2 Government of Khyber Pakhtunkhwa Energy & Power Department Presentation to Provincial Steering Committee on Energy regarding Oil & Gas company
The Provincial cabinet in its meeting held on 11-01-2011 approved establishment of Khyber Pakhtunkhwa Oil & Gas Limited Company.
Selection of Consultant for Detail business for the company finalized. Report submitted by the consultant and was presented to Provincial Cabinet. The report will also be presented in the first meeting of the Board of Directors of the company. Selection of consultant for Preparation of memoranda, registration with Security Exchange Commission of Pakistan and preparation of bill for Provincial Assembly made. 4
For online registration with SECP, the signatures from Directors of Board is in final stages. The work on Memorandum of Article and Article of Association will be submitted to SECP soon. The provincial Cabinet approved Authorized capital of the company as Rs 1. Bln and paid up capital as Rs. 500 Mln. ….. Cont
Decisions Required Finance Department to immediately arrange Rs. 5.00 Mln as Fee for registration of the company with SECP. Finance Department to arrange paid-up Capital of Rs. 500 Mln to be deposited upfront in the company account. Department to advertise the Post of CEO of the company as IBA refused to extend their services. The search committee as in the case of VC be used for selection of CEO. In case of non availability of name of KPOGDLC, new name will be used for company like Pakhtunkhwa Petroleum Company Limited