Business

Petroleum division seeks Third Time Extension in tenure of SSGC Board

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Web Desk

3 years ago

Our Correspondent

ISLAMABAD: Petroleum Division wants to extend the term of the SSGC board for the third time.

Petroleum Division has asked Sui Southern Gas Company (SSGCL) to take up matter with Securities Exchange Commission of Pakistan (SECP) about a third extension of the company board’s term.

The government has already given the board two extensions.

Now, it is trying to get SECP’s permission to extend the term of the SSGC board for a third time.

In a letter to SSGC, the Petroleum Division said that the nominations for the Board of Directors (BoDs) of SSGCL on behalf of the Federal Government are still being finalised.

This is because they have to meet a long list of legal/codal requirements, including approval from the Federal Cabinet, and the same process will take more time to finish.

Read more: https://newztodays.com/ssgc-board/

In light of this, the elections for the Board of Directors of SSGCL may be put off for another 180 days to give the Federal Government time to finish all the legal requirements for the upcoming election of BoDs of SSGCL, including finalising the nominations of Directors on the BoDs of SSGCL, the Petroleum division said.

SSGC board ended on October 28, 2022. After five months, the ministry has not picked new leaders.

However, the ministry asked the Securities and Exchange Commission of Pakistan (SECP) for a three-month board term extension, which was allowed as a one-time exception to SECP rules.

The Ministry of Energy (Petroleum Division) asked the SECP for another 90 days because it did not name new directors by January 26, 2023.

Another delay was given, which ended on April 26, 2023.

Now, the government had asked SSGC to ask SECP for another extension.

The company used to be the best public utility in the area, but now it can’t give its customers a steady supply of gas and has been losing money due to gas theft and leaks for three years.

Stakeholders in SSGC want the coalition government to do the right thing and name professionally qualified directors to lead the company out of the quagmire.

Web Desk