ISLAMABAD: Special Assistant to Prime Minister (SAPM) on Power and Petroleum, Tabsih Gauhar, is likely to surrender the charge of petroleum division shortly and a former Chief Executive Officer (CEO), Hascol Petroleum, Waheed Ahmed Shaikh, may be appointed as premier’s aide on petroleum.
According to sources, Gauhar is likely to be asked to withdraw the charge of petroleum and it is expected that his role will be restricted to look after 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 the final stage,” said sources.
Sharing details, the sources said that 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 a construction of North-South Gas Pipeline (NSGP) project by the state-owned Sui gas companies instead of Russian companies.
About the next SAPM on Petroleum, sources said that the name of Waheed Ahmed Sheikh, former CEO of Hascol Petroleum is under consideration.
Sources also informed that Hascol petroleum’s total loan stands at Rs54bn 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 NBP had given an excess loan of Rs8bn to Hascol that is above its approved limit. They said Hascol’s banking wise debt obligation suggests that the company has defaulted on Rs4.10bn loan from Habib Bank Limited, Habib Bank Metropolitan Rs4.92bn, Meezan Bank Limited Rs4.29bn, Askari Bank Limited Rs4.07bn, Bank of Punjab Rs3.98bn, Sindh Bank Limited Rs2.88bn, Faysal Bank Limited Rs 2.071 billion, Bank of Khyber Rs2.002bn, Bank Alfalah Limited Rs1.806bn. 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 an offer to banks to purchase its shares and convert them into equity in exchange for the loan it was taking out.
