Lahore, July 10, 2026 – Sui Northern Gas Pipelines Limited (SNGPL) has clarified that the federal government has not yet reached a final decision regarding a proposed exemption for certain state-owned energy companies from selected International Financial Reporting Standards (IFRS), following recent media reports suggesting otherwise.
In a disclosure submitted to the Pakistan Stock Exchange (PSX), the company addressed a news report published in Dawn on July 9, 2026, titled “Cabinet committee denies gas utilities exemption from international accounting standards.” SNGPL stated that the report did not fully reflect the current status of the proposal.
According to the company, the Ministry of Finance’s official statement following the meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) confirms that the proposal was deferred rather than rejected. The committee reviewed a summary submitted by the Petroleum Division seeking exemptions for specified energy-sector state-owned enterprises from the applicability of IFRS-14 and IFRS-9.
Instead of making a final determination, the committee directed the Petroleum Division to hold further consultations with the Finance Division and the Law and Justice Division before submitting a revised proposal for consideration.
SNGPL emphasized that the matter remains under review by the federal government and that no final decision has been taken on the proposed accounting standards exemption. The clarification was issued in accordance with Section 96 of the Securities Act, 2015, and Clause 5.6.1(a) of the PSX Regulations to ensure that investors and market participants receive accurate and timely information.
The company’s statement aims to eliminate any uncertainty created by recent media coverage and reassures shareholders that the proposal remains under active consideration by the relevant government authorities.
