The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved supply of gas to Tall and adjacent areas of district Hangu, Khyber Pakhtunkhwa, and waived the accumulated penal surcharges of Rs 700 million against overstayed consignments at ports. The ECC meeting chaired by Finance Minister Asad Umar considered a summary of the Petroleum Division and approved supply of gas to Tall and adjacent areas of district Hangu, Khyber Pakhtunkhwa. The ECC approved a proposal of Federal Board of Revenue (FBR) to waive the accumulated penal surcharges of Rs 700 million against overstayed consignments at ports.
The decision will enable importers to clear their overstayed cargoes and would also help reduce congestion at ports and bonded warehouses. The Commerce Division gave a presentation about the significance of establishment of an Independent Insurance Regulator. The ECC directed the Commerce Division to expedite the findings of the Commission, already formed on the subject, for making an informed decision.
On a proposal of Petroleum Division regarding arrangements of additional 200 MMCFD of LNG from Qatar, the committee directed the Petroleum Division to carry out a comprehensive demand/supply analysis of LNG in the country in consultation with stakeholders, including Law and Justice Division, and submit a summary to the cabinet in this regard. On the issue of the submission of Pakistan Steel Mills' revival business plan, the ECC directed the Ministry of Industries to submit its proposals within the next fortnight. The committee also accorded approval to the proposal of National Counter Terrorism Authority by approving a technical supplementary grant of Rs 133.156 million. The Maritime Affairs Division briefed the ECC about the progress on new LNG terminal. The finance minister directed Maritime Division to expedite the process for establishment of new LNG terminal in view of the increasing demand for gas in the country.
An official said that the ECC meeting directed to complete all formalities for setting up the new terminal to meet the growing need of the electricity in the coming month.
The PQA board had identified LNG zone for future LNG terminals as most appropriate for setting up additional LNG terminal to cater for urgent needs of energy. The Ministry of Maritime, sources stated, also highlighted the need for ensuring uninterrupted supply of LNG for contingency needs and suggested to ensure that Floating Storage Re-gasification Unit (FSRU) is not withdrawn by the owner on any pretext whatsoever. The ECC was requested to approve fast tracking of the additional LNG terminal in the vicinity of Jharri Greek/Chann Wadoo within twenty-four months with direction to PQA and OGRA to expedite process of grant of licence and that all future terminals would be contracted without any guaranteed payment by the government on build-operate-transfer (BOT) basis.
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