Karachi, Sui Northern Gas Pipelines Limited informed Pakistan Stock Exchange that A dispute between Quaid e Azam Thermal Power (Private) Limited (QATPL) and SNGPL regarding the non- off take of the Take or Pay (contractual quantities) of RLNG by QATPL was pending in the London Court of International Arbitration (LCIA).
The LCIA Arbitrator has now delivered its arbitral award in favour of SNGPL validating SNGPL claims against QATPL on account of failure to off take the Take or Pay quantities by QATPL. The significant portion of the related litigation and arbitration costs are also held to be borne by QATPL. The Arbitrator has further held that SNGPL has rightfully en-cashed the Security deposits held by it and has directed the QATPL to replenish the same as per the contractual requirements.
Sui Northern Gas Pipelines Limited (SNGPL) was incorporated as a private limited Company in 1963 and converted into a public limited company in January 1964. The Company took over the existing Sui-Multan System (217 miles of 16 inch and 80 miles of 10 inch diameter pipelines) from Pakistan industrial Development Corporation (PIDC) and Dhulian-Rawalpindi-Wah system (82 miles of 6 inch diameter pipeline) from Attock Oil Company Limited.
Sui Northern Gas Pipelines Limited (SNGPL) is the largest integrated gas company serving more than 7.13 million consumers in North Central Pakistan through an extensive network in Punjab, Khyber Pakhtunkhwa and Azad Jammu & Kashmir. The company has also expanded its activities as Engineering, Procurement and Construction (EPC) Contractor to undertake the planning, designing and construction of pipelines, both for itself and other organizations.
SNGPL transmission system extends from Sui in Baluchistan to Peshawar in Khyber Pakhtunkhwa comprising over 9,143.75 KM of Transmission System (Main lines & Loop lines). The distribution activities covering 5,065 main towns along with adjoining villages in Punjab & Khyber Pakhtunkhwa are organized through 16 regional offices. Distribution system consists of 140,003 KM of pipeline.
The Company is listed on Pakistan Stock Exchange Limited with the total number of shares of the Company that is 634,216,665. The Earnings per shares of the Company is 9.46 in 2020 which was 11.16 in 2019. The Profit after taxation in 2020 is Rs. 5,997,709,000 which was 7,075,834,000 in 2019.