Rs3.5m welfare projects in KP on the cards
Italy banks need new round of consolidation
A new round of consolidation is needed in Italy's banking sector to improve efficiency and boost profitability, the Bank of Italy's director general Alessandra Perrazzelli said.
Speaking at a conference, Perrazzelli said smaller banks in the south of Italy in particular would find life difficult without mergers of some kind. (Reporting by Stefano Bernabei, writing by Stephen Jewkes)
Oil and Gas Development Company Limited ( OGDCL) and MOL Pakistan have allocated an amount of Rs305.76 million to carry out welfare schemes and development projects in three oil and gas producing districts of Khyber Pakhtunkhwa during the current fiscal year.
Under the Corporate Social Responsibility (CSR) initiatives, the OGDCL would spend Rs14.95 million in Kohat district and Rs187.11 million in Karak district, while MOL Pakistan has allocated Rs103.70 million in Karak districts, Kohat and Hangu for the purpose, according to an official document available with APP.
The OGDCL would utilize funds amounting to Rs0.922 million for establishment of Computer and Language Centre at Government College Technology Kohat, for which tendering is in process.
Whereas, around five underground water storage tanks are being constructed in different localities of the district, besides installing solar system on existing pressure pumps and providing 1500 RFT (Remote-Field Testing) pipeline at a cost of Rs0.906 million.
It is also spending Rs12.63 million for construction of room, "causeway and RCC bridge" at different locations of Shakardara, Rs 0.187 million on establishment of pond at Sherabad ( Sharki Sherinai), Kohat district and 0.30 million for provision of football kits to local teams besides arranging cricket tournament.
In Karak district, the OGDCL would provide Rs27.55 million for construction of an academic block at the Post Graduate College and new rooms at primary schools besides providing study benches.
The company would also give funds amounting to Rs 24.50 million for provision of an ambulance for Karak Hospital and establishment of a Trauma Centre at the DHQ hospital, Rs89.70 million for execution of water supply schemes, installation of pressure pumps and solar panels, Rs25.68 million for infrastructure development and Rs19.68 million for up- gradation of cricket stadium.
The MOL Pakistan has allocated Rs103.70 million for carrying out water supply, health, education and infrastructure development projects during the year 2019-20.
Every year, Exploration and Production (E&P) companies allocate some percentage of their pre-tax profit to provide facilities like education, health, clean drinking water, vocational training and infrastructure development in their respective oil and gas producing districts under the Petroleum Concession Agreements.
For effective execution of the projects, Social Welfare Committees, constituted after Guidelines-2017, of different E&P companies are operating in their respective oil and gas producing districts.
As per the existing formation, Member National Assembly is the chairman of Social Welfare Committee of his respective oil and gas producing district, DCO/ DC is member/ secretary, while MPA, district nazim/ chairman of district council, tehsil nazim/ chairman of tehsil council, nazim/ chairman of union council are its members.