Latest news with #EVTL
Business Recorder
22-04-2025
- Business
- Business Recorder
Decisions, orders: Ministries' delay ‘tactics' draw the ire of SIFC's EC
ISLAMABAD: The Executive Committee (EC) of the Special Investment Facilitation Council (SIFC) has expressed annoyance at the ministries for allegedly using delaying tactics in adherence to its decisions and instructions in letter and spirit, well-informed sources told Business Recorder. These assertions were made by the EC in its previous meeting after claiming that the Ministries are implementing its decisions half-heartedly. 'The forum observed that decisions rendered by various committee of SIFC (AC, EC &IC) are not being adhered to in true letter and spirit,' the sources added. PQA land sale: PM Shehbaz constitutes inquiry body The forum reiterated that directions of the SIFC are binding and may be taken in true letter and spirit in accordance with para 10 E & H of SIFC Act. The forum also raised concerns over inordinate delays in the approval of summaries/other documents due to lack of pursuance by the parent Ministry/Department. The SIFC-EC directed that the parent Ministry initiating the summary for approval of Prime Minister, Federal Cabinet, the Economic Coordination Committee (ECC) of the Cabinet or any other forum shall be responsible to expedite the summary at each stage of process including seeking input of involved stakeholders. In future no excuse regarding the delay of summaries will be accepted. On the issue of continuation of LPG and Liquid Chemical Terminal at PQA, the EC was informed that PQA and EVTL signed the 2nd Supplemental Implementation Agreement (SLA) on January 15, 2025 and 3rd SLA on February 24, 2025. EVTL submitted an initial proposal on January 15, 2025. The meeting was further informed that multiple meetings were held between PQA and EVTL teams in presence of representatives of MoMA, SIFC and Ministry of Finance. Detailed analysis of EVTL's model, study of its financial statements and contractual obligations was carried out to establish model's veracity. Resultantly, EVTL submitted their final proposal on February 26, 2025. On February 27, 2025, PQA Board proposed to approve extension in concession term in favour of EVTL for another 30 years from June 18, 2026 on BOT and non-exclusive basis subject to concurrence by MoMA and SIFC. The SIFC-EC endorsed the PQA Board decision for extension in concession term and asked MoMA to immediately process the summary to seek approval from the Federal Cabinet through Cabinet Committee on SIFC (CCoSIFC) without any further delay. On navigational channel dredging, Chairman PQA stated that tender documents for dredging project were published on February 13, 2025. Pre-bid meeting was held on February 24, 2025 which was attended by six companies. He further stated that responses to queries submitted by dredging companies are being processed according to procedures outlined in the tender documents. Bid submission date was April 7, 2205. Dredging project after completing all codal formalities is likely to commence in 3rd quarter of 2025 and completed by third quarter of 2027. The meeting decided that MoMA/PQA to conduct a case study for identification or underlying causes leading to delay in dredging since 2010, so as take preventive measures in future. Both MoMA and PQA were also directed to ensure that the timelines for capital dredging must be followed without delays. Copyright Business Recorder, 2025
Yahoo
27-03-2025
- Business
- Yahoo
Vertical Aerospace Unfairly Undervalued, Says Bullish Analyst
D. Boral Capital analyst Jesse Sobelson initiated coverage on Vertical Aerospace Ltd. (NYSE:EVTL) on Thursday with a Buy rating and a price forecast of $15. The analyst notes that the company has recently positioned itself as one of the few remaining European-based players in the increasingly competitive electric vertical takeoff and landing (eVTOL) aircraft market. While some European competitors have struggled financially, EVTL recently secured strategic investments and provided an updated long-term roadmap in late 2024, adds the analyst. Also, the analyst notes that EVTL's proactive collaboration with regulators and its advanced stage in the certification process position it well to meet key milestones related to its Flightpath 2030 strategy. The company's progress in the certification process, strategic partnerships with Honeywell, Leonardo, and GKN Aerospace, and a solid IP portfolio strengthen its market position, adds the analyst. Sobelson says that with a projected $1 trillion total addressable market by 2040, EVTL is well-positioned to capture a significant share, making its current valuation an attractive entry point for investors in the urban air mobility (UAM) sector. The analyst estimates EPS of £(1.24) for 2025 and £(1.07) for 2026. Price Action: EVTL shares traded higher by 0.71% at $3.656 at the last check Thursday. Read Next:Photo by Ground Picture on Shutterstock. Date Firm Action From To Jan 2022 Barclays Initiates Coverage On Underweight View More Analyst Ratings for EVTL View the Latest Analyst Ratings Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article Vertical Aerospace Unfairly Undervalued, Says Bullish Analyst originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
Express Tribune
01-03-2025
- Business
- Express Tribune
Terminal operator demands lease extension
Port Qasim grid station will help enhance the capacity and stability of KEL's transmission network by exclusively dispatching 1,150 MW of electricity. PHOTO: FILE Listen to article Engro Vopak Terminal Limited (EVTL) has pressed the government to extend the lease of land for a liquefied petroleum gas (LPG) and liquid chemical terminal at Port Qasim to enable it to continue operations. The government had allocated a piece of land to EVTL at Port Qasim in 1995 and its lease is going to expire in 2026. Now, EVTL is urging the government to extend the lease. However, the Ministry of Maritime Affairs has refused to extend the lease and plans to float a tender for a fresh lease. EVTL claims it has spent $100 million and intends to continue investing in the project if the government extends the lease agreement. Interestingly, the extension in lease is not part of the agreement; therefore the maritime affairs ministry is reluctant to endorse it. Sources said that the Port Qasim Authority (PQA) could not extend the lease of land and it would have to float a tender under the Public Procurement Regulatory Authority (PPRA) rules. Besides the LPG and liquid chemical terminal, a liquefied natural gas (LNG) pipeline also passes through this land that connects an LNG terminal owned by Engro with Sui Southern Gas Company's network. Sources said that the matter was taken up in a recent meeting of the Special Investment Facilitation Council (SIFC). The SIFC had set a deadline for the Petroleum Division to complete negotiations with EVTL. The PQA informed the government about the initiation of another round of negotiations with EVTL by signing the second Supplemental Implementation Agreement on January 15, 2025. It emphasised that a third-party business valuation of the terminal was necessary, which required additional time. The PQA was of the view that the deadline of January 31, 2025 could not be met due to the extensive due diligence required in the process. It requested an extension in the deadline to assist in the independent valuation of assets. The government granted extension of another 30 days (until March 2) for finalising ongoing negotiations with EVTL through signing the third Supplemental Agreement. It decided that the Finance Division would facilitate the PQA by providing services for the independent evaluation of assets. The EVTL terminal for bulk liquid chemicals and LPG is part of Vopak's global network of 78 terminals across 23 countries with total capacity of 36.2 million cubic metres. A joint venture between Royal Vopak (the Netherlands) and Engro Corporation, it has provided storage and terminal services since 1997. Engro Vopak handles over 50% of Pakistan's LPG marine imports and supports major chemical industries by delivering key products like phosphoric acid, paraxylene and ethylene. Its LPG storage capacity had been expanded to 6,700 MT in 2012, with total storage now at 82,400 cubic metres.
