical Pakistan
1433 replies to this topic
#14
Posted 24 December 2006 - 12:30 AM
the qs is how $1 bn will be raised to finance project.GDR nice solution.right will dilute the earning.what would be co dividend policy considering huge project ahead.i see engro touching new lows.
rest ALLAH know ...buy at your risk.
rest ALLAH know ...buy at your risk.
Muzammil Akhund
#15
Posted 08 January 2007 - 09:18 AM
Engro's bid for Qadirpur gas field considered low
MUSHTAQ GHUMMAN ISLAMABAD (January 08 2007): The federal government considers Engro's bid of Rs101 million low and is therefore, reluctant to award 100 mmcfd gas to Engro Chemicals (Private) Limited from Qadirpur gas field. One of the top officials believes that the bid offered by the firm is below expectations, informed sources in the Finance Ministry told Business Recorder.
Engro was the only company, which won the bid as other pre-qualified parties did not participate in the bid meeting held in the Industries ministry on December 11.
One of the pre-qualified bidders, International Petroleum Investment Company (IPIC) of Abu Dhabi, has approached the Prime Minister's Advisor on Finance, Dr Salman Shah, accusing industries ministry of reportedly clearing Engro for allocation of gas. IPIC was one of the pre-qualified companies who stayed away from the bidding process. Their request for extension in bidding date said not to have been had not accepted by the government.
The official said that the absenting parties did not submit bid bond of $10 million or equivalent amount as per the deadline.
"I do not know if IPIC wrote any letter raising doubts about the bid but what I can say is that we were surprised not to see them in the biding," said another official requesting not to be named.
Asked if the government has approved the bidding of Engro, the official said that he does not know any latest development. He said it has to be finalised by a committee headed by Dr Salman Shah, which would submit its recommendations to Prime Minister Shaukat Aziz who could approve or reject the bid.
The official, however said that Engro had submitted $10 million bid bond but it offered bid of Rs 101 million which according to him is not up to the expectations.
IPIC is also of the view that the price of gas offered by Engro is below the market price and former had planned to offer high bid, an official quoted some of the contents of the letter which was handed over Dr Salman Shah at Lahore before Eid ul Fitr.
Replying to a question, the official confirmed that IPIC had asked the government to delay the bidding till March 2007 but it is not possible
to hold bidding according the wishes of any company.
He further said that the project would not be delayed further as it has already been delayed for one year to ensure transparency.
The official was of the view that one-year delay in the project has already cost the nation about Rs12 billion, which were given as subsidy on import of urea.
"This is the cost of transparency but now any delay is out of question, "the official maintained.
Asked if the government would ask Engro to enhance the bid, the official questioned how much they could raise, adding he said that they may offer a bit more to keep the bid intact.
The urea plant would be set up at a cost of $1 billion with production capacity of 1.3 million tonnes per annum.
MUSHTAQ GHUMMAN ISLAMABAD (January 08 2007): The federal government considers Engro's bid of Rs101 million low and is therefore, reluctant to award 100 mmcfd gas to Engro Chemicals (Private) Limited from Qadirpur gas field. One of the top officials believes that the bid offered by the firm is below expectations, informed sources in the Finance Ministry told Business Recorder.
Engro was the only company, which won the bid as other pre-qualified parties did not participate in the bid meeting held in the Industries ministry on December 11.
One of the pre-qualified bidders, International Petroleum Investment Company (IPIC) of Abu Dhabi, has approached the Prime Minister's Advisor on Finance, Dr Salman Shah, accusing industries ministry of reportedly clearing Engro for allocation of gas. IPIC was one of the pre-qualified companies who stayed away from the bidding process. Their request for extension in bidding date said not to have been had not accepted by the government.
The official said that the absenting parties did not submit bid bond of $10 million or equivalent amount as per the deadline.
"I do not know if IPIC wrote any letter raising doubts about the bid but what I can say is that we were surprised not to see them in the biding," said another official requesting not to be named.
Asked if the government has approved the bidding of Engro, the official said that he does not know any latest development. He said it has to be finalised by a committee headed by Dr Salman Shah, which would submit its recommendations to Prime Minister Shaukat Aziz who could approve or reject the bid.
The official, however said that Engro had submitted $10 million bid bond but it offered bid of Rs 101 million which according to him is not up to the expectations.
IPIC is also of the view that the price of gas offered by Engro is below the market price and former had planned to offer high bid, an official quoted some of the contents of the letter which was handed over Dr Salman Shah at Lahore before Eid ul Fitr.
Replying to a question, the official confirmed that IPIC had asked the government to delay the bidding till March 2007 but it is not possible
to hold bidding according the wishes of any company.
He further said that the project would not be delayed further as it has already been delayed for one year to ensure transparency.
The official was of the view that one-year delay in the project has already cost the nation about Rs12 billion, which were given as subsidy on import of urea.
"This is the cost of transparency but now any delay is out of question, "the official maintained.
Asked if the government would ask Engro to enhance the bid, the official questioned how much they could raise, adding he said that they may offer a bit more to keep the bid intact.
The urea plant would be set up at a cost of $1 billion with production capacity of 1.3 million tonnes per annum.
Click Here For: "Daily Reports From Different Brokerage Houses"
Note: Please make your own due diligence before making any decision
Regards,
Abdul Mateen Khan
#16
Posted 08 January 2007 - 09:18 AM
Engro's bid for Qadirpur gas field considered low
ISLAMABAD (January 08 2007): The federal government considers Engro's bid of Rs101 million low and is therefore, reluctant to award 100 mmcfd gas to Engro Chemicals (Private) Limited from Qadirpur gas field. One of the top officials believes that the bid offered by the firm is below expectations, informed sources in the Finance Ministry told Business Recorder.
Engro was the only company, which won the bid as other pre-qualified parties did not participate in the bid meeting held in the Industries ministry on December 11.
One of the pre-qualified bidders, International Petroleum Investment Company (IPIC) of Abu Dhabi, has approached the Prime Minister's Advisor on Finance, Dr Salman Shah, accusing industries ministry of reportedly clearing Engro for allocation of gas. IPIC was one of the pre-qualified companies who stayed away from the bidding process. Their request for extension in bidding date said not to have been had not accepted by the government.
The official said that the absenting parties did not submit bid bond of $10 million or equivalent amount as per the deadline.
"I do not know if IPIC wrote any letter raising doubts about the bid but what I can say is that we were surprised not to see them in the biding," said another official requesting not to be named.
Asked if the government has approved the bidding of Engro, the official said that he does not know any latest development. He said it has to be finalised by a committee headed by Dr Salman Shah, which would submit its recommendations to Prime Minister Shaukat Aziz who could approve or reject the bid.
The official, however said that Engro had submitted $10 million bid bond but it offered bid of Rs 101 million which according to him is not up to the expectations.
IPIC is also of the view that the price of gas offered by Engro is below the market price and former had planned to offer high bid, an official quoted some of the contents of the letter which was handed over Dr Salman Shah at Lahore before Eid ul Fitr.
Replying to a question, the official confirmed that IPIC had asked the government to delay the bidding till March 2007 but it is not possible
to hold bidding according the wishes of any company.
He further said that the project would not be delayed further as it has already been delayed for one year to ensure transparency.
The official was of the view that one-year delay in the project has already cost the nation about Rs12 billion, which were given as subsidy on import of urea.
"This is the cost of transparency but now any delay is out of question, "the official maintained.
Asked if the government would ask Engro to enhance the bid, the official questioned how much they could raise, adding he said that they may offer a bit more to keep the bid intact.
The urea plant would be set up at a cost of $1 billion with production capacity of 1.3 million tonnes per annum.
ISLAMABAD (January 08 2007): The federal government considers Engro's bid of Rs101 million low and is therefore, reluctant to award 100 mmcfd gas to Engro Chemicals (Private) Limited from Qadirpur gas field. One of the top officials believes that the bid offered by the firm is below expectations, informed sources in the Finance Ministry told Business Recorder.
Engro was the only company, which won the bid as other pre-qualified parties did not participate in the bid meeting held in the Industries ministry on December 11.
One of the pre-qualified bidders, International Petroleum Investment Company (IPIC) of Abu Dhabi, has approached the Prime Minister's Advisor on Finance, Dr Salman Shah, accusing industries ministry of reportedly clearing Engro for allocation of gas. IPIC was one of the pre-qualified companies who stayed away from the bidding process. Their request for extension in bidding date said not to have been had not accepted by the government.
The official said that the absenting parties did not submit bid bond of $10 million or equivalent amount as per the deadline.
"I do not know if IPIC wrote any letter raising doubts about the bid but what I can say is that we were surprised not to see them in the biding," said another official requesting not to be named.
Asked if the government has approved the bidding of Engro, the official said that he does not know any latest development. He said it has to be finalised by a committee headed by Dr Salman Shah, which would submit its recommendations to Prime Minister Shaukat Aziz who could approve or reject the bid.
The official, however said that Engro had submitted $10 million bid bond but it offered bid of Rs 101 million which according to him is not up to the expectations.
IPIC is also of the view that the price of gas offered by Engro is below the market price and former had planned to offer high bid, an official quoted some of the contents of the letter which was handed over Dr Salman Shah at Lahore before Eid ul Fitr.
Replying to a question, the official confirmed that IPIC had asked the government to delay the bidding till March 2007 but it is not possible
to hold bidding according the wishes of any company.
He further said that the project would not be delayed further as it has already been delayed for one year to ensure transparency.
The official was of the view that one-year delay in the project has already cost the nation about Rs12 billion, which were given as subsidy on import of urea.
"This is the cost of transparency but now any delay is out of question, "the official maintained.
Asked if the government would ask Engro to enhance the bid, the official questioned how much they could raise, adding he said that they may offer a bit more to keep the bid intact.
The urea plant would be set up at a cost of $1 billion with production capacity of 1.3 million tonnes per annum.
#17
Posted 11 January 2007 - 01:46 PM
Prime Minister approves Rs 101 million Engro bid for 100 mmcfd gas
MUSHTAQ GHUMMAN
ISLAMABAD (January 11 2007): The Prime Minister Shaukat Aziz has approved Engro's Rs 101 million bid for gas from Qadirpur field to set up fertiliser plant, despite opposition by the Ministry of Petroleum and Natural Resources, sources in Petroleum Ministry told Business Recorder here on Wednesday.
"The Prime Minister discussed the issue in detail with all top officials of concerned ministries, some of whom did not agree to allocate the gas to Engro at the price the company had offered," sources said.
They said that Petroleum Secretary Ahmad Waqar, who is also responsible to watch the interests of gas entities, was of the view that the price offered by the single bidder was not up to expectations, and suggested that it would be better to allocate specified quantity of gas for setting up power project, rather than to the fertiliser plant.
He was also member of the committee headed by Prime Minister's Advisor on Finance, Dr Salman Shah, which had been mandated to evaluate the bid, or bids if any, for submission to the Prime Minister for final approval.
"I do not agree with the proposal to allocate gas to Engro at the offered royalty, and my staff will send the dissenting note to the committee in writing," another official quoted Waqar as saying at a meeting of the committee.
Sources said that the committee had recommended three options to the Prime Minister, top of which was re-bidding of 100 mmcfd gas. Second priority was given to the power sector and, lastly, Engro. The participants of the meeting compared the benefits of gas allocation to fertiliser and power plants.
It was calculated that if gas was allocated to a power plant, the government would be able to save $250 million per annum in case of less import of furnace oil, while in the case of fertiliser plant, the saving would be around $450 million. One participant also proposed that Engro should be asked to enhance the bid amount, but the meeting did not find any reasonable way to convey such demand to the firm.
Sources said that the meeting also set aside re-bidding proposal, saying that it would delay the project further as it has already been delayed by one year to ensure transparency.
The official was of the view that one-year delay in the project had already cost the nation about Rs 12 billion, which was given as subsidy on import of urea. The meeting discussed the issue in detail and decided to allocate gas to Engro for setting up fertiliser plant.
It may be mentioned here that one of the pre-qualified bidders, International Petroleum Investment Company (IPIC), of Abu Dhabi, had approached the government and asked for extension in bidding date to March 2007 but its request was not entertained. The official said that the absenting parties had not submitted bid bond of $10 million or equivalent amount as per the deadline.
Sources said that IPIC had given a letter to Dr Salman Shah some two weeks ago in Lahore, raising queries over the bidding process, but he told a private TV channel a couple of days ago that he did not receive the letter.
Earlier, an official told this scribe that Engro had submitted $10 million bid bond, but offered the bid of $1.5 million, which according to him was not up to the expectations.
He said that the project would not be delayed further as it had already been delayed by one year to ensure transparency. It is pertinent to note that the fertiliser plant would be set up at a cost of $1 billion with production capacity of 1.3 million tonnes per annum and hundreds of people would get jobs.
MUSHTAQ GHUMMAN
ISLAMABAD (January 11 2007): The Prime Minister Shaukat Aziz has approved Engro's Rs 101 million bid for gas from Qadirpur field to set up fertiliser plant, despite opposition by the Ministry of Petroleum and Natural Resources, sources in Petroleum Ministry told Business Recorder here on Wednesday.
"The Prime Minister discussed the issue in detail with all top officials of concerned ministries, some of whom did not agree to allocate the gas to Engro at the price the company had offered," sources said.
They said that Petroleum Secretary Ahmad Waqar, who is also responsible to watch the interests of gas entities, was of the view that the price offered by the single bidder was not up to expectations, and suggested that it would be better to allocate specified quantity of gas for setting up power project, rather than to the fertiliser plant.
He was also member of the committee headed by Prime Minister's Advisor on Finance, Dr Salman Shah, which had been mandated to evaluate the bid, or bids if any, for submission to the Prime Minister for final approval.
"I do not agree with the proposal to allocate gas to Engro at the offered royalty, and my staff will send the dissenting note to the committee in writing," another official quoted Waqar as saying at a meeting of the committee.
Sources said that the committee had recommended three options to the Prime Minister, top of which was re-bidding of 100 mmcfd gas. Second priority was given to the power sector and, lastly, Engro. The participants of the meeting compared the benefits of gas allocation to fertiliser and power plants.
It was calculated that if gas was allocated to a power plant, the government would be able to save $250 million per annum in case of less import of furnace oil, while in the case of fertiliser plant, the saving would be around $450 million. One participant also proposed that Engro should be asked to enhance the bid amount, but the meeting did not find any reasonable way to convey such demand to the firm.
Sources said that the meeting also set aside re-bidding proposal, saying that it would delay the project further as it has already been delayed by one year to ensure transparency.
The official was of the view that one-year delay in the project had already cost the nation about Rs 12 billion, which was given as subsidy on import of urea. The meeting discussed the issue in detail and decided to allocate gas to Engro for setting up fertiliser plant.
It may be mentioned here that one of the pre-qualified bidders, International Petroleum Investment Company (IPIC), of Abu Dhabi, had approached the government and asked for extension in bidding date to March 2007 but its request was not entertained. The official said that the absenting parties had not submitted bid bond of $10 million or equivalent amount as per the deadline.
Sources said that IPIC had given a letter to Dr Salman Shah some two weeks ago in Lahore, raising queries over the bidding process, but he told a private TV channel a couple of days ago that he did not receive the letter.
Earlier, an official told this scribe that Engro had submitted $10 million bid bond, but offered the bid of $1.5 million, which according to him was not up to the expectations.
He said that the project would not be delayed further as it had already been delayed by one year to ensure transparency. It is pertinent to note that the fertiliser plant would be set up at a cost of $1 billion with production capacity of 1.3 million tonnes per annum and hundreds of people would get jobs.
#18
Posted 13 January 2007 - 04:08 PM
Board Meeting:
Engro Chemical Pakistan Ltd
20.01.2007
09:30 am
Karachi
(Saturday)
Annual Accounts for 2006
Engro Chemical Pakistan Ltd
20.01.2007
09:30 am
Karachi
(Saturday)
Annual Accounts for 2006
Click Here For: "Daily Reports From Different Brokerage Houses"
Note: Please make your own due diligence before making any decision
Regards,
Abdul Mateen Khan
