The Economic Co-ordination Committee (ECC) of the Cabinet has approved three terminals for import, storage and re-gasification of around 1.7 bcfd Liquefied Natural Gas (LNG) at Port Qasim. A meeting of the ECC presided over by Finance Minister Ishaq Dar Thursday approved the Engro Terminal Project that would be completed on a fasttrack basis in six to eight months with an estimated cost of $30-$40 million to handle 200 mmcfd LNG.
The Finance Minister reportedly constituted a committee with Chairman Public Procurement Regulatory Authority (PPRA), Secretary Finance and Secretary Petroleum to look into the possibility of a wavier in PPRA rules to fasttrack the project otherwise the Prime Minister may be approached for giving a one-time waiver owing to an emergent situation.
The SSGC LPG retrofit project would be completed with an estimated cost of $175 to $200 million and would have the capacity to import and handle 500 mmcfd LNG. The ECC also approved a new LNG terminal with an estimated cost of $200 to $250 million having a capacity to handle 500 mmcfd to 1000 mmcfd. The ECC decided that the two projects would be completed within 18 to 22 months and 26 to 30 months, respectively. An official said that the ECC rejected a summary moved by the Ministry of Railways proposing that $114 million borrowed by the ministry in 2002 from Exim Bank to purchase coaches should be made part of the national debt and removed from the account of Railways. Sources said the meeting strongly objected to the proposal and wanted Ministry of Railways to take care of its debt liabilities itself.
The ECC decided to constitute a committee under the chairmanship of Federal Minister for Science and Technology Zahid Hamid with Anusha Rehman, State Minister for Information and Technology, Chairman SECP, deputy governor State Bank and Secretary Economic Affairs Division to streamline registration and regulation of non-governmental organisations/international non-governmental organisations and put up a comprehensive report for the consideration of ECC within two months.
The chairman of the committee has also been authorised to designate any person that he may deem necessary for the purpose. While reviewing the report on implementation of the decisions taken by the ECC, the ECC members expressed satisfaction over the pace of implementation of its decisions. 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 for the requirements of July as well as Ramazan. As for the fuel position, there is presently a stock for 21 days as compared to 12 days in the corresponding period last year (2011-12).
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 (2011-12). The exports in 2012-13 totalled $24.52 billion showing an increase of 3.78 percent while imports hovered around $44.95 billion. The remittances recorded a growth of 5.6 percent, reaching a record $13.920 billion in 2012-13. However, the revenue collection was only Rs 1882.7 billion showing a growth of only 3.1 percent.
The meeting was informed that the stock exchange index has reached a record 23160 points and the market capitalisation has nearly doubled. Anusha Rehman, State Minister for Information Technology proposed that the charts reflecting the performance of economy should include another column showing targets so that there is a realistic analysis of the performance of the economy. The proposal was approved by the ECC.
Chairman FBR, Tariq Bajwa informed the meeting that SRO on 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 an emergency basis of which one will be opened on Monday. The ECC decided not to extend the expiry period for quotas to those parties who were unable to export sugar within the stipulated period. These quotas would now be awarded on first come first served basis to applicants who would establish irrevocable letter of credit with shipment date within 60 days.
The meeting was attended by Federal Minister for Science and Technology, Zahid Hamid, Minister for National Food Security, Sikandar Hayat Bosan, Federal Minister for Industries and Production, Ghulam Murtaza Jatoi, Federal Minister for Petroleum and Natural Resources, Shahid Khaqan Abbasi, Minister for Railways, Khawaja Saad Rafique, Minister for Planning and Development, Ahsan Iqbal, Minister for Water and Power, Khawaja Mohammad Asif, Minister of State for Information Technology and Telecommunications, Anusha Rehman, Secretaries of various divisions and representatives of different departments.
Comments
Comments are closed.