ECC approves construction of terminals at Port Qasim to receive LNG


The Economic Coordination Committee (ECC) of the federal cabinet on Thursday approved three different projects for the construction of terminals at Port Qasim for receiving‚ storage and regasification of LNG.

The projects include the Fast Track Engro Terminal Project likely to be completed between 6 to 8 months at an estimated cost of 30 to 40 million dollars and having a capacity of 200 MMCFD. The ECC meeting, chaired by Finance Minister Ishaq Dar, also decided to reaffirm its earlier approval for SSGC LPG Retrofit Project estimated to cost 175 to 200 million dollars and having a capacity of 500 MMCFD besides agreeing to a process for launching a new LNG Terminal Project. This is estimated to cost 200 to 250 million dollars and will have a capacity of 500 to 1,000 MMCFD. Both the projects would be completed within two and a half years.

The ECC decided to constitute a committee under the chairmanship of Minister for Science and Technology Zahid Hamid to streamline registration and regulation of non-governmental organisations and international non-governmental organisations. It will put up a comprehensive report for the consideration of ECC within two months.

The ECC, while reviewing key economic indicators, was informed that the surge in the items included in the sensitive price index has been contained especially with respect to non-food items.

The meeting expressed satisfaction over the present stock of sugar and was told that 100‚000 tons have been released to cater to the requirements for July as well as Ramadan.

Regarding the fuel position‚ it was told that there is presently a stock for 21 days as compared to 12 days in the corresponding period last year.

The meeting was informed that a healthy growth of 4.2 percent was recorded in large scale manufacturing sector as compared to 1.3 percent during the corresponding period last year.

The exports in 2012-13 totaled $24.52 billion showing an increase of 3.78 percent while the imports hovered around $44.95 billion. The remittances recorded a growth of 5.6 percent reaching a record $13.920 billion last year. However‚ the revenue collection was only Rs 1882.7 billion showing a growth of only 3.1 percent.

It was informed that the stock exchange index has reached a record 23,160 points and market capitalization has nearly doubled.

Federal Board of Revenue Chairman Tariq Bajwa informed the meeting that SRO about zero rating GST on Dairy‚ Bicycle and Stationery has been issued.

The meeting noted that the Ministry of Industries has floated two international tenders of 50‚000 tons each for import of urea on emergency basis of which one will be opened on Monday.

The ECC decided not to extend the expiry period for quotas of those parties who were unable to export sugar within the stipulated period. These quotas would now be awarded on first come first basis to applicants who would establish irrevocable letter of credit with a shipment date within 60 days.