ISLAMABAD: Billion rupees worth of funds of the Government Holding Private Limited (GHPL) are allegedly being used by Pakistan LNG Ltd (PLL) and Pakistan LNG Terminal Ltd (PLTL) without the necessary approval of provinces, it has been learnt.
Well-informed sources disclosed to Pakistan Today that billion rupees funds of GHPL are allegedly being utilised by PLL and PLTL without required permission of the provinces. They said a standby letter of credit worth $20 million was allegedly issued to Pakistan Gasport LNG terminal company from the funds of GHPL. They also said that PLL and PLTL are utilising these funds to run their business related with LNG and its import to the country despite the fact that the funds of the GHPL were made to be utilised for an increase in local oil and gas production. However, the local gas production of the country has decreased to 40 crore cubic feet per day due to lack of ruler’s interests in it, said sources.
They added that the ruling elite have so far remained all out to promote LNG business and GHPL’s funds are allegedly being utilised in LNG companies to meet the purpose.
Sources also said that billion rupees worth funds of GHPL are allegedly being used to meet the expenses of ISGS, PLL and PLTL. Funds of GHPL are given to the companies (PLL & PLTL) as short-term loans which will be recovered, they added.
GHPL was formed in 2000 with the aim to increase local oil and gas production. And, GHPL has made investments in country’s 131 oil and gas fields and blocks with national and international E&P (exploration and production) companies. Annual earnings of GHPL are more than Rs45 billion, said sources.
It is relevant to mention that Prime Minister Shahid Khaqqan Abbasi has made Mubeen Solat as head of ISGS for the third time. PM Abbasi also made him the top man of three different companies. Solat also remained a blue-eyed of former Advisor to Petroleum Dr Asim Hussain.
The sources said that PM Abbasi did not extend the job contract of Azam Sofi, MD, PLTL apparently over imposing $30 million as penalty on Pakistan Gasport LNG terminal company and appointed Mubeen Solat as the top man of PLTL. Similarly, former MD, GHPL was shown the door over opposing issuance of $20 million standby letter of credit and Solat was made the head of GHPL. He also remained head of three different companies till February 2018.
Despite repeated attempts via telephone calls, sending Whatsapp text etc till the filing of this story, MD GHPL and ISGS, Mubeen Sulat did not bother to respond and did not appear to give official words on a questionnaire related to GHPL’s funds and its use by PLL and PLTL.
The questionnaire included questions such as, What was the size of available funds with GHPL in 2013 and what is its current position?, Is the funds being utilised in consultation with the provinces for increase in local gas production from 2013 till today (till now)?, Is it true that the funds of GHPL are being utilised by Pakistan LNG Ltd and Pakistan LNG Terminal Ltd to run their businesses? And, if yes, how much amount of GHPL is utilized by PLNG Lted and PLNG Terminal Ltd?, Is the consent/approval of provinces were ensured over the utilization of GHPL’s funds by PLNG Ltd and PLNG Terminal Ltd? and is the utilisation of GHPL’s funds by PLNG Ltd and PLNG Terminal Ltd to run their respective businesses attached with imported gas, not against the rules?
