In a major development, the Economic Coordination Committee of the Cabinet (ECC) on Monday approved non-cash settlement of Rs 70.167 billion of power sector payables by various government entities.
The ECC meeting was chaired by Finance Minister Ishaq Dar. The meeting approved five different proposals relating to the energy sector.
The ECC considered the proposal for implementation of North South Gas Pipeline Project under Government to Government Agreement with Russia and approved it. It constituted a price negotiation committee consisting of Secretary Petroleum, Secretary Law, Secretary BoI, Representative of Finance Division, MD SNGPL and MD ISGS to negotiate the project details and pricing with the Russian side.
The meeting also considered the proposal on restructuring of Gwadar-Nawabshah LNG Terminal and Pipeline Project and approved implementation of the project on BOOT basis. The ECC directed the Ministry of Petroleum to complete all codal formalities and directed that it must be ensured that the revised strategy does not result in any cost escalation. It was further decided that secretary petroleum will chair the Price Negotiation Committee, while secretary law, secretary BoI, representative of Finance Division, MD SNGPL and MD ISGS shall be members of the committee.
The ECC had detailed discussion on proposal submitted by the Ministry of Water and Power and accorded approval of issuance of sovereign guarantee by Ministry of Finance in respect of syndicated term finance facility amounting to Rs. 25.00 billion for the power sector.
The meeting considered the proposal of Ministry of Petroleum and Natural Resources on LPG Air Mixture Projects and decided that in view of CCI approval accorded on 29th February regarding LPG Policy 2016, any further approval from ECC was not required in the matter. Now it was up to OGRA to implement the approved Policy in letter and spirit.
Yes..The ECC guided the Ministry of Petroleum to finish all codal conventions and coordinated that it must be guaranteed that the reexamined technique does not bring about any cost heightening. It was further chosen that secretary petroleum will seat the Price Negotiation Committee, while secretary law, secretary BoI, illustrative of Finance Division. Thank you so much.
The ECC had definite discourse on proposition put together by the Ministry of Water and Power and agreed endorsement of issuance of sovereign assurance by Ministry of Finance in appreciation of syndicated term fund office adding up to Rs. 25.00 billion for the force segment.
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