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ECC approves financing facility for 500 KW transmission line from Neelum Jhelum to Gujranwala
Shoaib Ur Rehman
15 Aug, 2014
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![](https://i.brecorder.com/images/2014/08/economic-coordination-committee.jpg">ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Friday approved in principle financing facility of Rs. 17 billion from local banks for the laying of 500 KV double circuit transmission line from Neelum Jhelum Hydro Power Plant to Gujranwala subject to approval of terms and conditions of borrowing by the Ministry of Finance.</P><P>The meeting of the ECC was chaired by Finance Minister Senator Ishaq Dar here.</P><P>The project has the total cost of Rs. 22.582 billion, including Rs.13.553 billion as Foreign Exchange Component (FEC).</P><P>As per the Prime Minister's directive, first unit of 969 MW Neelum Jhelum Hydro Power Project will be operative by December 2015 for which national Transmission and Despatch Company Limited (NTDCL) has to complete the priority portion of transmission line on or before September 30, 2015 for evacuation of power from the above said hydro power project.</P><P>As NTDCL is implementing the project through its own resources, local banks have shown their willingness to provide funding against sovereign guarantee by the Government of Pakistan.</P><P>The Finance Minister directed that the committee formed under the chairmanship of Prof Ahsan Iqbal, Minister for Planning and Development to expedite work on National Energy Plan and to submit its report within the time period of two months as promised by the committee on its inception.</P><P>On a summary moved by Ministry of Petroleum and Natural Resources for the import of LNG from Qatar - Fast Track LNG Services Project, the ECC approved the summary after excluding Secretary Law or his nominee from the 9-Member Price Negotiation Committee as they may become stakeholders in the process and be replaced by any legal firm for giving input regarding legal issues for the sake of upholding the transparency of the project.</P><P>It may be mentioned that the Law Division will be whetting on behalf of GOP any future agreement in this regard. </P><P>The Chair also directed that the nominees of Secretary Finance and Secretary Water and Power (if they are nominated by the Secretaries in their own place) should not be less than Additional Secretaries because of the importance of the project.</P><P>On a summary submitted by Ministry of Petroleum and Natural Resources for the allocation of Extended Well Testing (EWT) Wafiq X- I Gas to M/s Pakistan Petroleum Limited for setting up of a 50 MW Power Plant, the chair directed Secretary Petroleum and Natural Resources to take on board PPIB, Ministry of Water and Power, NEPRA and the Ministry of Law for their effective feedback and submit in the next meeting, the changes required in Power Policy 2009 for the implementation of this proposal.</P><P>The Finance Minister was informed that the committee headed by Khawaja Asif, Minister for Water and Power, had prepared a draft of the Auto Industry Policy which will be submitted in the next meeting for approval.</P><P>The Finance Minister on a briefing to ECC on incidental and financial cost of imported urea directed that adequate gas supply should be made available to the domestic fertilizer companies for utilizing the maximum production capacities of the National Fertilizer Manufacturers.</P><P>The Finance Minister said, )
