Latest news with #Petroleum(Amendment)Bill
Business Recorder
3 days ago
- Business
- Business Recorder
Cryptocurrency, virtual assets: ‘PVARA' Ord to be tabled in Senate tomorrow
ISLAMABAD: Finance Minister Muhammad Aurangzeb is scheduled to lay before the Upper House of the Parliament the Virtual Assets Ordinance, 2025 - a law that provides for the formation of a regulatory authority to deal with cryptocurrency and other virtual assets - in the Senate session scheduled Friday (Aug 15). Promulgated this 8 July, the Ordinance aims to establish the Pakistan Virtual Asset Regulatory Authority (PVARA) for the licensing, regulation, and supervision of virtual assets and virtual asset service providers. 'The President may, except when the Senate or National Assembly is in session, if satisfied that circumstances exist which render it necessary to take immediate action, make and promulgate an ordinance as the circumstances may require,' reads Article 89 (1) of the Constitution of Pakistan. An ordinance, in the light of the Article 89, remains in effect for 120 days, and it can be extended only once for a further period of 120 days, if a resolution for its extension is passed by either Senate or NA, and stands permanently lapsed after the passage of the extended period. Apart from that, the Senate is scheduled to take up four government bills, already passed by the NA, in its session scheduled tomorrow. Of these bills, three bills —the Anti-terrorism (Amendment) Bill, 2025, the Petroleum (Amendment) Bill, 2025 and National School of Public Policy (Amendment) Bill, 2025 were passed by the NA on Wednesday. The fourth bill, Pakistan Land Port Authority Bill, 2025 was passed by the NA on 7 August. The government side, it is learnt, would try to have these bills passed directly by the Senate without having them referred to the relevant standing committees. The Anti-terrorism (Amendment) Bill, 2025 apparently grants sweeping powers to the law enforcement agencies in nabbing the terror suspects. The Petroleum (Amendment) Bill, 2025 aims at introducing 'IT-based tracking of petroleum products, to curb the smuggling of petroleum products.' National School of Public Policy (Amendment) Bill, 2025 seeks to 'make amendments in the respective acts/rules and replace the words federal government with appropriate authority (ies)' in running the affairs of the National School of Public Policy. The Pakistan Land Port Authority Bill, 2025 aims to 'establish a land port authority to provide and administer an integrated system of facilities for cross-border movement of goods and passengers at land ports in Pakistan and to make provision for its operation, management, development of land port and matters connected therewith and ancillary matter.' Copyright Business Recorder, 2025
Business Recorder
08-08-2025
- Business
- Business Recorder
Petroleum (Amendment) Bill, 2025 considered in detail
ISLAMABAD: The meeting of the Standing Committee on Petroleum Division of the National Assembly was held here on Friday under the chairmanship of Syed Mustafa Mehmood. The chairman attended the meeting from abroad and, after commencing the proceedings, sought permission to leave. Subsequently, the committee, unanimously, elected Syed Naveed Qamar, to preside over the remainder of the meeting under rule-216 of the Rules of Procedure and Conduct of Business in the National Assembly, 2007. At the outset, the committee confirmed the minutes of its previous meeting held on 22nd May 2025 and extended a warm welcome to the federal minister for Petroleum Division, members of the committee, and officials from various divisions, and departments for their participation. The committee then considered in detail the Petroleum (Amendment) Bill, 2025 (Government Bill) and recommended its passage by the National Assembly with amendments. The sub-committee was constituted under the convener-ship of Syed Naveed Qamar submitted its report to the main Standing Committee, which adopted it and recommended that its proposals be forwarded to the Petroleum Division for further necessary action. The Sub-Committee comprised Syed Naveed Qamar, Asad Alam Niazi, Muhammad Moin Aamer Pirzada and Gul Asghar Khan. Its Terms of Reference were to discuss and formulate new guidelines for the efficient utilisation of Corporate Social Responsibility (CSR) funds, Production Bonuses, and Training Funds for capacity-building, with the objective of ensuring transparency and providing relief to local communities. The meeting was attended by members of the National Assembly, including Anwarul Haq Chaudhary, Shaista Khan, Syed Naveed Qamar, Asad Alam Niazi, Salahuddin Junejo, Shahid Ahmad, and Shazia Marri (as Special Invitee). Senior officials present included Momin Agha, secretary Petroleum Division; Mahfooz Bhatti, additional secretary (Power Division); Jam Muhammad Aslam, additional draftsman/joint secretary Ministry of Law and Justice along with other senior officials. Copyright Business Recorder, 2025
Business Recorder
23-05-2025
- Business
- Business Recorder
Petroleum (Amendment) Bill, 2025: NA body postpones discussion
ISLAMABAD: The National Assembly's Standing Committee on Petroleum Division of the National Assembly on Thursday recommended the Off the Grid (Captive Power Plants) Levy Bill, 2025 for passage in the National Assembly. However, it postponed further discussion on the Petroleum (Amendment) Bill, 2025 to allow more time for a comprehensive review and informed recommendations. The committee was held here under the chairmanship of Syed Mustafa Mehmood. At the outset, the committee confirmed the minutes of its previous meeting held on April 29, 2025, and extended a warm welcome to the federal minister for petroleum division, members of the committee, and officials from various ministries, divisions, and departments for their presence. The committee also offered Fatiha Khwani for the martyrs of the suicide attack in Khuzdar, Balochistan that occurred a day earlier. The chair congratulated the members and attendees in light of recent national developments, especially acknowledging the commendable efforts of Pakistan's Armed Forces in managing sensitive situations with India. He reiterated the committee's full support for the Armed Forces and expressed national pride in their professionalism and dedication to safeguarding the country's interests. The Federal Minister for Petroleum Division gave a detailed briefing on the 'Off the Grid (Captive Power Plants) Levy Bill, 2025,' highlighting its significance as part of Pakistan's commitments under the International Monetary Fund (IMF) Extended Fund Facility. He noted that while the phase-out of captive power generation had long been under consideration, its implementation had been delayed due to prolonged political and economic constraints. The minister emphasised that transitioning industries from captive power systems to the national grid is intended to optimise surplus electricity generation, improve efficiency in the power sector, and relieve financial pressures on the economy. The minister informed the committee that a comprehensive consultation process had been completed in drafting the bill and acknowledged the instrumental role played by the speaker of the National Assembly in facilitating this process. He assured the committee that the bill is aimed at serving public interest without disrupting industrial operations and that protections for the industrial sector have been incorporated. He also highlighted high electricity prices as a major concern and underscored the need to fulfill public demand through grid supply. The minister directed that the transition plan prepared by the Power Division be shared with the committee. The committee also stressed that the ongoing consultation process must focus on quality and inclusivity. The committee was informed that both the Power Division and Petroleum Division are coordinating closely under the prime minister's directions to ensure a smooth transition and to address the growing circular debt in the petroleum sector. A Circular Debt Management Unit has been established, and in-camera briefings will be held during the next meeting of the Committee to discuss sensitive aspects of the reform agenda. Committee Members raised a range of important issues including the performance and reliability of K-Electric in Sindh, challenges being faced by small and medium enterprises (SMEs), the future of captive power generation facilities, and the procedures for converting gas meters used for industrial processing. The meeting was attended by members of the National Assembly including Sardar Ghulam Abbas, Anwarul Haq Chaudhary, Malik Saiful Malook Khokhar, Mian Khan Bugti, Haji Jamal Shah Kakar, Syed Naveed Qamar, Asad Alam Niazi, Muhammad Moin Aamer Pirzada, and Gul Asghar Khan. Also present were Momin Agha, Secretary, Petroleum Division; Masroor Khan, Chairman OGRA; Jam Muhammad Aslam, Additional Draftsman/Joint Secretary, Ministry of Law and Justice; along with other senior officials. Copyright Business Recorder, 2025
