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Soes March 2021 Implementation and Economic Reforms Unit Ministry of Finance, Islamabad Tel: 051-9217854 www.finance.gov.pk FY 2019 VOL 1: COMMERCIAL SOEs March 2021 FEDERAL FOOTPRINT SOEs ANNUAL REPORT TABLE OF CONTENTS LIST OF ABBREVIATIONS ______________________________________________________________________________ 2 LIST OF TABLES __________________________________________________________________________________________ 3 FOREWORD ______________________________________________________________________________________________ 4 PORTFOLIO OVERVIEW ________________________________________________________________________________ 5 EXECUTIVE SUMMARY ________________________________________________________________________________ 11 INTRODUCTION _______________________________________________________________________________________ 12 Year in Review - Financial _____________________________________________________________________________ 13 Year in Review - Infrastructure, Transport and ITC _________________________________________________ 17 Year in Review - Manufacturing, Mining & Engineering ____________________________________________ 21 Year in Review - Oil & Gas _____________________________________________________________________________ 25 Year in Review - Power ________________________________________________________________________________ 29 Year in Review - Industrial Estate Development ____________________________________________________ 33 Year in Review - Trading and Marketing _____________________________________________________________ 37 Year in Review - Miscellaneous _______________________________________________________________________ 41 ANNUAL GoP SUPPORT _______________________________________________________________________________ 45 ANNEXURES ____________________________________________________________________________________________ 47 Annexure 1: Methodology, Assumptions and Limitations ____________________________________________________ 47 Annexure 2: List of Federal Authorities & Regulatory Bodies not Covered in the Report __________________ 48 Annexure 3: Commercial SOEs under Admnistrative Ministries _____________________________________________ 50 Annexure 4: List of SOEs and Subsidiaries _____________________________________________________________________ 53 LIST OF ABBREVIATIONS Board of Directors BOD Cash Developmental Loan CDL China-Pakistan Economic Corridor CPEC Corporate Governance Rules CGR Corporate Restructuring Act CRA Current Account Savings Account CASA Development Finance Institutions DFIs Electricity Distribution Companies DISCOs Engineering Development Board EDB Enterprise Resource Planning ERP Exploration and Production E&P Fiscal Responsibility and Debt Limitation FRDL Government of Pakistan GoP High Speed Diesel HSD Implementation and Economic Reforms Unit IERU Joint Ventures JV Long Term Evolution LTE Ministry of Finance MoF Non-Banking Finance Company NBFI Power Generation Companies GENCOs Public Sector Development Program PSDP Re-gasified Liquified Natural Gas RLNG Regional Planning Council RPC Small and Medium Enterprises SMEs Special Economic Zones SEZs State-Owned Enterprises SOEs Twenty Equivalent Units TEUs 2 LIST OF TABLES Table 1: Foreign Loans Disbursed During the Year to Commercial Entities ................................................................. 45 Table 2: Domestic Loans Disbursed During the Year to Commercial Entities ............................................................. 45 Table 3: Subsidies During the Year to Commercial Entities ................................................................................................. 45 Table 4: Equity Investments During the Year ............................................................................................................................. 45 Table 5: Guarantees Issued During the Year ............................................................................................................................... 45 Table 6: Dividends Received by GOP from commercial SOEs .............................................................................................. 46 Table 7: Finance Division Information Template for SOEs ................................................................................................... 47 3 FOREWORD State-owned Enterprise (SOE) refers to commercial and non-commercial public-sector corporations, Development Finance Institutions (DFIs), authorities and Public Sector Companies (PSCs) as defined in the Public Sector Corporate Governance Rules. SOEs are siginicant players in Paksitan’s economy and continue to hold dominance in the provision of public goods and services, particularly in power, aviation, railways and energy sectors. SOEs also opereate in sectors where the private sector is reluctant to operate due to low profit margins. Due to their size and dominance in key economic sectors such as power, transport and financial, their finncial and opetrational performance has a significant impact on the economy as a whole as well as on the the quality of lives of citizens. Hence, it is crucially important for the government to effcetively monitor the performance of its SOE portfolio in a transparent manner. This is the Sixth edition of the “SOEs: Federal Footprint Report” tracking the performance of State-Owned Enterprises owned and controlled by the Government of Pakistan. After the review of the previous editions and feedback received by different stakeholders, FY 2017-18 report had been compiled with several improvements in reporting structure but without compromising transparency and disclosure of important financial information. This report follows the format of last year, whereby it was divided in two distinct volumes, one for commercial SOEs and the other for non-commercial SOEs. The aim is to report the performance of the two segments distinctly, ensuring that commercial SOEs are evaluated on financial and operational measures while the non-commercial SOEs are evaluated by their achievements against socio-economic objectives. It is hoped that the readers of the report will find this arrangement helpful in analyzing and assessing core performance of the different SOE categories. This report reclassifed SOEs into sectors which meaningfully reflect the nature of SOEs’ operations; and consolidation of subsidiaries’ financial information with their holding companies. To enhance reader-friendliness, emphasis has moved to graphical presentation of data in addition to tabulations. Additionally, the report goes beyond simply highlighting the financial performance of SOEs and includes observations on legal and administrative structures, corporate governance practices, financial support provided by the GoP, and profiling of human resources. This report, from data collection, compilation to final analysis, was undertaken by the Implementation and Economic Reforms Unit (IERU) of Finance Division with the technical support from World Bank. The report is intended to provide the readers key financial and non-financial information about the SOE portfolio, enhance transparency and improve accountability. The IERU team has greatly benefited from the guidance of Dr. Ishrat Hussain, Special Adviser to Prime Minister on Institutional Reforms and Austerity particularly in improving the reporting structure of this version. Due credit also goes to Dr. Abdul Hafeez Sheikh, Adviser to the PM on Finance and Revenue for his overall guidance and oversight during the entire process of compilation of this report. Moreover, the support and guidance of Mr. Kamran Ali Afzal, Finance Secretary was extremely helpful throughout the process and is greatly appreciated. Finally, it is commendable effort by all federal ministries for their participation, SOEs for their extensive inputs and World Bank consultants for their valuable suggestions and support, without which the report would not have been possible. Several officials in Finance Division in general, and Mr. Zafar Iqbal, Research Officer in particular have significantly contributed to compilation of data and finalization of this report. It is hoped that the report will provide insights and stimulate useful discussions that will benefit further SOE reforms in the country leading to improved financial performance and better service delivery for all citizens in the years to come. (Dr. Imran Ullah Khan) Director General Implementation and Economic Reforms Unit 4 PORTFOLIO OVERVIEW The Government of Pakistan’s (GoP) commercial State-Owned Enterprises (SOEs) portfolio contains 87 entities, mainly in the power, energy, financial, manufacturing, transportation, and trading sectors. These entities are expected to be at least self-sustainable and provide high-quality services. Out of the 87 commercial enterprises, 10 are also listed on the Pakistan Stock Exchange (PSX). These entities were established at different points in time and for different reasons, and there is significant variation in their operations. Some have been formed primarily for commercial trading reasons such as the Pakistan LNG Limited (PLL) while others have been formed to undertake predominately social service delivery, such as ensuring food security through the Trading Corporation of Pakistan (TCP) and Pakistan Agricultural Storage Services Corporation (PASSCO). An overview of financial and non-financial performance of the commercial SOE’s is given below. All numbers are in Rs. million (except HR, BoD and entity number) and all figures/tables reflect data for FY 2019 unless explicitly
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