The federal cabinet has decided to amend the Rules of Business 1973 aimed at allowing the Minister in-charge of the concerned Division(s) to accord in principle approval for initiation of negotiations for agreements with other countries, well informed sources told Business Recorder. The decision was taken at a recent meeting on the issue pertaining to commencing negotiations on Inter-Governmental Agreement (IGA) on cooperation in the energy sector.
Chairman, National Development & Reforms Commission of China had agreed, in principle, to recommend Sinopec Group to partner with Pakistan State Oil Company Ltd (PSO) for the supply of petroleum products. The cabinet was apprised that Prime Ministers'' Office approved the proposal of Petroleum Division (erstwhile Ministry of Petroleum and Natural Resources) to start negotiations with 23 companies of different countries for import of LNG, POL products and setting up LNG terminal on Government to Government basis.
Accordingly, China, through diplomatic channel was conveyed to start negotiations on Inter-Governmental Agreement (IGA) on cooperation in the energy sector. Chairman, National Development & Reforms Commission of China had agreed, in principle, to recommend Sinopec Group to partner with Pakistan State Oil Company Ltd (PSO) for the supply of petroleum products.
The Cabinet was further apprised that the supplies of LNG and procurement of petroleum products from renowned and reliable oil and gas producers and suppliers under Government to Government arrangements through the relevant nominated entities was beneficial in the form of security and flexibility of supplies, extended credit period, consistent quality, timely availability and assured procurement.
In terms of Rule-16(1) (h) of the Rules of Business, 1973, a summary was submitted for initiation of negotiations on Inter-Governmental Agreement between Petroleum Division and National Development & Reforms Commission of China for supply of POL products and LNG. After a detailed discussion, the cabinet approved Petroleum Division''s proposal.
The Cabinet as a policy also decided that: (a) in future, approval in principle for initiation of negotiations as required under rule 16(1)(h) of the Rules of Business 1973, should be given by Minister in-charge of the concerned Division(s); (b) cases under rule relating to (i) signing of the negotiated instrument(s); and (ii) approval for ratification of the instrument(s) should be submitted for approval of the Cabinet; and (c) Cabinet Division should place a summary before the Cabinet for amendment in the Rules of Business, 1973.
Comments
Comments are closed.