Pakistan Company News

Material Information of Pakistan Petroleum Limited

Karachi, Pakistan Petroleum Limited informed Pakistan Stock Exchange e that the Company has been granted a large scale Mining Lease for Lead and Zinc, in District Khuzdar, by the Government of Balochistan and in this regard a Large Scale Mining Lease Deed has been executed, for large scale mining and establishment of a Lead-Zinc processing plant in District Khuzdar, Balochistan over an area covering 30 (7413.16 acres). The lease is valid for a term of thirty (30) years and shall be operated by Bolan Mining Enterprises, a 50:50 Joint Venture between PPL & GoB.

Pakistan Petroleum Limited was incorporated in Pakistan in 1950 with the main objectives of conducting exploration, prospecting, development and production of oil and gas resources. The company has also established a wholly-owned subsidiary, PPL Asia E&P B.V. with corporate seat in Amsterdam, Kingdom of Netherlands. The subsidiary will focus on exploration and production of oil and gas in the region. PPL has assigned its interest in Block 8, Iraq, under the Exploration, Development and Production Service Contract with Midland Oil Company, Iraq to PPL Asia E&P B.V.

The total number of shares are 2,720,967,548. The Earnings per share is 18.47 in 2020 which was 22.65 in 2019. The Profit After Taxation is 50,256,270,000 in 2020 which was 61,632,364,000 in 2019.