Satff Report
ISLAMABAD:
Special Assistant to Prime Minister SAPM) on Power and Petroleum, Tabsih Gauhar is likely to surrender the charge of petroleum division in near future and a former Chief Executive Officer (CEO), Hascol Petroleum Waheed Ahmed Shaikh may be appointed as premier’s aide on petroleum.
According to sources, SAPM on Power and Petroleum Tabish Gauhar, is likely to withdraw the charge of petroleum and it is expected that his role will be restricted to lookafter the affairs of power division only.
“Premier’s aide on power & petroleum Tabish Gauhar will quit the charge of petroleum division in near future and necessary consultations/preparations in this regard are in final stage,” said sources.
Sharing details, the sources said that SAPM Tabish Gauhar is likely to relinquish charge of petroleum division owing to differences with few federal ministers, presenting a detailed plan of reforms for petroleum division and insisting on construction of North-South Gas Pipeline (NSGP) project by the state-owned sui gas companies instead of Russian companies.
About next SAPM on Petroleum, sources said that the name of Waheed Ahmed Sheikh, former chief executive officer (CEO) of Hascol Petroleum is under consideration and it is being mulled to designate the portfolio of the premier’s aide on petroleum to Waheed Ahmed Sheikh, former chief executive officer (CEO) of Hascol, a defaulter company.
It is also learnt from sources that Hascol petroleum’s total loan currently stands at Rs54b as per its latest filed financial statements to Pakistan stock exchange and becomes a defaulter of over Rs16 billion loan to National Bank of Pakistan–NBP. And, a process to obtain Hascol Petroleum by PARCO and Go Petroleum has started and negotiations on re-scheduling of Hescol’s loans with the banks (state-owned and private) is in final stage while a major development regarding sell off of the Hescol Petroleum is expected in the month of September 2021, said sources.
Sources also informed that Hascol petroleum’s total loan stands at Rs54b as per its latest filed financial statements to Pakistan stock exchange and becomes a defaulter of over Rs16 billion loan to National Bank of Pakistan–NBP. They said that the National Bank of Pakistan (NBP) had given an excess loan of Rs 8 billion to Hascol that is above its approved limit. They said Hascol’s banking wise debt obligation suggests that the company has defaulted on Rs4.10billion loan from Habib Bank Limited, Habib Bank Metropolitan Rs 4.92 billion, Meezan Bank Limited Rs 4.29 billion, Askari Bank Limited Rs 4.07 billion, Bank of Punjab Rs 3.98 billion, Sindh Bank Limited Rs 2.88 billion, Faysal Bank Limited Rs 2.071 billion, Bank of Khyber Rs 2.002 billion, Bank Alfalah Limited Rs 1.806 billion. Hescol Petroleum has defaulted on its debt obligation as it has restated its accounts in 2019 and booked billions of losses in historical financials while Hescol is now negotiating with banks for possible debt restructuring and has offered conversion options from debt to equity to banks, said sources.
They added that Hascol Petroleum had made further and offer to banks to purchase its shares and convert them into equity in exchange for the loan it was taking out.
