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Efforts to recover PPL MD intensified

RECORDER REPORT

KARACHI: Efforts have been intensified to recover the managing director Pakistan Petroleum Ltd.(PPL), Syed Munsif Raza, who was kidnapped five days ago.

The federal cabinet members of the two concerned ministries are using their good offices to solve the mystery of Munsif's disappearance, but so far no trace is said to have been found by the official agencies, sources on Wednesday said.

The Minister of Petroleum and Natural Resources was taking personal interest in the investigation. The PPL management has also sought the federal interior ministry's assistance to safely recover its chief executive, sources said.

The base of probe has been broadened, sources said. The Chief Secretary of Balochistan has also been asked to activate his provincial agencies for helping the other agencies, sources said.

They expressed concern that this unprecedented incident was sending negative signals to other international oil and gas exploration companies. The fuel and energy sector is the second largest in the economy in terms of market capitalization worth over Rs.102 billion (about 2.0 billion dollars).

PPL is the owner of the largest gas field of the country, besides having shares in various other hydrocarbon fields in Pakistan. It supplies about 1,000 million cubic feet of gas per day (mmcfd) to the nation. The quantity constitutes about 55 percent of the country's total gas production.

The PPL managing director was allegedly kidnapped by four armed men while he was on his way to see a friend in the vicinity of Tipu Sultan Road, on Saturday last. Since then his whereabouts are unknown.

APP adds: He said that Pakistan Steel Mills is not being privatised, and added that certain measures are under consideration to resolve the problems and improve the financial health of this industrial giant.

"The restructuring and balancing, modernisation and rehabilitation (BMR) has to be done to bring it back on the track of efficiency and profitability," he said.

He said that ministry of industry is looking into the problems pertaining to the units already privatised.

Responding to a question, he said the investment climate in the textile industry is good and it is improving and production this year has been good.