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HASCOL Petroleum corruption: Senate panel summons SECP, FIA, SBP


July 27, 2021
ISLAMABAD: The Senate’s Standing Committee on Petroleum on Monday expressed serious concern over the massive corruption scandal of multi-billion rupees in Hascol Petroleum by its top management and summoned SECP, State Bank, Ministry of Petroleum, FIA and other relevant departments in its next meeting.
The committee met in the Parliament House on Monday with Senator Abdul Qadir in the chair and discussed this huge corruption in this public listed company in which tens of billions of rupees of investors had sunk.
Senator Afnan Ullah Khan said that the management of Hascol had made Rs7.5 billion of fake purchase orders while its Chief Executive Officer (CEO) has done fraud of Rs8 billion in oil. This company has made accumulative fraud of around Rs75 billion. He asked the chair to summon the relevant investigative bodies to know their progress in the case. ....

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Petroleum division wants NAB reined in - Newspaper


• Bureau blamed for stifling govt officials’ initiative to take decisions
• Secretary says 200mmcfd capacity at LNG terminals remains unutilised
• Senators agree anti-graft watchdog damaging business environment
ISLAMABAD: Reporting the petroleum sector’s circular debt at about Rs1.2 trillion, the petroleum division on Wednesday said the National Accountability Bureau’s (NAB) “brutal act” was causing a heavy cost to the economy and needed to be reined in to let the country achieve its potential.
Petroleum Secretary Dr Arshad Mahmood, while testifying before the Senate Standing Committee on Petroleum, said NAB had dispossessed the government officials of the initiative to take decisions. ....

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New oil refining policy to be submitted before Federal Cabinet soon: Senate body


Daily Times
July 1, 2021
The Senate’s Standing Committee on Petroleum was told on Wednesday that the new oil refining policy, which mainly focused on attracting maximum investment in this sector, would soon be presented before the Federal Cabinet for its approval.
The policy would allure huge investment in the oil refining sector by offering tax rebate to the local and foreign investors for up-gradation and establishment of new deep-conversion refineries, Secretary Petroleum Dr Arshad Mahmood informed the meeting, chaired by Senator Abdul Qadir.
It was the maiden meeting of the Senate panel after its reconstitution aimed at getting a detailed briefing on working and performance of the Petroleum division and its attached departments. At the outset of the meeting, the chairman highlighted the important role of the Petroleum Division in meeting the country’s ever-growing energy needs. He called for exploring innovative means and ways to replenish the shortage of e ....

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