The Economic Co-ordination Committee (ECC) of the Cabinet has, in principle, accorded its approval to a fast-track LNG services project subject to its approval by Prime Minister Nawaz Sharif. Sources said Minister for Petroleum was asked to seek project''s approval from the Prime Minister after the Law Division submitted its comments to the ECC that there was no need to bring it to the ECC.
The ECC chaired by Finance Minister Ishaq Dar agreed to give, in principle, its approval to the project after Secretary Petroleum argued that its disapproval by the ECC would send a negative message, which may create difficulties in terms of investor interest or financial support to the project. According to a statement, Secretary Law informed the ECC that in the light of 18th Amendment, the Article 90(1) of the constitution lays down that the Executive Authority of the Federation shall be exercised in the name of President by the Federal Government, consisting of the Prime Minister and the Federal Ministers, which shall act through the Prime Minister, who shall be the Chief Executive of the Federation. The Sub-article 90(2) says that in the performance of his function under the Constitution, the Prime Minister may act either directly or through the Federal Minister.
Moreover, regarding the approval of LNG Terminal Services Agreement (LSA) as agreed by SSGCL & ETPL, the Law Division opined that the LSA is a commercial contract between the two commercial entities and their respective Boards of Directors are fully competent to grant approval in respect of LNG Service Agreement.
The Petroleum Secretary was of the opinion that the nature of the project is such that it is of paramount importance to meet the urgent energy needs of the country. He added that it was after due diligence and conforming to all other required formalities that the Petroleum Ministry is satisfied that the project is a good deal and worth putting on a fast-track to meet the existing shortfall of gas in the country. In the light of a detailed discussion, the ECC decided to approve the proposal, in principle, subject to the completion of all formalities as indicated by the Law Division and thereafter its approval by the Prime Minister.
The meeting was also attended by Zahid Hamid, Minister for Science and Technology, Shahid Khaqan Abbasi, Minister for Petroleum and Natural Resources, Senator Pervaiz Rashid, Minister for Information, Broadcasting and National Heritage, Sikandar Hayat Khan Bosan, Minister for National Food Security, Ghulam Murtaza Khan Jatoi, Minister for Industries and Production, Chairman Board of Investment (BOI), Miftah Ismail, Chairman Privatisation Commission, Muhammad Zubair and senior officials of the government.
Comments
Comments are closed.