Rebuttal on the news item appeared in the print media titled “Funds of GHPL being used by PLL, PLTL, sources”
This has reference to the news item appearing in print media regarding “Funds of GHPL being used by PLL, PLTL, sources” and the same is hereby denied as being baseless and incorrect on the following facts:
Government Holdings (Private) Limited (GHPL) is 100% owned by Federal Government with a mandate to act as an E&P company and to hold the Federal Government’s Working Interest as the state participator in various petroleum rights. In terms of Memorandum and Articles of Association of GHPL, the Company is mandated to acquire the Federal Government’s Working Interest in existing and new petroleum joint ventures as well as is authorized to undertake incorporation of affiliated companies, holding shares in other companies, utilizing its funds and making investment in projects which would benefit GHPL upon the direction of Federal Government. The reference regarding consent/approval of Provinces for utilization of GHPL’s Funds for PLTL and PLL has been misconceived and misreported. Entry 27 of the Part I of the Federal Legislative List deals with the exclusive authority of Federal Government with respect to matters relating to imports and exports. The subsidiaries dealing LNG import and Regasification Terminal Projects were incorporated by GHPL in pursuance of Federal Government directions vide ECC decision. As being parent Company and in consistent with the directions of the Federal Government, the initial funding support to PLL and PLTL has been provided by GHPL.