ISLAMABAD: The Economic Coordination Committee (ECC) of Cabinet Thursday approved Rs1.378 billion net salary of Pakistan Steel Mills (PSM) employees for fiscal year (2022-23) and decided that electricity tariff for five export-oriented sectors will be effective from August 1, 2022 and RLNG tariff will be effective from July 1, 2022 for fiscal year 2022-23.
The meeting of the ECC presided over by the Finance Minister Ishaq Dar, was presented a summary of the Ministry of Commerce for amendment to its earlier decision dated 25-07-2022 on regionally competitive energy rates for export-oriented sectors.
Sources said the Commerce Ministry in the summary contended that regionally competitive energy rates for export-oriented sectors during fiscal year 2022-23 (effective July 1, 2022) was considered in the meeting on July 25, 2022 which was subsequently ratified by the Cabinet.
The meeting was further informed that on the recommendations of the Minister for Finance, the Cabinet agreed that only electricity rate would be applicable effective from August 1, 2022, as approved by the ECC, however, the Cabinet Division erroneously recorded in the minutes that the rate would be effective from 2nd August 2022 instead of specifying the applicability of rate in case of electricity only.
Accordingly, the Petroleum Division implemented the decision for RLNG effective from August 1, 2022 same as that of electricity. The ECC was requested amendment in its earlier decision so that the electricity tariff will be effective from August 1, 2022 whereas RLNG tariff will be effective from 1st July 2022 for fiscal year 2022-23. The ECC also approved after discussion the proposal of the Ministry of Commerce regarding amendment to Import Policy Order 2022 to allow import of the Holy Quran subject to NOC from the relevant federal or the provincial authority.
ECC to approve grant for Defence Division today
The summary was presented in the light of the directions of the Lahore and Baluchistan high courts directives to the federal and provincial authorities to ensure only error-free printing, publishing, recording and import of copies of the Holy Quran.
The ECC also approved Petroleum Division’s summary and allowed to grant a Development and Production Lease (D&PL) for (15) fifteen years, wef, 15-01-2022 over Kandhkot mining lease area on existing gas price and subject to the condition that PPL will pay all the financial obligations in accordance with Petroleum Policy 2012. Kandhkot discovery was made by PPL in 1959.
The government granted the mining lease over Kandhkot gas field for a period of 30 years in 1962 which was renewed for further thirty years in 1992.
The ECC after a detailed discussion approved the proposed framework by the Petroleum Division for revival of revoked petroleum exploration licenses.
The meeting was informed that eleven exploration licenses were revoked due to non-performance of work commitment and non-payment of financial obligations by various exploration & production companies.
In all the eleven blocks, status quo order was passed by the respective civil courts, Islamabad and Sindh high courts. The litigant companies have approached the government and shown keen interest in exploration of the blocks awarded.
The meeting was informed that in order to resolve this longstanding issue of litigation, which has resulted in halting of exploration and production activities in some of the respective blocks of the country, Petroleum Division developed a framework for revival of revoked licenses through out of court settlement.
The ECC approved another summary of the Petroleum Division for change of effective control from M/s Eni ULX Limited, M/s Eni UK Limited and M/s Eni Oil Holdings B.V, in respect of its subsidiary companies ie M/s ENI Pakistan Limited , ENI Pakistan (AEP) Limited and ENI Pakistan (M) Limited, respectively to M/s Prime International Oil & Gas Company Limited (PIOGCL) subject to condition that PIOGCL would be liable to the government for all the minimum work commitments and financial obligations and government’s revenue s will not be adversely affected after this change of effective control.
Ministry of National Health Services, Regulations and Coordination presented a summary on a proposal for increase in maximum retail price (MRPs) of paracetamol products.
The ECC approved agreed price of Paracetamol products – plain 500-mg Paracetamol tablet from existing Rs1.87 to Rs2.35 against Rs2.67 demanded by the pharma industry, extra 500-mg Paracetamol tablet from existing to Rs2,10 to Rs2,35 against Rs3,32 demanded by the industry an increased the price of Paracetamol liquid to Rs117.6 from existing Rs104.8.
The ECC also approved technical supplementary grants of Rs30,888.5 million in favour of the Defence Division and Rs1000 million for Ministry of Housing and Works.
The meeting also considered and approved a summary moved by the Ministry of Industries and Production for payment of projected net salary of Rs1,378 million for the fiscal year 2022-23 to be disbursed every month to Pakistan Steel Mills (PSM) employees through a technical supplementary grant. The decision will ensure disbursement of monthly salary to the employees.
Copyright Business Recorder, 2022
Comments
Comments are closed.